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 | Monroe County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,461 | $119,791 | $242,182 |
| Price Trend (Annual %) | 19.4% | 5.1% | 8.2% |
| Median Gross Rent | $720 | $923 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 36% higher than in Mississippi. Rent is about 22% 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 Monroe County, up about 19.4% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 26.2% between 2015 and 2023, from $571 to $720. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 18.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Monroe County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Monroe County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,461 | $119,791 | $242,182 |
| Median Household Income | $51,543 | $55,084 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County rose about 139.7%, while median household income rose about 55.1% 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 | Monroe County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.4% | 59.0% | 58.2% |
| Rental Rate | 19.0% | 25.9% | 31.3% |
| Vacancy Rate | 18.6% | 15.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Monroe County has a homeownership rate of 62.4%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 18.6%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Monroe County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1981 | 1985 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Monroe County was built around 1981. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, Mississippi.
What is the median home price in Monroe County, Mississippi?
The median home price in Monroe County, Mississippi is $163,461, higher than the Mississippi average of $119,791.
What is the average home price in Monroe 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 Monroe County, Mississippi?
The median gross rent in Monroe County, Mississippi is $720 per month, lower than the Mississippi average of $923.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, Mississippi was $666 per month.
What is the price-to-rent ratio in Monroe County, Mississippi?
The price-to-rent ratio in Monroe County, Mississippi is about 18.9, meaning it would take roughly 18.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Monroe County.
Are home prices or rent rising faster in Monroe County, Mississippi?
Both home prices and rent are rising in Monroe County, up about 19.4% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, Mississippi?
62.4% of households in Monroe County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Monroe County, Mississippi?
The housing vacancy rate in Monroe County, Mississippi is 18.6%, higher than the Mississippi average of 15.1%.