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 | Rankin County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $116,666 | $119,791 | $242,182 |
| Price Trend (Annual %) | -0.2% | 5.1% | 8.2% |
| Median Gross Rent | $1,209 | $923 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rankin County is about 3% lower than in Mississippi. Rent is about 31% higher than the Mississippi average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Rankin County: home prices fell about 0.2% a year while rent rose about 4.1% a year. That is an unusual pattern worth watching.
Median rent in Rankin County rose about 35.8% between 2015 and 2023, from $890 to $1,209. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Rankin County.
Buying the median-priced home in Rankin County costs roughly 8.0 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 Rankin County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Rankin County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $116,666 | $119,791 | $242,182 |
| Median Household Income | $77,699 | $55,084 | $78,145 |
| Price-to-Income Ratio | 1.5 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Rankin County rose about 66.7%, while median household income rose about 44.5% 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 | Rankin County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.2% | 59.0% | 58.2% |
| Rental Rate | 20.8% | 25.9% | 31.3% |
| Vacancy Rate | 6.9% | 15.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Rankin County has a homeownership rate of 72.2%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 6.9%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Rankin County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1987 | 1985 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Rankin County was built around 1987. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rankin County, Mississippi.
What is the median home price in Rankin County, Mississippi?
The median home price in Rankin County, Mississippi is $116,666, lower than the Mississippi average of $119,791.
What is the average home price in Rankin 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 Rankin County, Mississippi?
The median gross rent in Rankin County, Mississippi is $1,209 per month, higher than the Mississippi average of $923.
What was the median gross rent in Rankin County in 2020?
In 2020, the median gross rent in Rankin County, Mississippi was $1,044 per month.
What is the price-to-rent ratio in Rankin County, Mississippi?
The price-to-rent ratio in Rankin County, Mississippi is about 8.0, meaning it would take roughly 8.0 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 Rankin County.
Are home prices or rent rising faster in Rankin County, Mississippi?
Home prices and rent are moving in opposite directions in Rankin County: home prices fell about 0.2% a year while rent rose about 4.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Rankin County, Mississippi?
72.2% of households in Rankin County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Rankin County, Mississippi?
The housing vacancy rate in Rankin County, Mississippi is 6.9%, lower than the Mississippi average of 15.1%.