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 | Meigs County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $411,428 | $235,307 | $242,182 |
| Price Trend (Annual %) | 44.4% | 10.0% | 8.2% |
| Median Gross Rent | $844 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Meigs County is about 75% higher than in Tennessee. Rent is about 25% 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 Meigs County, up about 44.4% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Meigs County rose about 43.3% between 2015 and 2023, from $589 to $844. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 7.0 yearly household incomes in Meigs County.
Buying the median-priced home in Meigs County costs roughly 40.6 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 Meigs County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Meigs County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $411,428 | $235,307 | $242,182 |
| Median Household Income | $58,746 | $67,486 | $78,145 |
| Price-to-Income Ratio | 7.0 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Meigs County rose about 367.5%, while median household income rose about 78.1% 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 | Meigs County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.9% | 60.0% | 58.2% |
| Rental Rate | 19.7% | 29.5% | 31.3% |
| Vacancy Rate | 14.4% | 10.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Meigs County has a homeownership rate of 65.9%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 14.4%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Meigs County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1992 | 1985 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Meigs County was built around 1992. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Meigs County, Tennessee.
What is the median home price in Meigs County, Tennessee?
The median home price in Meigs County, Tennessee is $411,428, higher than the Tennessee average of $235,307.
What is the average home price in Meigs 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 Meigs County, Tennessee?
The median gross rent in Meigs County, Tennessee is $844 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Meigs County in 2020?
In 2020, the median gross rent in Meigs County, Tennessee was $745 per month.
What is the price-to-rent ratio in Meigs County, Tennessee?
The price-to-rent ratio in Meigs County, Tennessee is about 40.6, meaning it would take roughly 40.6 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 Meigs County.
Are home prices or rent rising faster in Meigs County, Tennessee?
Both home prices and rent are rising in Meigs County, up about 44.4% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Meigs County, Tennessee?
65.9% of households in Meigs County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Meigs County, Tennessee?
The housing vacancy rate in Meigs County, Tennessee is 14.4%, higher than the Tennessee average of 10.6%.