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 | McLennan County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $210,147 | $248,418 | $242,182 |
| Price Trend (Annual %) | 12.6% | 9.9% | 8.2% |
| Median Gross Rent | $1,106 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.0% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McLennan County is about 15% lower than in Texas. Rent is about 17% 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 McLennan County, up about 12.6% and 5.0% a year respectively. Home prices are changing faster.
Median rent in McLennan County rose about 44.7% between 2015 and 2023, from $764 to $1,106. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in McLennan County.
Buying the median-priced home in McLennan County costs roughly 15.8 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 McLennan County. The price-to-rent ratio in Texas is about 15.5.
| Metric | McLennan County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $210,147 | $248,418 | $242,182 |
| Median Household Income | $64,326 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.3 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McLennan County rose about 105.3%, while median household income rose about 60.6% 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 | McLennan County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.8% | 56.5% | 58.2% |
| Rental Rate | 34.8% | 33.8% | 31.3% |
| Vacancy Rate | 10.5% | 9.6% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
McLennan County has a homeownership rate of 54.8%, lower than the Texas average of 56.5%. Its housing vacancy rate is 10.5%, compared with 9.6% in Texas.
Housing Stock
| Metric | McLennan County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1983 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.4 | 5.5 |
The typical housing unit in McLennan County was built around 1983. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McLennan County, Texas.
What is the median home price in McLennan County, Texas?
The median home price in McLennan County, Texas is $210,147, lower than the Texas average of $248,418.
What is the average home price in McLennan 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 McLennan County, Texas?
The median gross rent in McLennan County, Texas is $1,106 per month, lower than the Texas average of $1,338.
What was the median gross rent in McLennan County in 2020?
In 2020, the median gross rent in McLennan County, Texas was $885 per month.
What is the price-to-rent ratio in McLennan County, Texas?
The price-to-rent ratio in McLennan County, Texas is about 15.8, meaning it would take roughly 15.8 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 McLennan County.
Are home prices or rent rising faster in McLennan County, Texas?
Both home prices and rent are rising in McLennan County, up about 12.6% and 5.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in McLennan County, Texas?
54.8% of households in McLennan County, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in McLennan County, Texas?
The housing vacancy rate in McLennan County, Texas is 10.5%, higher than the Texas average of 9.6%.