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 | Bailey County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $248,418 | $242,182 |
| Price Trend (Annual %) | 276.0% | 9.9% | 8.2% |
| Median Gross Rent | $743 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 1.8% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bailey County is about 11% higher than in Texas. Rent is about 44% lower than the Texas 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 Bailey County, up about 276.0% and 1.8% a year respectively. Home prices are changing faster.
Median rent in Bailey County rose about 8.9% between 2015 and 2023, from $682 to $743. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Bailey County.
Buying the median-priced home in Bailey County costs roughly 30.8 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 Bailey County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Bailey County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $248,418 | $242,182 |
| Median Household Income | $66,673 | $76,510 | $78,145 |
| Price-to-Income Ratio | 4.1 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bailey County rose about 127.0%, while median household income rose about 87.5% 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 | Bailey County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.7% | 56.5% | 58.2% |
| Rental Rate | 17.0% | 33.8% | 31.3% |
| Vacancy Rate | 19.2% | 9.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Bailey County has a homeownership rate of 63.7%, higher than the Texas average of 56.5%. Its housing vacancy rate is 19.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | Bailey County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.06 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1971 | 1989 | 1978 |
| Median Number of Rooms | 5.3 | 5.4 | 5.5 |
The typical housing unit in Bailey County was built around 1971. On average, 3.1 people live in a home with about 5.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bailey County, Texas.
What is the median home price in Bailey County, Texas?
The median home price in Bailey County, Texas is $275,000, higher than the Texas average of $248,418.
What is the average home price in Bailey County, Texas?
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 Bailey County, Texas?
The median gross rent in Bailey County, Texas is $743 per month, lower than the Texas average of $1,338.
What was the median gross rent in Bailey County in 2020?
In 2020, the median gross rent in Bailey County, Texas was $543 per month.
What is the price-to-rent ratio in Bailey County, Texas?
The price-to-rent ratio in Bailey County, Texas is about 30.8, meaning it would take roughly 30.8 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 Bailey County.
Are home prices or rent rising faster in Bailey County, Texas?
Both home prices and rent are rising in Bailey County, up about 276.0% and 1.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bailey County, Texas?
63.7% of households in Bailey County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Bailey County, Texas?
The housing vacancy rate in Bailey County, Texas is 19.2%, higher than the Texas average of 9.6%.