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 | Terrebonne Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $229,691 | $166,764 | $242,182 |
| Price Trend (Annual %) | 10.3% | 4.5% | 8.2% |
| Median Gross Rent | $1,010 | $1,038 | $1,342 |
| Rent Trend (Annual %) | 2.2% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Terrebonne Parish is about 38% higher than in Louisiana. Rent is about 3% 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 Terrebonne Parish, up about 10.3% and 2.2% a year respectively. Home prices are changing faster.
Median rent in Terrebonne Parish rose about 17.5% between 2015 and 2023, from $860 to $1,010. Over the same span, rent in Louisiana rose about 31.9%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Terrebonne Parish.
Buying the median-priced home in Terrebonne Parish costs roughly 19.0 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 Terrebonne Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Terrebonne Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $229,691 | $166,764 | $242,182 |
| Median Household Income | $63,710 | $60,029 | $78,145 |
| Price-to-Income Ratio | 3.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Terrebonne Parish rose about 49.0%, while median household income rose about 36.0% 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 | Terrebonne Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.2% | 57.3% | 58.2% |
| Rental Rate | 23.4% | 27.8% | 31.3% |
| Vacancy Rate | 11.4% | 14.8% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Terrebonne Parish has a homeownership rate of 65.2%, higher than the Louisiana average of 57.3%. Its housing vacancy rate is 11.4%, compared with 14.8% in Louisiana.
Housing Stock
| Metric | Terrebonne 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 | 5.7 | 5.5 | 5.5 |
The typical housing unit in Terrebonne Parish was built around 1981. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Terrebonne Parish, Louisiana.
What is the median home price in Terrebonne Parish, Louisiana?
The median home price in Terrebonne Parish, Louisiana is $229,691, higher than the Louisiana average of $166,764.
What is the average home price in Terrebonne 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 Terrebonne Parish, Louisiana?
The median gross rent in Terrebonne Parish, Louisiana is $1,010 per month, lower than the Louisiana average of $1,038.
What was the median gross rent in Terrebonne Parish in 2020?
In 2020, the median gross rent in Terrebonne Parish, Louisiana was $862 per month.
What is the price-to-rent ratio in Terrebonne Parish, Louisiana?
The price-to-rent ratio in Terrebonne Parish, Louisiana is about 19.0, meaning it would take roughly 19.0 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 Terrebonne Parish.
Are home prices or rent rising faster in Terrebonne Parish, Louisiana?
Both home prices and rent are rising in Terrebonne Parish, up about 10.3% and 2.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Terrebonne Parish, Louisiana?
65.2% of households in Terrebonne Parish, Louisiana own their home, higher than the Louisiana average of 57.3%.
What is the vacancy rate in Terrebonne Parish, Louisiana?
The housing vacancy rate in Terrebonne Parish, Louisiana is 11.4%, lower than the Louisiana average of 14.8%.