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 | Montgomery County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $100,980 | $136,017 | $242,182 |
| Price Trend (Annual %) | 1.2% | 5.0% | 8.2% |
| Median Gross Rent | $767 | $995 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montgomery County is about 26% lower than in Missouri. Rent is about 23% 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 Montgomery County, up about 1.2% and 3.1% a year respectively. Rent is changing faster.
Median rent in Montgomery County rose about 23.7% between 2015 and 2023, from $620 to $767. Over the same span, rent in Missouri rose about 33.6%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Montgomery County.
Buying the median-priced home in Montgomery County costs roughly 11.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Montgomery County. The price-to-rent ratio in Missouri is about 11.4.
| Metric | Montgomery County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $100,980 | $136,017 | $242,182 |
| Median Household Income | $61,165 | $69,051 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montgomery County rose about 6.3%, while median household income rose about 54.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Montgomery County | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.0% | 60.1% | 58.2% |
| Rental Rate | 21.1% | 28.4% | 31.3% |
| Vacancy Rate | 20.8% | 11.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Montgomery County has a homeownership rate of 58.0%, lower than the Missouri average of 60.1%. Its housing vacancy rate is 20.8%, compared with 11.6% in Missouri.
Housing Stock
| Metric | Montgomery County | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1978 | 1977 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Montgomery County was built around 1978. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Montgomery County, Missouri.
What is the median home price in Montgomery County, Missouri?
The median home price in Montgomery County, Missouri is $100,980, lower than the Missouri average of $136,017.
What is the average home price in Montgomery 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 Montgomery County, Missouri?
The median gross rent in Montgomery County, Missouri is $767 per month, lower than the Missouri average of $995.
What was the median gross rent in Montgomery County in 2020?
In 2020, the median gross rent in Montgomery County, Missouri was $660 per month.
What is the price-to-rent ratio in Montgomery County, Missouri?
The price-to-rent ratio in Montgomery County, Missouri is about 11.0, meaning it would take roughly 11.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Montgomery County.
Are home prices or rent rising faster in Montgomery County, Missouri?
Both home prices and rent are rising in Montgomery County, up about 1.2% and 3.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Montgomery County, Missouri?
58.0% of households in Montgomery County, Missouri own their home, lower than the Missouri average of 60.1%.
What is the vacancy rate in Montgomery County, Missouri?
The housing vacancy rate in Montgomery County, Missouri is 20.8%, higher than the Missouri average of 11.6%.