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 | Washington County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,782 | $143,535 | $242,182 |
| Price Trend (Annual %) | 43.0% | 7.5% | 8.2% |
| Median Gross Rent | $861 | $948 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Washington County is about 133% higher than in Iowa. Rent is about 9% lower 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 Washington County, up about 43.0% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Washington County rose about 24.5% between 2015 and 2023, from $691 to $861. Over the same span, rent in Iowa rose about 36.3%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Washington County.
Buying the median-priced home in Washington County costs roughly 32.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Washington County. The price-to-rent ratio in Iowa is about 12.6.
| Metric | Washington County | Iowa Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,782 | $143,535 | $242,182 |
| Median Household Income | $71,465 | $73,286 | $78,145 |
| Price-to-Income Ratio | 4.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Washington County rose about 372.3%, while median household income rose about 42.1% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Washington County | Iowa Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.8% | 65.3% | 58.2% |
| Rental Rate | 26.1% | 26.0% | 31.3% |
| Vacancy Rate | 6.1% | 8.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Washington County has a homeownership rate of 67.8%, higher than the Iowa average of 65.3%. Its housing vacancy rate is 6.1%, compared with 8.6% in Iowa.
Housing Stock
| Metric | Washington County | Iowa Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.37 people | 2.54 people |
| Median Structure Built Year | 1960 | 1970 | 1978 |
| Median Number of Rooms | 6.5 | 5.9 | 5.5 |
The typical housing unit in Washington County was built around 1960. On average, 2.5 people live in a home with about 6.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Washington County, Iowa.
What is the median home price in Washington County, Iowa?
The median home price in Washington County, Iowa is $334,782, higher than the Iowa average of $143,535.
What is the average home price in Washington 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 Washington County, Iowa?
The median gross rent in Washington County, Iowa is $861 per month, lower than the Iowa average of $948.
What was the median gross rent in Washington County in 2020?
In 2020, the median gross rent in Washington County, Iowa was $783 per month.
What is the price-to-rent ratio in Washington County, Iowa?
The price-to-rent ratio in Washington County, Iowa is about 32.4, meaning it would take roughly 32.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Washington County.
Are home prices or rent rising faster in Washington County, Iowa?
Both home prices and rent are rising in Washington County, up about 43.0% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Washington County, Iowa?
67.8% of households in Washington County, Iowa own their home, higher than the Iowa average of 65.3%.
What is the vacancy rate in Washington County, Iowa?
The housing vacancy rate in Washington County, Iowa is 6.1%, lower than the Iowa average of 8.6%.