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 | Gaines County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $166,847 | $248,418 | $242,182 |
| Price Trend (Annual %) | 7.7% | 9.9% | 8.2% |
| Median Gross Rent | $787 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 0.9% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gaines County is about 33% lower than in Texas. Rent is about 41% 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 Gaines County, up about 7.7% and 0.9% a year respectively. Home prices are changing faster.
Median rent in Gaines County rose about 4.6% between 2015 and 2023, from $753 to $787. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Gaines County.
Buying the median-priced home in Gaines County costs roughly 17.7 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 Gaines County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Gaines County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $166,847 | $248,418 | $242,182 |
| Median Household Income | $77,694 | $76,510 | $78,145 |
| Price-to-Income Ratio | 2.1 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gaines County rose about 23.1%, while median household income rose about 64.2% 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 | Gaines County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.6% | 56.5% | 58.2% |
| Rental Rate | 21.5% | 33.8% | 31.3% |
| Vacancy Rate | 7.9% | 9.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Gaines County has a homeownership rate of 70.6%, higher than the Texas average of 56.5%. Its housing vacancy rate is 7.9%, compared with 9.6% in Texas.
Housing Stock
| Metric | Gaines County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.08 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1983 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.4 | 5.5 |
The typical housing unit in Gaines County was built around 1983. On average, 3.1 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gaines County, Texas.
What is the median home price in Gaines County, Texas?
The median home price in Gaines County, Texas is $166,847, lower than the Texas average of $248,418.
What is the average home price in Gaines 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 Gaines County, Texas?
The median gross rent in Gaines County, Texas is $787 per month, lower than the Texas average of $1,338.
What was the median gross rent in Gaines County in 2020?
In 2020, the median gross rent in Gaines County, Texas was $659 per month.
What is the price-to-rent ratio in Gaines County, Texas?
The price-to-rent ratio in Gaines County, Texas is about 17.7, meaning it would take roughly 17.7 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 Gaines County.
Are home prices or rent rising faster in Gaines County, Texas?
Both home prices and rent are rising in Gaines County, up about 7.7% and 0.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gaines County, Texas?
70.6% of households in Gaines County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Gaines County, Texas?
The housing vacancy rate in Gaines County, Texas is 7.9%, lower than the Texas average of 9.6%.