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 | Tipton County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,527 | $235,307 | $242,182 |
| Price Trend (Annual %) | 30.0% | 10.0% | 8.2% |
| Median Gross Rent | $1,007 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tipton County is about 29% higher than in Tennessee. Rent is about 10% 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 Tipton County, up about 30.0% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Tipton County rose about 36.1% between 2015 and 2023, from $740 to $1,007. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Tipton County.
Buying the median-priced home in Tipton County costs roughly 25.1 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 Tipton County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Tipton County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,527 | $235,307 | $242,182 |
| Median Household Income | $71,657 | $67,486 | $78,145 |
| Price-to-Income Ratio | 4.2 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Tipton County rose about 190.6%, while median household income rose about 40.7% 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 | Tipton County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.9% | 60.0% | 58.2% |
| Rental Rate | 21.3% | 29.5% | 31.3% |
| Vacancy Rate | 6.8% | 10.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Tipton County has a homeownership rate of 71.9%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 6.8%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Tipton County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.68 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1988 | 1985 | 1978 |
| Median Number of Rooms | 6.2 | 5.7 | 5.5 |
The typical housing unit in Tipton County was built around 1988. On average, 2.7 people live in a home with about 6.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Tipton County, Tennessee.
What is the median home price in Tipton County, Tennessee?
The median home price in Tipton County, Tennessee is $303,527, higher than the Tennessee average of $235,307.
What is the average home price in Tipton 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 Tipton County, Tennessee?
The median gross rent in Tipton County, Tennessee is $1,007 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Tipton County in 2020?
In 2020, the median gross rent in Tipton County, Tennessee was $858 per month.
What is the price-to-rent ratio in Tipton County, Tennessee?
The price-to-rent ratio in Tipton County, Tennessee is about 25.1, meaning it would take roughly 25.1 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 Tipton County.
Are home prices or rent rising faster in Tipton County, Tennessee?
Both home prices and rent are rising in Tipton County, up about 30.0% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tipton County, Tennessee?
71.9% of households in Tipton County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Tipton County, Tennessee?
The housing vacancy rate in Tipton County, Tennessee is 6.8%, lower than the Tennessee average of 10.6%.