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 | Madison Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,290 | $166,764 | $242,182 |
| Price Trend (Annual %) | 46.6% | 4.5% | 8.2% |
| Median Gross Rent | $625 | $1,038 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Madison Parish is about 12% higher than in Louisiana. Rent is about 40% 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 Madison Parish, up about 46.6% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Madison Parish rose about 20.9% between 2015 and 2023, from $517 to $625. Over the same span, rent in Louisiana rose about 31.9%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Madison Parish.
Buying the median-priced home in Madison Parish costs roughly 24.8 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 Madison Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Madison Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,290 | $166,764 | $242,182 |
| Median Household Income | $37,593 | $60,029 | $78,145 |
| Price-to-Income Ratio | 5.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Madison Parish fell about 38.5%, while median household income rose about 41.1% 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 | Madison Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 38.8% | 57.3% | 58.2% |
| Rental Rate | 30.0% | 27.8% | 31.3% |
| Vacancy Rate | 31.2% | 14.8% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Madison Parish has a homeownership rate of 38.8%, lower than the Louisiana average of 57.3%. Its housing vacancy rate is 31.2%, compared with 14.8% in Louisiana.
Housing Stock
| Metric | Madison Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.77 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1975 | 1982 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Madison Parish was built around 1975. On average, 2.8 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Madison Parish, Louisiana.
What is the median home price in Madison Parish, Louisiana?
The median home price in Madison Parish, Louisiana is $186,290, higher than the Louisiana average of $166,764.
What is the average home price in Madison 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 Madison Parish, Louisiana?
The median gross rent in Madison Parish, Louisiana is $625 per month, lower than the Louisiana average of $1,038.
What was the median gross rent in Madison Parish in 2020?
In 2020, the median gross rent in Madison Parish, Louisiana was $612 per month.
What is the price-to-rent ratio in Madison Parish, Louisiana?
The price-to-rent ratio in Madison Parish, Louisiana is about 24.8, meaning it would take roughly 24.8 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 Madison Parish.
Are home prices or rent rising faster in Madison Parish, Louisiana?
Both home prices and rent are rising in Madison Parish, up about 46.6% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Madison Parish, Louisiana?
38.8% of households in Madison Parish, Louisiana own their home, lower than the Louisiana average of 57.3%.
What is the vacancy rate in Madison Parish, Louisiana?
The housing vacancy rate in Madison Parish, Louisiana is 31.2%, higher than the Louisiana average of 14.8%.