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 | Alcorn County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $171,551 | $119,791 | $242,182 |
| Price Trend (Annual %) | 37.1% | 5.1% | 8.2% |
| Median Gross Rent | $727 | $923 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Alcorn County is about 43% higher than in Mississippi. Rent is about 21% lower than the Mississippi 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 Alcorn County, up about 37.1% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Alcorn County rose about 20.4% between 2015 and 2023, from $604 to $727. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Alcorn County.
Buying the median-priced home in Alcorn County costs roughly 19.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Alcorn County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Alcorn County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $171,551 | $119,791 | $242,182 |
| Median Household Income | $49,365 | $55,084 | $78,145 |
| Price-to-Income Ratio | 3.5 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Alcorn County rose about 133.7%, while median household income rose about 55.4% 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 | Alcorn County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.5% | 59.0% | 58.2% |
| Rental Rate | 30.4% | 25.9% | 31.3% |
| Vacancy Rate | 12.1% | 15.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Alcorn County has a homeownership rate of 57.5%, lower than the Mississippi average of 59.0%. Its housing vacancy rate is 12.1%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Alcorn County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1981 | 1985 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Alcorn County was built around 1981. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alcorn County, Mississippi.
What is the median home price in Alcorn County, Mississippi?
The median home price in Alcorn County, Mississippi is $171,551, higher than the Mississippi average of $119,791.
What is the average home price in Alcorn County, Mississippi?
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 Alcorn County, Mississippi?
The median gross rent in Alcorn County, Mississippi is $727 per month, lower than the Mississippi average of $923.
What was the median gross rent in Alcorn County in 2020?
In 2020, the median gross rent in Alcorn County, Mississippi was $634 per month.
What is the price-to-rent ratio in Alcorn County, Mississippi?
The price-to-rent ratio in Alcorn County, Mississippi is about 19.7, meaning it would take roughly 19.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Alcorn County.
Are home prices or rent rising faster in Alcorn County, Mississippi?
Both home prices and rent are rising in Alcorn County, up about 37.1% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Alcorn County, Mississippi?
57.5% of households in Alcorn County, Mississippi own their home, lower than the Mississippi average of 59.0%.
What is the vacancy rate in Alcorn County, Mississippi?
The housing vacancy rate in Alcorn County, Mississippi is 12.1%, lower than the Mississippi average of 15.1%.