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 | Henry County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,215 | $136,017 | $242,182 |
| Price Trend (Annual %) | 27.0% | 5.0% | 8.2% |
| Median Gross Rent | $739 | $995 | $1,342 |
| Rent Trend (Annual %) | 1.1% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Henry County is about 19% higher than in Missouri. Rent is about 26% lower than the Missouri 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 Henry County, up about 27.0% and 1.1% a year respectively. Home prices are changing faster.
Median rent in Henry County rose about 10.6% between 2015 and 2023, from $669 to $739. Over the same span, rent in Missouri rose about 33.6%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Henry County.
Buying the median-priced home in Henry County costs roughly 18.3 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 Henry County. The price-to-rent ratio in Missouri is about 11.4.
| Metric | Henry County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,215 | $136,017 | $242,182 |
| Median Household Income | $57,046 | $69,051 | $78,145 |
| Price-to-Income Ratio | 2.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Henry County rose about 370.6%, while median household income rose about 58.4% 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 | Henry County | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.8% | 60.1% | 58.2% |
| Rental Rate | 22.6% | 28.4% | 31.3% |
| Vacancy Rate | 13.6% | 11.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Henry County has a homeownership rate of 63.8%, higher than the Missouri average of 60.1%. Its housing vacancy rate is 13.6%, compared with 11.6% in Missouri.
Housing Stock
| Metric | Henry County | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1980 | 1977 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Henry County was built around 1980. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Henry County, Missouri.
What is the median home price in Henry County, Missouri?
The median home price in Henry County, Missouri is $162,215, higher than the Missouri average of $136,017.
What is the average home price in Henry County, Missouri?
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 Henry County, Missouri?
The median gross rent in Henry County, Missouri is $739 per month, lower than the Missouri average of $995.
What was the median gross rent in Henry County in 2020?
In 2020, the median gross rent in Henry County, Missouri was $672 per month.
What is the price-to-rent ratio in Henry County, Missouri?
The price-to-rent ratio in Henry County, Missouri is about 18.3, meaning it would take roughly 18.3 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 Henry County.
Are home prices or rent rising faster in Henry County, Missouri?
Both home prices and rent are rising in Henry County, up about 27.0% and 1.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Henry County, Missouri?
63.8% of households in Henry County, Missouri own their home, higher than the Missouri average of 60.1%.
What is the vacancy rate in Henry County, Missouri?
The housing vacancy rate in Henry County, Missouri is 13.6%, higher than the Missouri average of 11.6%.