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 | Miller County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $141,231 | $136,017 | $242,182 |
| Price Trend (Annual %) | 0.1% | 5.0% | 8.2% |
| Median Gross Rent | $723 | $995 | $1,342 |
| Rent Trend (Annual %) | 1.7% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Miller County is about 4% higher than in Missouri. Rent is about 27% 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 Miller County, up about 0.1% and 1.7% a year respectively. Rent is changing faster.
Median rent in Miller County rose about 13.3% between 2015 and 2023, from $638 to $723. Over the same span, rent in Missouri rose about 33.6%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Miller County.
Buying the median-priced home in Miller County costs roughly 16.3 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 Miller County. The price-to-rent ratio in Missouri is about 11.4.
| Metric | Miller County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $141,231 | $136,017 | $242,182 |
| Median Household Income | $55,938 | $69,051 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Miller County rose about 178.7%, while median household income rose about 55.7% 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 | Miller County | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.0% | 60.1% | 58.2% |
| Rental Rate | 19.2% | 28.4% | 31.3% |
| Vacancy Rate | 19.8% | 11.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Miller County has a homeownership rate of 61.0%, higher than the Missouri average of 60.1%. Its housing vacancy rate is 19.8%, compared with 11.6% in Missouri.
Housing Stock
| Metric | Miller County | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1985 | 1977 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Miller County was built around 1985. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Miller County, Missouri.
What is the median home price in Miller County, Missouri?
The median home price in Miller County, Missouri is $141,231, higher than the Missouri average of $136,017.
What is the average home price in Miller 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 Miller County, Missouri?
The median gross rent in Miller County, Missouri is $723 per month, lower than the Missouri average of $995.
What was the median gross rent in Miller County in 2020?
In 2020, the median gross rent in Miller County, Missouri was $672 per month.
What is the price-to-rent ratio in Miller County, Missouri?
The price-to-rent ratio in Miller County, Missouri is about 16.3, meaning it would take roughly 16.3 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 Miller County.
Are home prices or rent rising faster in Miller County, Missouri?
Both home prices and rent are rising in Miller County, up about 0.1% and 1.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Miller County, Missouri?
61.0% of households in Miller County, Missouri own their home, higher than the Missouri average of 60.1%.
What is the vacancy rate in Miller County, Missouri?
The housing vacancy rate in Miller County, Missouri is 19.8%, higher than the Missouri average of 11.6%.