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 | Erath County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,808 | $248,418 | $242,182 |
| Price Trend (Annual %) | 6.9% | 9.9% | 8.2% |
| Median Gross Rent | $1,133 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Erath County is about 33% lower than in Texas. Rent is about 15% 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 Erath County, up about 6.9% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Erath County rose about 61.3% between 2015 and 2023, from $703 to $1,133. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Erath County.
Buying the median-priced home in Erath County costs roughly 12.2 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 Erath County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Erath County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,808 | $248,418 | $242,182 |
| Median Household Income | $65,403 | $76,510 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Erath County rose about 42.0%, while median household income rose about 75.6% 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 | Erath County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.4% | 56.5% | 58.2% |
| Rental Rate | 32.0% | 33.8% | 31.3% |
| Vacancy Rate | 11.5% | 9.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Erath County has a homeownership rate of 56.4%, about the same as the Texas average of 56.5%. Its housing vacancy rate is 11.5%, compared with 9.6% in Texas.
Housing Stock
| Metric | Erath County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1988 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.4 | 5.5 |
The typical housing unit in Erath County was built around 1988. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Erath County, Texas.
What is the median home price in Erath County, Texas?
The median home price in Erath County, Texas is $165,808, lower than the Texas average of $248,418.
What is the average home price in Erath 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 Erath County, Texas?
The median gross rent in Erath County, Texas is $1,133 per month, lower than the Texas average of $1,338.
What was the median gross rent in Erath County in 2020?
In 2020, the median gross rent in Erath County, Texas was $951 per month.
What is the price-to-rent ratio in Erath County, Texas?
The price-to-rent ratio in Erath County, Texas is about 12.2, meaning it would take roughly 12.2 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 Erath County.
Are home prices or rent rising faster in Erath County, Texas?
Both home prices and rent are rising in Erath County, up about 6.9% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Erath County, Texas?
56.4% of households in Erath County, Texas own their home, about the same as the Texas average.
What is the vacancy rate in Erath County, Texas?
The housing vacancy rate in Erath County, Texas is 11.5%, higher than the Texas average of 9.6%.