Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Story County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $173,019 | $143,535 | $242,182 |
| Price Trend (Annual %) | 4.5% | 7.5% | 8.2% |
| Median Gross Rent | $1,019 | $948 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Story County is about 21% higher than in Iowa. Rent is about 7% higher than the Iowa average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Story County, up about 4.5% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Story County rose about 32.1% between 2015 and 2023, from $771 to $1,019. Over the same span, rent in Iowa rose about 36.3%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Story County.
Buying the median-priced home in Story County costs roughly 14.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Story County. The price-to-rent ratio in Iowa is about 12.6.
| Metric | Story County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $173,019 | $143,535 | $242,182 |
| Median Household Income | $69,507 | $73,286 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Story County rose about 49.2%, while median household income rose about 52.4% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Story County | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.0% | 65.3% | 58.2% |
| Rental Rate | 40.9% | 26.0% | 31.3% |
| Vacancy Rate | 7.0% | 8.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Story County has a homeownership rate of 52.0%, lower than the Iowa average of 65.3%. Its housing vacancy rate is 7.0%, compared with 8.6% in Iowa.
Housing Stock
| Metric | Story County | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.37 people | 2.54 people |
| Median Structure Built Year | 1981 | 1970 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Story County was built around 1981. On average, 2.2 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Story County, Iowa.
What is the median home price in Story County, Iowa?
The median home price in Story County, Iowa is $173,019, higher than the Iowa average of $143,535.
What is the average home price in Story County, Iowa?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Story County, Iowa?
The median gross rent in Story County, Iowa is $1,019 per month, higher than the Iowa average of $948.
What was the median gross rent in Story County in 2020?
In 2020, the median gross rent in Story County, Iowa was $920 per month.
What is the price-to-rent ratio in Story County, Iowa?
The price-to-rent ratio in Story County, Iowa is about 14.1, meaning it would take roughly 14.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Story County.
Are home prices or rent rising faster in Story County, Iowa?
Both home prices and rent are rising in Story County, up about 4.5% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Story County, Iowa?
52.0% of households in Story County, Iowa own their home, lower than the Iowa average of 65.3%.
What is the vacancy rate in Story County, Iowa?
The housing vacancy rate in Story County, Iowa is 7.0%, lower than the Iowa average of 8.6%.