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 | Polk County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $615,671 | $136,017 | $242,182 |
| Price Trend (Annual %) | 35.0% | 5.0% | 8.2% |
| Median Gross Rent | $791 | $995 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Polk County is about 353% higher than in Missouri. Rent is about 21% 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 Polk County, up about 35.0% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Polk County rose about 22.5% between 2015 and 2023, from $645 to $791. Over the same span, rent in Missouri rose about 33.6%.
Affordability
On average, housing unit costs 10.9 yearly household incomes in Polk County.
Buying the median-priced home in Polk County costs roughly 64.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Polk County. The price-to-rent ratio in Missouri is about 11.4.
| Metric | Polk County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $615,671 | $136,017 | $242,182 |
| Median Household Income | $56,277 | $69,051 | $78,145 |
| Price-to-Income Ratio | 10.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Polk County rose about 360.2%, while median household income rose about 51.6% 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 | Polk County | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.4% | 60.1% | 58.2% |
| Rental Rate | 25.6% | 28.4% | 31.3% |
| Vacancy Rate | 11.0% | 11.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Polk County has a homeownership rate of 63.4%, higher than the Missouri average of 60.1%. Its housing vacancy rate is 11.0%, compared with 11.6% in Missouri.
Housing Stock
| Metric | Polk County | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1987 | 1977 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Polk County was built around 1987. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Polk County, Missouri.
What is the median home price in Polk County, Missouri?
The median home price in Polk County, Missouri is $615,671, higher than the Missouri average of $136,017.
What is the average home price in Polk 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 Polk County, Missouri?
The median gross rent in Polk County, Missouri is $791 per month, lower than the Missouri average of $995.
What was the median gross rent in Polk County in 2020?
In 2020, the median gross rent in Polk County, Missouri was $695 per month.
What is the price-to-rent ratio in Polk County, Missouri?
The price-to-rent ratio in Polk County, Missouri is about 64.9, meaning it would take roughly 64.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Polk County.
Are home prices or rent rising faster in Polk County, Missouri?
Both home prices and rent are rising in Polk County, up about 35.0% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Polk County, Missouri?
63.4% of households in Polk County, Missouri own their home, higher than the Missouri average of 60.1%.
What is the vacancy rate in Polk County, Missouri?
The housing vacancy rate in Polk County, Missouri is 11.0%, lower than the Missouri average of 11.6%.