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 | Forrest County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $254,449 | $119,791 | $242,182 |
| Price Trend (Annual %) | 6.1% | 5.1% | 8.2% |
| Median Gross Rent | $960 | $923 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Forrest County is about 112% higher than in Mississippi. Rent is about 4% higher 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 Forrest County, up about 6.1% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Forrest County rose about 31.9% between 2015 and 2023, from $727 to $960. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Forrest County.
Buying the median-priced home in Forrest County costs roughly 22.1 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 Forrest County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Forrest County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $254,449 | $119,791 | $242,182 |
| Median Household Income | $52,555 | $55,084 | $78,145 |
| Price-to-Income Ratio | 4.8 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Forrest County rose about 62.1%, while median household income rose about 59.4% 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 | Forrest County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.4% | 59.0% | 58.2% |
| Rental Rate | 37.9% | 25.9% | 31.3% |
| Vacancy Rate | 11.7% | 15.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Forrest County has a homeownership rate of 50.4%, lower than the Mississippi average of 59.0%. Its housing vacancy rate is 11.7%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Forrest County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Forrest County was built around 1985. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Forrest County, Mississippi.
What is the median home price in Forrest County, Mississippi?
The median home price in Forrest County, Mississippi is $254,449, higher than the Mississippi average of $119,791.
What is the average home price in Forrest 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 Forrest County, Mississippi?
The median gross rent in Forrest County, Mississippi is $960 per month, higher than the Mississippi average of $923.
What was the median gross rent in Forrest County in 2020?
In 2020, the median gross rent in Forrest County, Mississippi was $778 per month.
What is the price-to-rent ratio in Forrest County, Mississippi?
The price-to-rent ratio in Forrest County, Mississippi is about 22.1, meaning it would take roughly 22.1 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 Forrest County.
Are home prices or rent rising faster in Forrest County, Mississippi?
Both home prices and rent are rising in Forrest County, up about 6.1% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Forrest County, Mississippi?
50.4% of households in Forrest County, Mississippi own their home, lower than the Mississippi average of 59.0%.
What is the vacancy rate in Forrest County, Mississippi?
The housing vacancy rate in Forrest County, Mississippi is 11.7%, lower than the Mississippi average of 15.1%.