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 | Leake County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,500 | $119,791 | $242,182 |
| Price Trend (Annual %) | 16.1% | 5.1% | 8.2% |
| Median Gross Rent | $757 | $923 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Leake County is about 6% lower than in Mississippi. Rent is about 18% 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 Leake County, up about 16.1% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Leake County rose about 27.8% between 2015 and 2023, from $592 to $757. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Leake County.
Buying the median-priced home in Leake County costs roughly 12.4 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 Leake County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Leake County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,500 | $119,791 | $242,182 |
| Median Household Income | $48,646 | $55,084 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Leake County rose about 118.6%, while median household income rose about 50.7% 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 | Leake County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.9% | 59.0% | 58.2% |
| Rental Rate | 19.7% | 25.9% | 31.3% |
| Vacancy Rate | 18.4% | 15.1% | 10.6% |
| Median Tenure (years) | 20.0 | 16.0 | 15.0 |
| Median Year Moved In | 2006 | 2010 | 2011 |
Leake County has a homeownership rate of 61.9%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 18.4%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Leake County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.82 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1982 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Leake County was built around 1982. On average, 2.8 people live in a home with about 5.5 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Leake County, Mississippi.
What is the median home price in Leake County, Mississippi?
The median home price in Leake County, Mississippi is $112,500, lower than the Mississippi average of $119,791.
What is the average home price in Leake 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 Leake County, Mississippi?
The median gross rent in Leake County, Mississippi is $757 per month, lower than the Mississippi average of $923.
What was the median gross rent in Leake County in 2020?
In 2020, the median gross rent in Leake County, Mississippi was $687 per month.
What is the price-to-rent ratio in Leake County, Mississippi?
The price-to-rent ratio in Leake County, Mississippi is about 12.4, meaning it would take roughly 12.4 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 Leake County.
Are home prices or rent rising faster in Leake County, Mississippi?
Both home prices and rent are rising in Leake County, up about 16.1% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Leake County, Mississippi?
61.9% of households in Leake County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Leake County, Mississippi?
The housing vacancy rate in Leake County, Mississippi is 18.4%, higher than the Mississippi average of 15.1%.