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 | Hancock County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $164,062 | $119,791 | $242,182 |
| Price Trend (Annual %) | 6.2% | 5.1% | 8.2% |
| Median Gross Rent | $998 | $923 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hancock County is about 37% higher than in Mississippi. Rent is about 8% 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 Hancock County, up about 6.2% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Hancock County rose about 31.8% between 2015 and 2023, from $758 to $998. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Hancock County.
Buying the median-priced home in Hancock County costs roughly 13.7 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 Hancock County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Hancock County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $164,062 | $119,791 | $242,182 |
| Median Household Income | $68,517 | $55,084 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hancock County rose about 43.5%, while median household income rose about 56.5% 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 | Hancock County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.4% | 59.0% | 58.2% |
| Rental Rate | 18.2% | 25.9% | 31.3% |
| Vacancy Rate | 14.5% | 15.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Hancock County has a homeownership rate of 67.4%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 14.5%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Hancock County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1994 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Hancock County was built around 1994. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hancock County, Mississippi.
What is the median home price in Hancock County, Mississippi?
The median home price in Hancock County, Mississippi is $164,062, higher than the Mississippi average of $119,791.
What is the average home price in Hancock 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 Hancock County, Mississippi?
The median gross rent in Hancock County, Mississippi is $998 per month, higher than the Mississippi average of $923.
What was the median gross rent in Hancock County in 2020?
In 2020, the median gross rent in Hancock County, Mississippi was $854 per month.
What is the price-to-rent ratio in Hancock County, Mississippi?
The price-to-rent ratio in Hancock County, Mississippi is about 13.7, meaning it would take roughly 13.7 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 Hancock County.
Are home prices or rent rising faster in Hancock County, Mississippi?
Both home prices and rent are rising in Hancock County, up about 6.2% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hancock County, Mississippi?
67.4% of households in Hancock County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Hancock County, Mississippi?
The housing vacancy rate in Hancock County, Mississippi is 14.5%, lower than the Mississippi average of 15.1%.