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.
Housing Market Overview
| Metric | Bedford | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $337,785 | $248,418 | $242,182 |
| Price Trend (Annual %) | 9.7% | 9.9% | 8.2% |
| Median Gross Rent | $1,416 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.4% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bedford is about 36% higher than in Texas. Rent is about 6% higher 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 Bedford, up about 9.7% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Bedford rose about 57.7% between 2015 and 2023, from $898 to $1,416. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Bedford.
Buying the median-priced home in Bedford costs roughly 19.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bedford. The price-to-rent ratio in Texas is about 15.5.
| Metric | Bedford | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $337,785 | $248,418 | $242,182 |
| Median Household Income | $82,279 | $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 Bedford rose about 58.0%, while median household income rose about 35.8% 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 | Bedford | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.2% | 56.5% | 58.2% |
| Rental Rate | 45.0% | 33.8% | 31.3% |
| Vacancy Rate | 4.8% | 9.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Bedford has a homeownership rate of 50.2%, lower than the Texas average of 56.5%. Its housing vacancy rate is 4.8%, compared with 9.6% in Texas.
Housing Stock
| Metric | Bedford | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1985 | 1989 | 1978 |
| Median Number of Rooms | 5.1 | 5.4 | 5.5 |
The typical housing unit in Bedford was built around 1985. On average, 2.4 people live in a home with about 5.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bedford, Texas.
What is the median home price in Bedford, Texas?
The median home price in Bedford, Texas is $337,785, higher than the Texas average of $248,418.
What is the average home price in Bedford, 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 Bedford, Texas?
The median gross rent in Bedford, Texas is $1,416 per month, higher than the Texas average of $1,338.
What was the median gross rent in Bedford in 2020?
In 2020, the median gross rent in Bedford, Texas was $1,156 per month.
What is the price-to-rent ratio in Bedford, Texas?
The price-to-rent ratio in Bedford, Texas is about 19.9, meaning it would take roughly 19.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bedford.
Are home prices or rent rising faster in Bedford, Texas?
Both home prices and rent are rising in Bedford, up about 9.7% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bedford, Texas?
50.2% of households in Bedford, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Bedford, Texas?
The housing vacancy rate in Bedford, Texas is 4.8%, lower than the Texas average of 9.6%.