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 | Lafayette County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,871 | $119,791 | $242,182 |
| Price Trend (Annual %) | 72.1% | 5.1% | 8.2% |
| Median Gross Rent | $1,090 | $923 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lafayette County is about 54% higher than in Mississippi. Rent is about 18% 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 Lafayette County, up about 72.1% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Lafayette County rose about 36.5% between 2015 and 2023, from $799 to $1,090. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Lafayette County.
Buying the median-priced home in Lafayette County costs roughly 14.1 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 Lafayette County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Lafayette County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,871 | $119,791 | $242,182 |
| Median Household Income | $65,311 | $55,084 | $78,145 |
| Price-to-Income Ratio | 2.8 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lafayette County rose about 44.5%, while median household income rose about 62.5% 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 | Lafayette County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.2% | 59.0% | 58.2% |
| Rental Rate | 23.9% | 25.9% | 31.3% |
| Vacancy Rate | 34.9% | 15.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Lafayette County has a homeownership rate of 41.2%, lower than the Mississippi average of 59.0%. Its housing vacancy rate is 34.9%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Lafayette County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.77 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1997 | 1985 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Lafayette County was built around 1997. On average, 2.8 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lafayette County, Mississippi.
What is the median home price in Lafayette County, Mississippi?
The median home price in Lafayette County, Mississippi is $184,871, higher than the Mississippi average of $119,791.
What is the average home price in Lafayette 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 Lafayette County, Mississippi?
The median gross rent in Lafayette County, Mississippi is $1,090 per month, higher than the Mississippi average of $923.
What was the median gross rent in Lafayette County in 2020?
In 2020, the median gross rent in Lafayette County, Mississippi was $967 per month.
What is the price-to-rent ratio in Lafayette County, Mississippi?
The price-to-rent ratio in Lafayette County, Mississippi is about 14.1, meaning it would take roughly 14.1 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 Lafayette County.
Are home prices or rent rising faster in Lafayette County, Mississippi?
Both home prices and rent are rising in Lafayette County, up about 72.1% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lafayette County, Mississippi?
41.2% of households in Lafayette County, Mississippi own their home, lower than the Mississippi average of 59.0%.
What is the vacancy rate in Lafayette County, Mississippi?
The housing vacancy rate in Lafayette County, Mississippi is 34.9%, higher than the Mississippi average of 15.1%.