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 | Hughes County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,409 | $127,500 | $242,182 |
| Price Trend (Annual %) | 29.0% | 5.5% | 8.2% |
| Median Gross Rent | $614 | $979 | $1,342 |
| Rent Trend (Annual %) | 2.0% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hughes County is about 21% higher than in Oklahoma. Rent is about 37% 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 Hughes County, up about 29.0% and 2.0% a year respectively. Home prices are changing faster.
Median rent in Hughes County rose about 11.0% between 2015 and 2023, from $553 to $614. Over the same span, rent in Oklahoma rose about 34.7%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Hughes County.
Buying the median-priced home in Hughes County costs roughly 20.9 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 Hughes County. The price-to-rent ratio in Oklahoma is about 10.9.
| Metric | Hughes County | Oklahoma Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,409 | $127,500 | $242,182 |
| Median Household Income | $48,236 | $63,953 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hughes County rose about 332.9%, while median household income rose about 56.3% 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 | Hughes County | Oklahoma Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.4% | 57.6% | 58.2% |
| Rental Rate | 18.8% | 29.9% | 31.3% |
| Vacancy Rate | 30.8% | 12.5% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Hughes County has a homeownership rate of 50.4%, lower than the Oklahoma average of 57.6%. Its housing vacancy rate is 30.8%, compared with 12.5% in Oklahoma.
Housing Stock
| Metric | Hughes County | Oklahoma Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.95 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1972 | 1980 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Hughes County was built around 1972. On average, 2.9 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hughes County, Oklahoma.
What is the median home price in Hughes County, Oklahoma?
The median home price in Hughes County, Oklahoma is $154,409, higher than the Oklahoma average of $127,500.
What is the average home price in Hughes 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 Hughes County, Oklahoma?
The median gross rent in Hughes County, Oklahoma is $614 per month, lower than the Oklahoma average of $979.
What was the median gross rent in Hughes County in 2020?
In 2020, the median gross rent in Hughes County, Oklahoma was $577 per month.
What is the price-to-rent ratio in Hughes County, Oklahoma?
The price-to-rent ratio in Hughes County, Oklahoma is about 20.9, meaning it would take roughly 20.9 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 Hughes County.
Are home prices or rent rising faster in Hughes County, Oklahoma?
Both home prices and rent are rising in Hughes County, up about 29.0% and 2.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hughes County, Oklahoma?
50.4% of households in Hughes County, Oklahoma own their home, lower than the Oklahoma average of 57.6%.
What is the vacancy rate in Hughes County, Oklahoma?
The housing vacancy rate in Hughes County, Oklahoma is 30.8%, higher than the Oklahoma average of 12.5%.