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 | Morris County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $248,418 | $242,182 |
| Price Trend (Annual %) | 35.2% | 9.9% | 8.2% |
| Median Gross Rent | $824 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morris County is about 9% lower than in Texas. Rent is about 38% 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 Morris County, up about 35.2% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Morris County rose about 27.5% between 2015 and 2023, from $647 to $824. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Morris County.
Buying the median-priced home in Morris County costs roughly 22.8 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 Morris County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Morris County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $248,418 | $242,182 |
| Median Household Income | $54,480 | $76,510 | $78,145 |
| Price-to-Income Ratio | 4.1 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morris County rose about 355.5%, while median household income rose about 44.2% 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 | Morris County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 56.5% | 58.2% |
| Rental Rate | 21.3% | 33.8% | 31.3% |
| Vacancy Rate | 13.3% | 9.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Morris County has a homeownership rate of 65.4%, higher than the Texas average of 56.5%. Its housing vacancy rate is 13.3%, compared with 9.6% in Texas.
Housing Stock
| Metric | Morris County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1978 | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 5.4 | 5.5 |
The typical housing unit in Morris County was built around 1978. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morris County, Texas.
What is the median home price in Morris County, Texas?
The median home price in Morris County, Texas is $225,000, lower than the Texas average of $248,418.
What is the average home price in Morris 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 Morris County, Texas?
The median gross rent in Morris County, Texas is $824 per month, lower than the Texas average of $1,338.
What was the median gross rent in Morris County in 2020?
In 2020, the median gross rent in Morris County, Texas was $691 per month.
What is the price-to-rent ratio in Morris County, Texas?
The price-to-rent ratio in Morris County, Texas is about 22.8, meaning it would take roughly 22.8 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 Morris County.
Are home prices or rent rising faster in Morris County, Texas?
Both home prices and rent are rising in Morris County, up about 35.2% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morris County, Texas?
65.4% of households in Morris County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Morris County, Texas?
The housing vacancy rate in Morris County, Texas is 13.3%, higher than the Texas average of 9.6%.