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 | Monroe County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $29,823 | $235,307 | $242,182 |
| Price Trend (Annual %) | 10.7% | 10.0% | 8.2% |
| Median Gross Rent | $698 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 87% lower than in Tennessee. Rent is about 38% 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 Monroe County, up about 10.7% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 17.3% between 2015 and 2023, from $595 to $698. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 3.6 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 Monroe County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Monroe County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $29,823 | $235,307 | $242,182 |
| Median Household Income | $56,216 | $67,486 | $78,145 |
| Price-to-Income Ratio | 0.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County fell about 62.0%, while median household income rose about 55.4% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Monroe County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.6% | 60.0% | 58.2% |
| Rental Rate | 24.8% | 29.5% | 31.3% |
| Vacancy Rate | 10.5% | 10.6% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Monroe County has a homeownership rate of 64.6%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 10.5%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Monroe County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1990 | 1985 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Monroe County was built around 1990. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, Tennessee.
What is the median home price in Monroe County, Tennessee?
The median home price in Monroe County, Tennessee is $29,823, lower than the Tennessee average of $235,307.
What is the average home price in Monroe 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 Monroe County, Tennessee?
The median gross rent in Monroe County, Tennessee is $698 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, Tennessee was $635 per month.
What is the price-to-rent ratio in Monroe County, Tennessee?
The price-to-rent ratio in Monroe County, Tennessee is about 3.6, meaning it would take roughly 3.6 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 Monroe County.
Are home prices or rent rising faster in Monroe County, Tennessee?
Both home prices and rent are rising in Monroe County, up about 10.7% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, Tennessee?
64.6% of households in Monroe County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Monroe County, Tennessee?
The housing vacancy rate in Monroe County, Tennessee is 10.5%, about the same as the Tennessee average.