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 | Union Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,931 | $166,764 | $242,182 |
| Price Trend (Annual %) | 38.3% | 4.5% | 8.2% |
| Median Gross Rent | $758 | $1,038 | $1,342 |
| Rent Trend (Annual %) | 7.0% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Union Parish is about 12% lower than in Louisiana. Rent is about 27% 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 Union Parish, up about 38.3% and 7.0% a year respectively. Home prices are changing faster.
Median rent in Union Parish rose about 49.9% between 2015 and 2023, from $506 to $758. Over the same span, rent in Louisiana rose about 31.9%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Union Parish.
Buying the median-priced home in Union Parish costs roughly 16.0 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 Union Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Union Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,931 | $166,764 | $242,182 |
| Median Household Income | $46,034 | $60,029 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Union Parish rose about 200.7%, while median household income rose about 27.7% 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 | Union Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.2% | 57.3% | 58.2% |
| Rental Rate | 18.9% | 27.8% | 31.3% |
| Vacancy Rate | 20.8% | 14.8% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Union Parish has a homeownership rate of 60.2%, higher than the Louisiana average of 57.3%. Its housing vacancy rate is 20.8%, compared with 14.8% in Louisiana.
Housing Stock
| Metric | Union Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1989 | 1982 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Union Parish was built around 1989. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Union Parish, Louisiana.
What is the median home price in Union Parish, Louisiana?
The median home price in Union Parish, Louisiana is $145,931, lower than the Louisiana average of $166,764.
What is the average home price in Union 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 Union Parish, Louisiana?
The median gross rent in Union Parish, Louisiana is $758 per month, lower than the Louisiana average of $1,038.
What was the median gross rent in Union Parish in 2020?
In 2020, the median gross rent in Union Parish, Louisiana was $559 per month.
What is the price-to-rent ratio in Union Parish, Louisiana?
The price-to-rent ratio in Union Parish, Louisiana is about 16.0, meaning it would take roughly 16.0 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 Union Parish.
Are home prices or rent rising faster in Union Parish, Louisiana?
Both home prices and rent are rising in Union Parish, up about 38.3% and 7.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Union Parish, Louisiana?
60.2% of households in Union Parish, Louisiana own their home, higher than the Louisiana average of 57.3%.
What is the vacancy rate in Union Parish, Louisiana?
The housing vacancy rate in Union Parish, Louisiana is 20.8%, higher than the Louisiana average of 14.8%.