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 | Baylor County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $624,999 | $248,418 | $242,182 |
| Price Trend (Annual %) | 0.0% | 9.9% | 8.2% |
| Median Gross Rent | $684 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Baylor County is about 152% higher than in Texas. Rent is about 49% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2018
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Baylor County, up about 0.0% and 6.6% a year respectively. Rent is changing faster.
Median rent in Baylor County rose about 42.7% between 2015 and 2023, from $480 to $684. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 14.3 yearly household incomes in Baylor County.
Buying the median-priced home in Baylor County costs roughly 76.1 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 Baylor County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Baylor County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $624,999 | $248,418 | $242,182 |
| Median Household Income | $43,826 | $76,510 | $78,145 |
| Price-to-Income Ratio | 14.3 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2018, the median home price in Baylor County rose about 706.5%, while median household income rose about 31.7% 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 | Baylor County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.6% | 56.5% | 58.2% |
| Rental Rate | 23.7% | 33.8% | 31.3% |
| Vacancy Rate | 28.7% | 9.6% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Baylor County has a homeownership rate of 47.6%, lower than the Texas average of 56.5%. Its housing vacancy rate is 28.7%, compared with 9.6% in Texas.
Housing Stock
| Metric | Baylor County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.19 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1965 | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 5.4 | 5.5 |
The typical housing unit in Baylor County was built around 1965. On average, 2.2 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Baylor County, Texas.
What is the median home price in Baylor County, Texas?
The median home price in Baylor County, Texas is $624,999, higher than the Texas average of $248,418.
What is the average home price in Baylor 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 Baylor County, Texas?
The median gross rent in Baylor County, Texas is $684 per month, lower than the Texas average of $1,338.
What was the median gross rent in Baylor County in 2020?
In 2020, the median gross rent in Baylor County, Texas was $480 per month.
What is the price-to-rent ratio in Baylor County, Texas?
The price-to-rent ratio in Baylor County, Texas is about 76.1, meaning it would take roughly 76.1 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 Baylor County.
Are home prices or rent rising faster in Baylor County, Texas?
Both home prices and rent are rising in Baylor County, up about 0.0% and 6.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Baylor County, Texas?
47.6% of households in Baylor County, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Baylor County, Texas?
The housing vacancy rate in Baylor County, Texas is 28.7%, higher than the Texas average of 9.6%.