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 | Morrow County | Oregon Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,500 | $406,286 | $242,182 |
| Price Trend (Annual %) | 12.7% | 10.7% | 8.2% |
| Median Gross Rent | $910 | $1,449 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morrow County is about 35% lower than in Oregon. Rent is about 37% lower than the Oregon 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 Morrow County, up about 12.7% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Morrow County rose about 37.3% between 2015 and 2023, from $663 to $910. Over the same span, rent in Oregon rose about 59.8%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Morrow County.
Buying the median-priced home in Morrow County costs roughly 24.0 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 Morrow County. The price-to-rent ratio in Oregon is about 23.4.
| Metric | Morrow County | Oregon Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,500 | $406,286 | $242,182 |
| Median Household Income | $66,615 | $80,923 | $78,145 |
| Price-to-Income Ratio | 3.9 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morrow County rose about 103.1%, while median household income rose about 52.9% 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 | Morrow County | Oregon Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.7% | 58.6% | 58.2% |
| Rental Rate | 26.1% | 33.9% | 31.3% |
| Vacancy Rate | 10.2% | 7.5% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Morrow County has a homeownership rate of 63.7%, higher than the Oregon average of 58.6%. Its housing vacancy rate is 10.2%, compared with 7.5% in Oregon.
Housing Stock
| Metric | Morrow County | Oregon Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.82 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1981 | 1980 | 1978 |
| Median Number of Rooms | 5.6 | 5.4 | 5.5 |
The typical housing unit in Morrow County was built around 1981. On average, 2.8 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morrow County, Oregon.
What is the median home price in Morrow County, Oregon?
The median home price in Morrow County, Oregon is $262,500, lower than the Oregon average of $406,286.
What is the average home price in Morrow County, Oregon?
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 Morrow County, Oregon?
The median gross rent in Morrow County, Oregon is $910 per month, lower than the Oregon average of $1,449.
What was the median gross rent in Morrow County in 2020?
In 2020, the median gross rent in Morrow County, Oregon was $753 per month.
What is the price-to-rent ratio in Morrow County, Oregon?
The price-to-rent ratio in Morrow County, Oregon is about 24.0, meaning it would take roughly 24.0 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 Morrow County.
Are home prices or rent rising faster in Morrow County, Oregon?
Both home prices and rent are rising in Morrow County, up about 12.7% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morrow County, Oregon?
63.7% of households in Morrow County, Oregon own their home, higher than the Oregon average of 58.6%.
What is the vacancy rate in Morrow County, Oregon?
The housing vacancy rate in Morrow County, Oregon is 10.2%, higher than the Oregon average of 7.5%.