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 | Assumption Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,417 | $166,764 | $242,182 |
| Price Trend (Annual %) | 8.3% | 4.5% | 8.2% |
| Median Gross Rent | $801 | $1,038 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Assumption Parish is about 7% lower than in Louisiana. Rent is about 23% lower than the Louisiana 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 Assumption Parish, up about 8.3% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Assumption Parish rose about 28.0% between 2015 and 2023, from $626 to $801. Over the same span, rent in Louisiana rose about 31.9%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Assumption Parish.
Buying the median-priced home in Assumption Parish costs roughly 16.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Assumption Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Assumption Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,417 | $166,764 | $242,182 |
| Median Household Income | $52,756 | $60,029 | $78,145 |
| Price-to-Income Ratio | 2.9 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Assumption Parish rose about 61.0%, while median household income rose about 24.3% 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 | Assumption Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.7% | 57.3% | 58.2% |
| Rental Rate | 12.1% | 27.8% | 31.3% |
| Vacancy Rate | 16.1% | 14.8% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Assumption Parish has a homeownership rate of 71.7%, higher than the Louisiana average of 57.3%. Its housing vacancy rate is 16.1%, compared with 14.8% in Louisiana.
Housing Stock
| Metric | Assumption Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1983 | 1982 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 | 5.5 |
The typical housing unit in Assumption Parish was built around 1983. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Assumption Parish, Louisiana.
What is the median home price in Assumption Parish, Louisiana?
The median home price in Assumption Parish, Louisiana is $154,417, lower than the Louisiana average of $166,764.
What is the average home price in Assumption Parish, Louisiana?
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 Assumption Parish, Louisiana?
The median gross rent in Assumption Parish, Louisiana is $801 per month, lower than the Louisiana average of $1,038.
What was the median gross rent in Assumption Parish in 2020?
In 2020, the median gross rent in Assumption Parish, Louisiana was $721 per month.
What is the price-to-rent ratio in Assumption Parish, Louisiana?
The price-to-rent ratio in Assumption Parish, Louisiana is about 16.1, meaning it would take roughly 16.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Assumption Parish.
Are home prices or rent rising faster in Assumption Parish, Louisiana?
Both home prices and rent are rising in Assumption Parish, up about 8.3% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Assumption Parish, Louisiana?
71.7% of households in Assumption Parish, Louisiana own their home, higher than the Louisiana average of 57.3%.
What is the vacancy rate in Assumption Parish, Louisiana?
The housing vacancy rate in Assumption Parish, Louisiana is 16.1%, higher than the Louisiana average of 14.8%.