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 | Ouachita Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $224,369 | $166,764 | $242,182 |
| Price Trend (Annual %) | 14.1% | 4.5% | 8.2% |
| Median Gross Rent | $923 | $1,038 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ouachita Parish is about 35% higher than in Louisiana. Rent is about 11% 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 Ouachita Parish, up about 14.1% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Ouachita Parish rose about 34.1% between 2015 and 2023, from $688 to $923. Over the same span, rent in Louisiana rose about 31.9%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Ouachita Parish.
Buying the median-priced home in Ouachita Parish costs roughly 20.3 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 Ouachita Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Ouachita Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $224,369 | $166,764 | $242,182 |
| Median Household Income | $51,398 | $60,029 | $78,145 |
| Price-to-Income Ratio | 4.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ouachita Parish rose about 149.8%, while median household income rose about 34.9% 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 | Ouachita Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.2% | 57.3% | 58.2% |
| Rental Rate | 34.8% | 27.8% | 31.3% |
| Vacancy Rate | 14.0% | 14.8% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Ouachita Parish has a homeownership rate of 51.2%, lower than the Louisiana average of 57.3%. Its housing vacancy rate is 14.0%, compared with 14.8% in Louisiana.
Housing Stock
| Metric | Ouachita Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1981 | 1982 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Ouachita Parish was built around 1981. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ouachita Parish, Louisiana.
What is the median home price in Ouachita Parish, Louisiana?
The median home price in Ouachita Parish, Louisiana is $224,369, higher than the Louisiana average of $166,764.
What is the average home price in Ouachita 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 Ouachita Parish, Louisiana?
The median gross rent in Ouachita Parish, Louisiana is $923 per month, lower than the Louisiana average of $1,038.
What was the median gross rent in Ouachita Parish in 2020?
In 2020, the median gross rent in Ouachita Parish, Louisiana was $774 per month.
What is the price-to-rent ratio in Ouachita Parish, Louisiana?
The price-to-rent ratio in Ouachita Parish, Louisiana is about 20.3, meaning it would take roughly 20.3 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 Ouachita Parish.
Are home prices or rent rising faster in Ouachita Parish, Louisiana?
Both home prices and rent are rising in Ouachita Parish, up about 14.1% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ouachita Parish, Louisiana?
51.2% of households in Ouachita Parish, Louisiana own their home, lower than the Louisiana average of 57.3%.
What is the vacancy rate in Ouachita Parish, Louisiana?
The housing vacancy rate in Ouachita Parish, Louisiana is 14.0%, lower than the Louisiana average of 14.8%.