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 | Phelps County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $111,201 | $136,017 | $242,182 |
| Price Trend (Annual %) | 9.6% | 5.0% | 8.2% |
| Median Gross Rent | $801 | $995 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Phelps County is about 18% lower than in Missouri. Rent is about 20% 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 Phelps County, up about 9.6% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Phelps County rose about 21.0% between 2015 and 2023, from $662 to $801. Over the same span, rent in Missouri rose about 33.6%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Phelps County.
Buying the median-priced home in Phelps County costs roughly 11.6 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 Phelps County. The price-to-rent ratio in Missouri is about 11.4.
| Metric | Phelps County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $111,201 | $136,017 | $242,182 |
| Median Household Income | $55,258 | $69,051 | $78,145 |
| Price-to-Income Ratio | 2.0 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Phelps County fell about 19.4%, while median household income rose about 46.6% 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 | Phelps County | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.0% | 60.1% | 58.2% |
| Rental Rate | 33.2% | 28.4% | 31.3% |
| Vacancy Rate | 12.9% | 11.6% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Phelps County has a homeownership rate of 54.0%, lower than the Missouri average of 60.1%. Its housing vacancy rate is 12.9%, compared with 11.6% in Missouri.
Housing Stock
| Metric | Phelps County | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1983 | 1977 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Phelps County was built around 1983. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Phelps County, Missouri.
What is the median home price in Phelps County, Missouri?
The median home price in Phelps County, Missouri is $111,201, lower than the Missouri average of $136,017.
What is the average home price in Phelps 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 Phelps County, Missouri?
The median gross rent in Phelps County, Missouri is $801 per month, lower than the Missouri average of $995.
What was the median gross rent in Phelps County in 2020?
In 2020, the median gross rent in Phelps County, Missouri was $726 per month.
What is the price-to-rent ratio in Phelps County, Missouri?
The price-to-rent ratio in Phelps County, Missouri is about 11.6, meaning it would take roughly 11.6 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 Phelps County.
Are home prices or rent rising faster in Phelps County, Missouri?
Both home prices and rent are rising in Phelps County, up about 9.6% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Phelps County, Missouri?
54.0% of households in Phelps County, Missouri own their home, lower than the Missouri average of 60.1%.
What is the vacancy rate in Phelps County, Missouri?
The housing vacancy rate in Phelps County, Missouri is 12.9%, higher than the Missouri average of 11.6%.