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 | Morgan County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $106,000 | $136,017 | $242,182 |
| Price Trend (Annual %) | -3.2% | 5.0% | 8.2% |
| Median Gross Rent | $691 | $995 | $1,342 |
| Rent Trend (Annual %) | 2.3% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morgan County is about 22% lower than in Missouri. Rent is about 31% lower than the Missouri average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Morgan County: home prices fell about 3.2% a year while rent rose about 2.3% a year. That is an unusual pattern worth watching.
Median rent in Morgan County rose about 9.4% between 2015 and 2023, from $632 to $691. Over the same span, rent in Missouri rose about 33.6%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Morgan County.
Buying the median-priced home in Morgan County costs roughly 12.8 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 Morgan County. The price-to-rent ratio in Missouri is about 11.4.
| Metric | Morgan County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $106,000 | $136,017 | $242,182 |
| Median Household Income | $49,728 | $69,051 | $78,145 |
| Price-to-Income Ratio | 2.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morgan County fell about 28.5%, while median household income rose about 35.5% 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 | Morgan County | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.1% | 60.1% | 58.2% |
| Rental Rate | 11.0% | 28.4% | 31.3% |
| Vacancy Rate | 45.9% | 11.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Morgan County has a homeownership rate of 43.1%, lower than the Missouri average of 60.1%. Its housing vacancy rate is 45.9%, compared with 11.6% in Missouri.
Housing Stock
| Metric | Morgan County | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1982 | 1977 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Morgan County was built around 1982. On average, 2.6 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 Morgan County, Missouri.
What is the median home price in Morgan County, Missouri?
The median home price in Morgan County, Missouri is $106,000, lower than the Missouri average of $136,017.
What is the average home price in Morgan 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 Morgan County, Missouri?
The median gross rent in Morgan County, Missouri is $691 per month, lower than the Missouri average of $995.
What was the median gross rent in Morgan County in 2020?
In 2020, the median gross rent in Morgan County, Missouri was $528 per month.
What is the price-to-rent ratio in Morgan County, Missouri?
The price-to-rent ratio in Morgan County, Missouri is about 12.8, meaning it would take roughly 12.8 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 Morgan County.
Are home prices or rent rising faster in Morgan County, Missouri?
Home prices and rent are moving in opposite directions in Morgan County: home prices fell about 3.2% a year while rent rose about 2.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Morgan County, Missouri?
43.1% of households in Morgan County, Missouri own their home, lower than the Missouri average of 60.1%.
What is the vacancy rate in Morgan County, Missouri?
The housing vacancy rate in Morgan County, Missouri is 45.9%, higher than the Missouri average of 11.6%.