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 | Perry County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,916 | $235,307 | $242,182 |
| Price Trend (Annual %) | -1.3% | 10.0% | 8.2% |
| Median Gross Rent | $746 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Perry County is about 67% lower than in Tennessee. Rent is about 33% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Perry County: home prices fell about 1.3% a year while rent rose about 5.8% a year. That is an unusual pattern worth watching.
Median rent in Perry County rose about 41.2% between 2015 and 2023, from $529 to $746. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Perry County.
Buying the median-priced home in Perry County costs roughly 8.7 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 Perry County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Perry County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $77,916 | $235,307 | $242,182 |
| Median Household Income | $50,429 | $67,486 | $78,145 |
| Price-to-Income Ratio | 1.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Perry County rose about 25.1%, while median household income rose about 58.3% 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 | Perry County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.2% | 60.0% | 58.2% |
| Rental Rate | 15.7% | 29.5% | 31.3% |
| Vacancy Rate | 37.1% | 10.6% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Perry County has a homeownership rate of 47.2%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 37.1%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Perry County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.77 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.1 | 5.7 | 5.5 |
The typical housing unit in Perry County was built around 1985. On average, 2.8 people live in a home with about 5.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Perry County, Tennessee.
What is the median home price in Perry County, Tennessee?
The median home price in Perry County, Tennessee is $77,916, lower than the Tennessee average of $235,307.
What is the average home price in Perry 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 Perry County, Tennessee?
The median gross rent in Perry County, Tennessee is $746 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Perry County in 2020?
In 2020, the median gross rent in Perry County, Tennessee was $632 per month.
What is the price-to-rent ratio in Perry County, Tennessee?
The price-to-rent ratio in Perry County, Tennessee is about 8.7, meaning it would take roughly 8.7 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 Perry County.
Are home prices or rent rising faster in Perry County, Tennessee?
Home prices and rent are moving in opposite directions in Perry County: home prices fell about 1.3% a year while rent rose about 5.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Perry County, Tennessee?
47.2% of households in Perry County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Perry County, Tennessee?
The housing vacancy rate in Perry County, Tennessee is 37.1%, higher than the Tennessee average of 10.6%.