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 | Lee County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,332 | $119,791 | $242,182 |
| Price Trend (Annual %) | 11.8% | 5.1% | 8.2% |
| Median Gross Rent | $929 | $923 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lee County is about 24% higher than in Mississippi. Rent is about 1% 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 Lee County, up about 11.8% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Lee County rose about 40.0% between 2015 and 2023, from $664 to $929. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Lee County.
Buying the median-priced home in Lee County costs roughly 13.3 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 Lee County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Lee County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,332 | $119,791 | $242,182 |
| Median Household Income | $67,825 | $55,084 | $78,145 |
| Price-to-Income Ratio | 2.2 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lee County rose about 103.9%, while median household income rose about 77.9% 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 | Lee County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.6% | 59.0% | 58.2% |
| Rental Rate | 25.3% | 25.9% | 31.3% |
| Vacancy Rate | 15.2% | 15.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Lee County has a homeownership rate of 59.6%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 15.2%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Lee County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Lee County was built around 1985. On average, 2.6 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lee County, Mississippi.
What is the median home price in Lee County, Mississippi?
The median home price in Lee County, Mississippi is $148,332, higher than the Mississippi average of $119,791.
What is the average home price in Lee 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 Lee County, Mississippi?
The median gross rent in Lee County, Mississippi is $929 per month, higher than the Mississippi average of $923.
What was the median gross rent in Lee County in 2020?
In 2020, the median gross rent in Lee County, Mississippi was $781 per month.
What is the price-to-rent ratio in Lee County, Mississippi?
The price-to-rent ratio in Lee County, Mississippi is about 13.3, meaning it would take roughly 13.3 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 Lee County.
Are home prices or rent rising faster in Lee County, Mississippi?
Both home prices and rent are rising in Lee County, up about 11.8% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lee County, Mississippi?
59.6% of households in Lee County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Lee County, Mississippi?
The housing vacancy rate in Lee County, Mississippi is 15.2%, about the same as the Mississippi average.