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 | Obion County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,076 | $235,307 | $242,182 |
| Price Trend (Annual %) | 5.4% | 10.0% | 8.2% |
| Median Gross Rent | $770 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Obion County is about 53% lower than in Tennessee. Rent is about 31% 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 Obion County, up about 5.4% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Obion County rose about 33.9% between 2015 and 2023, from $575 to $770. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Obion County.
Buying the median-priced home in Obion County costs roughly 11.9 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 Obion County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Obion County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,076 | $235,307 | $242,182 |
| Median Household Income | $53,377 | $67,486 | $78,145 |
| Price-to-Income Ratio | 2.1 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Obion County rose about 15.2%, while median household income rose about 42.3% 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 | Obion County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.6% | 60.0% | 58.2% |
| Rental Rate | 28.7% | 29.5% | 31.3% |
| Vacancy Rate | 12.7% | 10.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Obion County has a homeownership rate of 58.6%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 12.7%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Obion County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1976 | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Obion County was built around 1976. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Obion County, Tennessee.
What is the median home price in Obion County, Tennessee?
The median home price in Obion County, Tennessee is $110,076, lower than the Tennessee average of $235,307.
What is the average home price in Obion 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 Obion County, Tennessee?
The median gross rent in Obion County, Tennessee is $770 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Obion County in 2020?
In 2020, the median gross rent in Obion County, Tennessee was $646 per month.
What is the price-to-rent ratio in Obion County, Tennessee?
The price-to-rent ratio in Obion County, Tennessee is about 11.9, meaning it would take roughly 11.9 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 Obion County.
Are home prices or rent rising faster in Obion County, Tennessee?
Both home prices and rent are rising in Obion County, up about 5.4% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Obion County, Tennessee?
58.6% of households in Obion County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Obion County, Tennessee?
The housing vacancy rate in Obion County, Tennessee is 12.7%, higher than the Tennessee average of 10.6%.