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 | Mills County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $464,999 | $248,418 | $242,182 |
| Price Trend (Annual %) | 41.8% | 9.9% | 8.2% |
| Median Gross Rent | $713 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mills County is about 87% higher than in Texas. Rent is about 47% 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 Mills County, up about 41.8% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Mills County rose about 37.4% between 2015 and 2023, from $519 to $713. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 7.0 yearly household incomes in Mills County.
Buying the median-priced home in Mills County costs roughly 54.3 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 Mills County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Mills County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $464,999 | $248,418 | $242,182 |
| Median Household Income | $66,287 | $76,510 | $78,145 |
| Price-to-Income Ratio | 7.0 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mills County rose about 407.3%, while median household income rose about 94.0% 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 | Mills County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.6% | 56.5% | 58.2% |
| Rental Rate | 10.9% | 33.8% | 31.3% |
| Vacancy Rate | 29.4% | 9.6% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Mills County has a homeownership rate of 59.6%, higher than the Texas average of 56.5%. Its housing vacancy rate is 29.4%, compared with 9.6% in Texas.
Housing Stock
| Metric | Mills County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1976 | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 5.4 | 5.5 |
The typical housing unit in Mills County was built around 1976. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mills County, Texas.
What is the median home price in Mills County, Texas?
The median home price in Mills County, Texas is $464,999, higher than the Texas average of $248,418.
What is the average home price in Mills 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 Mills County, Texas?
The median gross rent in Mills County, Texas is $713 per month, lower than the Texas average of $1,338.
What was the median gross rent in Mills County in 2020?
In 2020, the median gross rent in Mills County, Texas was $648 per month.
What is the price-to-rent ratio in Mills County, Texas?
The price-to-rent ratio in Mills County, Texas is about 54.3, meaning it would take roughly 54.3 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 Mills County.
Are home prices or rent rising faster in Mills County, Texas?
Both home prices and rent are rising in Mills County, up about 41.8% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mills County, Texas?
59.6% of households in Mills County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Mills County, Texas?
The housing vacancy rate in Mills County, Texas is 29.4%, higher than the Texas average of 9.6%.