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 | Wapello County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $81,613 | $143,535 | $242,182 |
| Price Trend (Annual %) | 12.2% | 7.5% | 8.2% |
| Median Gross Rent | $950 | $948 | $1,342 |
| Rent Trend (Annual %) | 6.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wapello County is about 43% lower than in Iowa. Rent follows a similar pattern, running close to 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 Wapello County, up about 12.2% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Wapello County rose about 55.2% between 2015 and 2023, from $612 to $950. Over the same span, rent in Iowa rose about 36.3%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Wapello County.
Buying the median-priced home in Wapello County costs roughly 7.2 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 Wapello County. The price-to-rent ratio in Iowa is about 12.6.
| Metric | Wapello County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $81,613 | $143,535 | $242,182 |
| Median Household Income | $60,039 | $73,286 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wapello County rose about 43.6%, while median household income rose about 56.1% 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 | Wapello County | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.4% | 65.3% | 58.2% |
| Rental Rate | 29.1% | 26.0% | 31.3% |
| Vacancy Rate | 10.5% | 8.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Wapello County has a homeownership rate of 60.4%, lower than the Iowa average of 65.3%. Its housing vacancy rate is 10.5%, compared with 8.6% in Iowa.
Housing Stock
| Metric | Wapello County | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.37 people | 2.54 people |
| Median Structure Built Year | 1956 | 1970 | 1978 |
| Median Number of Rooms | 5.3 | 5.9 | 5.5 |
The typical housing unit in Wapello County was built around 1956. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wapello County, Iowa.
What is the median home price in Wapello County, Iowa?
The median home price in Wapello County, Iowa is $81,613, lower than the Iowa average of $143,535.
What is the average home price in Wapello 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 Wapello County, Iowa?
The median gross rent in Wapello County, Iowa is $950 per month, about the same as the Iowa average.
What was the median gross rent in Wapello County in 2020?
In 2020, the median gross rent in Wapello County, Iowa was $767 per month.
What is the price-to-rent ratio in Wapello County, Iowa?
The price-to-rent ratio in Wapello County, Iowa is about 7.2, meaning it would take roughly 7.2 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 Wapello County.
Are home prices or rent rising faster in Wapello County, Iowa?
Both home prices and rent are rising in Wapello County, up about 12.2% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wapello County, Iowa?
60.4% of households in Wapello County, Iowa own their home, lower than the Iowa average of 65.3%.
What is the vacancy rate in Wapello County, Iowa?
The housing vacancy rate in Wapello County, Iowa is 10.5%, higher than the Iowa average of 8.6%.