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 | Wayne County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,807 | $136,017 | $242,182 |
| Price Trend (Annual %) | -12.6% | 5.0% | 8.2% |
| Median Gross Rent | $631 | $995 | $1,342 |
| Rent Trend (Annual %) | 1.5% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wayne County is about 74% lower than in Missouri. Rent is about 37% 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 Wayne County: home prices fell about 12.6% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
Median rent in Wayne County rose about 11.7% between 2015 and 2023, from $566 to $631. Over the same span, rent in Missouri rose about 33.6%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Wayne County.
Buying the median-priced home in Wayne County costs roughly 4.6 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 Wayne County. The price-to-rent ratio in Missouri is about 11.4.
| Metric | Wayne County | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,807 | $136,017 | $242,182 |
| Median Household Income | $43,620 | $69,051 | $78,145 |
| Price-to-Income Ratio | 0.8 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wayne County fell about 65.1%, while median household income rose about 57.3% 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 | Wayne County | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.7% | 60.1% | 58.2% |
| Rental Rate | 17.6% | 28.4% | 31.3% |
| Vacancy Rate | 26.8% | 11.6% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Wayne County has a homeownership rate of 55.7%, lower than the Missouri average of 60.1%. Its housing vacancy rate is 26.8%, compared with 11.6% in Missouri.
Housing Stock
| Metric | Wayne County | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1979 | 1977 | 1978 |
| Median Number of Rooms | 5.1 | 5.7 | 5.5 |
The typical housing unit in Wayne County was built around 1979. On average, 2.4 people live in a home with about 5.1 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wayne County, Missouri.
What is the median home price in Wayne County, Missouri?
The median home price in Wayne County, Missouri is $34,807, lower than the Missouri average of $136,017.
What is the average home price in Wayne 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 Wayne County, Missouri?
The median gross rent in Wayne County, Missouri is $631 per month, lower than the Missouri average of $995.
What was the median gross rent in Wayne County in 2020?
In 2020, the median gross rent in Wayne County, Missouri was $561 per month.
What is the price-to-rent ratio in Wayne County, Missouri?
The price-to-rent ratio in Wayne County, Missouri is about 4.6, meaning it would take roughly 4.6 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 Wayne County.
Are home prices or rent rising faster in Wayne County, Missouri?
Home prices and rent are moving in opposite directions in Wayne County: home prices fell about 12.6% a year while rent rose about 1.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Wayne County, Missouri?
55.7% of households in Wayne County, Missouri own their home, lower than the Missouri average of 60.1%.
What is the vacancy rate in Wayne County, Missouri?
The housing vacancy rate in Wayne County, Missouri is 26.8%, higher than the Missouri average of 11.6%.