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 | Union County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $56,829 | $119,791 | $242,182 |
| Price Trend (Annual %) | 2.6% | 5.1% | 8.2% |
| Median Gross Rent | $910 | $923 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 3.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Union County is about 53% lower than in Mississippi. Rent is about 1% 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 Union County, up about 2.6% and 4.7% a year respectively. Rent is changing faster.
Median rent in Union County rose about 35.8% between 2015 and 2023, from $670 to $910. Over the same span, rent in Mississippi rose about 28.9%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Union County.
Buying the median-priced home in Union County costs roughly 5.2 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 Union County. The price-to-rent ratio in Mississippi is about 10.8.
| Metric | Union County | Mississippi Avg | US Average |
|---|---|---|---|
| Median Home Price | $56,829 | $119,791 | $242,182 |
| Median Household Income | $57,375 | $55,084 | $78,145 |
| Price-to-Income Ratio | 1.0 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Union County fell about 56.7%, while median household income rose about 59.7% 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 | Union County | Mississippi Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.3% | 59.0% | 58.2% |
| Rental Rate | 20.7% | 25.9% | 31.3% |
| Vacancy Rate | 18.0% | 15.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Union County has a homeownership rate of 61.3%, higher than the Mississippi average of 59.0%. Its housing vacancy rate is 18.0%, compared with 15.1% in Mississippi.
Housing Stock
| Metric | Union County | Mississippi Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.77 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 Union County was built around 1985. On average, 2.8 people live in a home with about 5.9 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Union County, Mississippi.
What is the median home price in Union County, Mississippi?
The median home price in Union County, Mississippi is $56,829, lower than the Mississippi average of $119,791.
What is the average home price in Union 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 Union County, Mississippi?
The median gross rent in Union County, Mississippi is $910 per month, lower than the Mississippi average of $923.
What was the median gross rent in Union County in 2020?
In 2020, the median gross rent in Union County, Mississippi was $693 per month.
What is the price-to-rent ratio in Union County, Mississippi?
The price-to-rent ratio in Union County, Mississippi is about 5.2, meaning it would take roughly 5.2 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 Union County.
Are home prices or rent rising faster in Union County, Mississippi?
Both home prices and rent are rising in Union County, up about 2.6% and 4.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Union County, Mississippi?
61.3% of households in Union County, Mississippi own their home, higher than the Mississippi average of 59.0%.
What is the vacancy rate in Union County, Mississippi?
The housing vacancy rate in Union County, Mississippi is 18.0%, higher than the Mississippi average of 15.1%.