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 | Lauderdale County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,312 | $235,307 | $242,182 |
| Price Trend (Annual %) | 79.1% | 10.0% | 8.2% |
| Median Gross Rent | $728 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lauderdale County is about 38% lower than in Tennessee. Rent is about 35% lower than the Tennessee 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 Lauderdale County, up about 79.1% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Lauderdale County rose about 19.9% between 2015 and 2023, from $608 to $728. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Lauderdale County.
Buying the median-priced home in Lauderdale County costs roughly 16.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lauderdale County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Lauderdale County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,312 | $235,307 | $242,182 |
| Median Household Income | $49,265 | $67,486 | $78,145 |
| Price-to-Income Ratio | 2.9 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lauderdale County rose about 111.3%, while median household income rose about 54.4% 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 | Lauderdale County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.8% | 60.0% | 58.2% |
| Rental Rate | 32.3% | 29.5% | 31.3% |
| Vacancy Rate | 13.9% | 10.6% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Lauderdale County has a homeownership rate of 53.8%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 13.9%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Lauderdale County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1981 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Lauderdale County was built around 1981. On average, 2.5 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 Lauderdale County, Tennessee.
What is the median home price in Lauderdale County, Tennessee?
The median home price in Lauderdale County, Tennessee is $145,312, lower than the Tennessee average of $235,307.
What is the average home price in Lauderdale County, Tennessee?
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 Lauderdale County, Tennessee?
The median gross rent in Lauderdale County, Tennessee is $728 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Lauderdale County in 2020?
In 2020, the median gross rent in Lauderdale County, Tennessee was $644 per month.
What is the price-to-rent ratio in Lauderdale County, Tennessee?
The price-to-rent ratio in Lauderdale County, Tennessee is about 16.6, meaning it would take roughly 16.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lauderdale County.
Are home prices or rent rising faster in Lauderdale County, Tennessee?
Both home prices and rent are rising in Lauderdale County, up about 79.1% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lauderdale County, Tennessee?
53.8% of households in Lauderdale County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Lauderdale County, Tennessee?
The housing vacancy rate in Lauderdale County, Tennessee is 13.9%, higher than the Tennessee average of 10.6%.