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 | Farmers Branch | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $587,118 | $248,418 | $242,182 |
| Price Trend (Annual %) | 27.7% | 9.9% | 8.2% |
| Median Gross Rent | $1,767 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.5% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Farmers Branch is about 136% higher than in Texas. Rent is about 32% 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 Farmers Branch, up about 27.7% and 6.5% a year respectively. Home prices are changing faster.
Median rent in Farmers Branch rose about 64.8% between 2015 and 2023, from $1,072 to $1,767. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 6.8 yearly household incomes in Farmers Branch.
Buying the median-priced home in Farmers Branch costs roughly 27.7 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 Farmers Branch. The price-to-rent ratio in Texas is about 15.5.
| Metric | Farmers Branch | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $587,118 | $248,418 | $242,182 |
| Median Household Income | $86,260 | $76,510 | $78,145 |
| Price-to-Income Ratio | 6.8 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Farmers Branch rose about 83.4%, while median household income rose about 77.7% 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 | Farmers Branch | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.3% | 56.5% | 58.2% |
| Rental Rate | 40.5% | 33.8% | 31.3% |
| Vacancy Rate | 9.3% | 9.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Farmers Branch has a homeownership rate of 50.3%, lower than the Texas average of 56.5%. Its housing vacancy rate is 9.3%, compared with 9.6% in Texas.
Housing Stock
| Metric | Farmers Branch | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1972 | 1989 | 1978 |
| Median Number of Rooms | 5.0 | 5.4 | 5.5 |
The typical housing unit in Farmers Branch was built around 1972. On average, 2.6 people live in a home with about 5.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Farmers Branch, Texas.
What is the median home price in Farmers Branch, Texas?
The median home price in Farmers Branch, Texas is $587,118, higher than the Texas average of $248,418.
What is the average home price in Farmers Branch, 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 Farmers Branch, Texas?
The median gross rent in Farmers Branch, Texas is $1,767 per month, higher than the Texas average of $1,338.
What was the median gross rent in Farmers Branch in 2020?
In 2020, the median gross rent in Farmers Branch, Texas was $1,402 per month.
What is the price-to-rent ratio in Farmers Branch, Texas?
The price-to-rent ratio in Farmers Branch, Texas is about 27.7, meaning it would take roughly 27.7 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 Farmers Branch.
Are home prices or rent rising faster in Farmers Branch, Texas?
Both home prices and rent are rising in Farmers Branch, up about 27.7% and 6.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Farmers Branch, Texas?
50.3% of households in Farmers Branch, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Farmers Branch, Texas?
The housing vacancy rate in Farmers Branch, Texas is 9.3%, lower than the Texas average of 9.6%.