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 | Milam County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $92,139 | $248,418 | $242,182 |
| Price Trend (Annual %) | 6.0% | 9.9% | 8.2% |
| Median Gross Rent | $948 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 7.1% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Milam County is about 63% lower than in Texas. Rent is about 29% 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 Milam County, up about 6.0% and 7.1% a year respectively. Rent is changing faster.
Median rent in Milam County rose about 45.4% between 2015 and 2023, from $652 to $948. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Milam County.
Buying the median-priced home in Milam County costs roughly 8.1 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 Milam County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Milam County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $92,139 | $248,418 | $242,182 |
| Median Household Income | $59,172 | $76,510 | $78,145 |
| Price-to-Income Ratio | 1.6 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Milam County rose about 33.3%, while median household income rose about 57.9% 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 | Milam County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.2% | 56.5% | 58.2% |
| Rental Rate | 19.6% | 33.8% | 31.3% |
| Vacancy Rate | 13.2% | 9.6% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Milam County has a homeownership rate of 67.2%, higher than the Texas average of 56.5%. Its housing vacancy rate is 13.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | Milam County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1982 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.4 | 5.5 |
The typical housing unit in Milam County was built around 1982. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Milam County, Texas.
What is the median home price in Milam County, Texas?
The median home price in Milam County, Texas is $92,139, lower than the Texas average of $248,418.
What is the average home price in Milam 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 Milam County, Texas?
The median gross rent in Milam County, Texas is $948 per month, lower than the Texas average of $1,338.
What was the median gross rent in Milam County in 2020?
In 2020, the median gross rent in Milam County, Texas was $696 per month.
What is the price-to-rent ratio in Milam County, Texas?
The price-to-rent ratio in Milam County, Texas is about 8.1, meaning it would take roughly 8.1 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 Milam County.
Are home prices or rent rising faster in Milam County, Texas?
Both home prices and rent are rising in Milam County, up about 6.0% and 7.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Milam County, Texas?
67.2% of households in Milam County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Milam County, Texas?
The housing vacancy rate in Milam County, Texas is 13.2%, higher than the Texas average of 9.6%.