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 | Choctaw County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,557 | $119,791 | $242,182 |
| Price Trend (Annual %) | -6.1% | 5.1% | 8.2% |
| Median Gross Rent | $661 | $923 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Choctaw County is about 89% lower than in Mississippi. Rent is about 28% lower than the Mississippi 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 Choctaw County: home prices fell about 6.1% a year while rent rose about 3.0% a year. That is an unusual pattern worth watching.
Median rent in Choctaw County rose about 23.3% between 2015 and 2023, from $536 to $661. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in Choctaw County.
Buying the median-priced home in Choctaw County costs roughly 1.7 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 Choctaw County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Choctaw County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $13,557 | $119,791 | $242,182 |
| Median Household Income | $47,836 | $55,084 | $78,145 |
| Price-to-Income Ratio | 0.3 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Choctaw County fell about 54.7%, while median household income rose about 59.1% 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 | Choctaw County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.5% | 59.0% | 58.2% |
| Rental Rate | 15.6% | 25.9% | 31.3% |
| Vacancy Rate | 20.9% | 15.1% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Choctaw County has a homeownership rate of 63.5%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 20.9%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Choctaw County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1981 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Choctaw County was built around 1981. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Choctaw County, Mississippi.
What is the median home price in Choctaw County, Mississippi?
The median home price in Choctaw County, Mississippi is $13,557, lower than the Mississippi average of $119,791.
What is the average home price in Choctaw 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 Choctaw County, Mississippi?
The median gross rent in Choctaw County, Mississippi is $661 per month, lower than the Mississippi average of $923.
What was the median gross rent in Choctaw County in 2020?
In 2020, the median gross rent in Choctaw County, Mississippi was $533 per month.
What is the price-to-rent ratio in Choctaw County, Mississippi?
The price-to-rent ratio in Choctaw County, Mississippi is about 1.7, meaning it would take roughly 1.7 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 Choctaw County.
Are home prices or rent rising faster in Choctaw County, Mississippi?
Home prices and rent are moving in opposite directions in Choctaw County: home prices fell about 6.1% a year while rent rose about 3.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Choctaw County, Mississippi?
63.5% of households in Choctaw County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Choctaw County, Mississippi?
The housing vacancy rate in Choctaw County, Mississippi is 20.9%, higher than the Mississippi average of 15.1%.