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 | Mineral County | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $272,366 | $338,659 | $242,182 |
| Price Trend (Annual %) | 48.8% | 9.9% | 8.2% |
| Median Gross Rent | $1,129 | $1,488 | $1,342 |
| Rent Trend (Annual %) | 12.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mineral County is about 20% lower than in Nevada. Rent is about 24% lower than the Nevada 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 Mineral County, up about 48.8% and 12.8% a year respectively. Home prices are changing faster.
Median rent in Mineral County rose about 111.4% between 2015 and 2023, from $534 to $1,129. Over the same span, rent in Nevada rose about 53.1%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Mineral County.
Buying the median-priced home in Mineral County costs roughly 20.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Mineral County. The price-to-rent ratio in Nevada is about 19.0.
| Metric | Mineral County | Nevada Avg | US Average |
|---|---|---|---|
| Median Home Price | $272,366 | $338,659 | $242,182 |
| Median Household Income | $50,806 | $75,608 | $78,145 |
| Price-to-Income Ratio | 5.4 | 4.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mineral County rose about 150.1%, while median household income rose about 67.7% 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 | Mineral County | Nevada Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.2% | 53.7% | 58.2% |
| Rental Rate | 20.5% | 36.8% | 31.3% |
| Vacancy Rate | 21.3% | 9.5% | 10.6% |
| Median Tenure (years) | 15.0 | 12.0 | 15.0 |
| Median Year Moved In | 2011 | 2014 | 2011 |
Mineral County has a homeownership rate of 58.2%, higher than the Nevada average of 53.7%. Its housing vacancy rate is 21.3%, compared with 9.5% in Nevada.
Housing Stock
| Metric | Mineral County | Nevada Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.62 people | 2.54 people |
| Median Structure Built Year | 1975 | 1993 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Mineral County was built around 1975. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mineral County, Nevada.
What is the median home price in Mineral County, Nevada?
The median home price in Mineral County, Nevada is $272,366, lower than the Nevada average of $338,659.
What is the average home price in Mineral County, Nevada?
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 Mineral County, Nevada?
The median gross rent in Mineral County, Nevada is $1,129 per month, lower than the Nevada average of $1,488.
What was the median gross rent in Mineral County in 2020?
In 2020, the median gross rent in Mineral County, Nevada was $581 per month.
What is the price-to-rent ratio in Mineral County, Nevada?
The price-to-rent ratio in Mineral County, Nevada is about 20.1, meaning it would take roughly 20.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Mineral County.
Are home prices or rent rising faster in Mineral County, Nevada?
Both home prices and rent are rising in Mineral County, up about 48.8% and 12.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mineral County, Nevada?
58.2% of households in Mineral County, Nevada own their home, higher than the Nevada average of 53.7%.
What is the vacancy rate in Mineral County, Nevada?
The housing vacancy rate in Mineral County, Nevada is 21.3%, higher than the Nevada average of 9.5%.