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 | Dewey County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $146,866 | $127,500 | $242,182 |
| Price Trend (Annual %) | 46.7% | 5.5% | 8.2% |
| Median Gross Rent | $900 | $979 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Dewey County is about 15% higher than in Oklahoma. Rent is about 8% lower than the Oklahoma 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 Dewey County, up about 46.7% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Dewey County rose about 45.8% between 2015 and 2023, from $617 to $900. Over the same span, rent in Oklahoma rose about 34.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Dewey County.
Buying the median-priced home in Dewey County costs roughly 13.6 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 Dewey County. The price-to-rent ratio in Oklahoma is about 10.9.
| Metric | Dewey County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $146,866 | $127,500 | $242,182 |
| Median Household Income | $60,425 | $63,953 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Dewey County rose about 409.7%, while median household income rose about 65.3% 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 | Dewey County | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.3% | 57.6% | 58.2% |
| Rental Rate | 18.4% | 29.9% | 31.3% |
| Vacancy Rate | 27.3% | 12.5% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Dewey County has a homeownership rate of 54.3%, lower than the Oklahoma average of 57.6%. Its housing vacancy rate is 27.3%, compared with 12.5% in Oklahoma.
Housing Stock
| Metric | Dewey County | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.73 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1976 | 1980 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 | 5.5 |
The typical housing unit in Dewey County was built around 1976. On average, 2.7 people live in a home with about 5.7 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Dewey County, Oklahoma.
What is the median home price in Dewey County, Oklahoma?
The median home price in Dewey County, Oklahoma is $146,866, higher than the Oklahoma average of $127,500.
What is the average home price in Dewey County, Oklahoma?
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 Dewey County, Oklahoma?
The median gross rent in Dewey County, Oklahoma is $900 per month, lower than the Oklahoma average of $979.
What was the median gross rent in Dewey County in 2020?
In 2020, the median gross rent in Dewey County, Oklahoma was $802 per month.
What is the price-to-rent ratio in Dewey County, Oklahoma?
The price-to-rent ratio in Dewey County, Oklahoma is about 13.6, meaning it would take roughly 13.6 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 Dewey County.
Are home prices or rent rising faster in Dewey County, Oklahoma?
Both home prices and rent are rising in Dewey County, up about 46.7% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Dewey County, Oklahoma?
54.3% of households in Dewey County, Oklahoma own their home, lower than the Oklahoma average of 57.6%.
What is the vacancy rate in Dewey County, Oklahoma?
The housing vacancy rate in Dewey County, Oklahoma is 27.3%, higher than the Oklahoma average of 12.5%.