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 | Leflore County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $100,962 | $119,791 | $242,182 |
| Price Trend (Annual %) | 10.4% | 5.1% | 8.2% |
| Median Gross Rent | $701 | $923 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Leflore County is about 16% lower than in Mississippi. Rent is about 24% 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 Leflore County, up about 10.4% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Leflore County rose about 27.2% between 2015 and 2023, from $551 to $701. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Leflore County.
Buying the median-priced home in Leflore County costs roughly 12.0 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 Leflore County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Leflore County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $100,962 | $119,791 | $242,182 |
| Median Household Income | $34,224 | $55,084 | $78,145 |
| Price-to-Income Ratio | 3.0 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Leflore County rose about 19.4%, while median household income rose about 66.8% 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 | Leflore County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.6% | 59.0% | 58.2% |
| Rental Rate | 36.2% | 25.9% | 31.3% |
| Vacancy Rate | 21.1% | 15.1% | 10.6% |
| Median Tenure (years) | 21.0 | 16.0 | 15.0 |
| Median Year Moved In | 2005 | 2010 | 2011 |
Leflore County has a homeownership rate of 42.6%, lower than the Mississippi average of 59.0%. Its housing vacancy rate is 21.1%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Leflore County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1973 | 1985 | 1978 |
| Median Number of Rooms | 5.2 | 5.7 | 5.5 |
The typical housing unit in Leflore County was built around 1973. On average, 2.6 people live in a home with about 5.2 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Leflore County, Mississippi.
What is the median home price in Leflore County, Mississippi?
The median home price in Leflore County, Mississippi is $100,962, lower than the Mississippi average of $119,791.
What is the average home price in Leflore 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 Leflore County, Mississippi?
The median gross rent in Leflore County, Mississippi is $701 per month, lower than the Mississippi average of $923.
What was the median gross rent in Leflore County in 2020?
In 2020, the median gross rent in Leflore County, Mississippi was $593 per month.
What is the price-to-rent ratio in Leflore County, Mississippi?
The price-to-rent ratio in Leflore County, Mississippi is about 12.0, meaning it would take roughly 12.0 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 Leflore County.
Are home prices or rent rising faster in Leflore County, Mississippi?
Both home prices and rent are rising in Leflore County, up about 10.4% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Leflore County, Mississippi?
42.6% of households in Leflore County, Mississippi own their home, lower than the Mississippi average of 59.0%.
What is the vacancy rate in Leflore County, Mississippi?
The housing vacancy rate in Leflore County, Mississippi is 21.1%, higher than the Mississippi average of 15.1%.