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 | Polk County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $98,322 | $235,307 | $242,182 |
| Price Trend (Annual %) | 4.6% | 10.0% | 8.2% |
| Median Gross Rent | $667 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 0.4% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Polk County is about 58% lower than in Tennessee. Rent is about 40% 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 Polk County, up about 4.6% and 0.4% a year respectively. Home prices are changing faster.
Median rent in Polk County rose about 4.2% between 2015 and 2023, from $641 to $667. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Polk County.
Buying the median-priced home in Polk County costs roughly 12.3 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 Polk County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Polk County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $98,322 | $235,307 | $242,182 |
| Median Household Income | $60,141 | $67,486 | $78,145 |
| Price-to-Income Ratio | 1.6 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Polk County rose about 37.8%, while median household income rose about 87.3% 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 | Polk County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.9% | 60.0% | 58.2% |
| Rental Rate | 12.8% | 29.5% | 31.3% |
| Vacancy Rate | 19.3% | 10.6% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Polk County has a homeownership rate of 67.9%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 19.3%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Polk County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1990 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Polk County was built around 1990. On average, 2.4 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 Polk County, Tennessee.
What is the median home price in Polk County, Tennessee?
The median home price in Polk County, Tennessee is $98,322, lower than the Tennessee average of $235,307.
What is the average home price in Polk 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 Polk County, Tennessee?
The median gross rent in Polk County, Tennessee is $667 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Polk County in 2020?
In 2020, the median gross rent in Polk County, Tennessee was $655 per month.
What is the price-to-rent ratio in Polk County, Tennessee?
The price-to-rent ratio in Polk County, Tennessee is about 12.3, meaning it would take roughly 12.3 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 Polk County.
Are home prices or rent rising faster in Polk County, Tennessee?
Both home prices and rent are rising in Polk County, up about 4.6% and 0.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Polk County, Tennessee?
67.9% of households in Polk County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Polk County, Tennessee?
The housing vacancy rate in Polk County, Tennessee is 19.3%, higher than the Tennessee average of 10.6%.