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 | Parmer County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $241,665 | $248,418 | $242,182 |
| Price Trend (Annual %) | 4.6% | 9.9% | 8.2% |
| Median Gross Rent | $1,015 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.9% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Parmer County is about 3% lower than in Texas. Rent is about 24% 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 Parmer County, up about 4.6% and 6.9% a year respectively. Rent is changing faster.
Median rent in Parmer County rose about 62.5% between 2015 and 2023, from $625 to $1,015. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Parmer County.
Buying the median-priced home in Parmer County costs roughly 19.8 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 Parmer County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Parmer County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $241,665 | $248,418 | $242,182 |
| Median Household Income | $70,934 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.4 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Parmer County rose about 32.8%, while median household income rose about 92.8% 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 | Parmer County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.0% | 56.5% | 58.2% |
| Rental Rate | 26.8% | 33.8% | 31.3% |
| Vacancy Rate | 15.2% | 9.6% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Parmer County has a homeownership rate of 58.0%, higher than the Texas average of 56.5%. Its housing vacancy rate is 15.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | Parmer County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.04 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1971 | 1989 | 1978 |
| Median Number of Rooms | 5.5 | 5.4 | 5.5 |
The typical housing unit in Parmer County was built around 1971. On average, 3.0 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Parmer County, Texas.
What is the median home price in Parmer County, Texas?
The median home price in Parmer County, Texas is $241,665, lower than the Texas average of $248,418.
What is the average home price in Parmer 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 Parmer County, Texas?
The median gross rent in Parmer County, Texas is $1,015 per month, lower than the Texas average of $1,338.
What was the median gross rent in Parmer County in 2020?
In 2020, the median gross rent in Parmer County, Texas was $739 per month.
What is the price-to-rent ratio in Parmer County, Texas?
The price-to-rent ratio in Parmer County, Texas is about 19.8, meaning it would take roughly 19.8 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 Parmer County.
Are home prices or rent rising faster in Parmer County, Texas?
Both home prices and rent are rising in Parmer County, up about 4.6% and 6.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Parmer County, Texas?
58.0% of households in Parmer County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Parmer County, Texas?
The housing vacancy rate in Parmer County, Texas is 15.2%, higher than the Texas average of 9.6%.