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.
Housing Market Overview
| Metric | Texarkana | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $199,392 | $248,418 | $242,182 |
| Price Trend (Annual %) | 13.4% | 9.9% | 8.2% |
| Median Gross Rent | $981 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Texarkana is about 20% lower than in Texas. Rent is about 27% 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 Texarkana, up about 13.4% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Texarkana rose about 38.1% between 2015 and 2023, from $710 to $981. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Texarkana.
Buying the median-priced home in Texarkana costs roughly 16.9 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 Texarkana. The price-to-rent ratio in Texas is about 15.5.
| Metric | Texarkana | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $199,392 | $248,418 | $242,182 |
| Median Household Income | $49,299 | $76,510 | $78,145 |
| Price-to-Income Ratio | 4.0 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Texarkana rose about 88.1%, while median household income rose about 34.0% 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 | Texarkana | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.9% | 56.5% | 58.2% |
| Rental Rate | 43.9% | 33.8% | 31.3% |
| Vacancy Rate | 11.2% | 9.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Texarkana has a homeownership rate of 44.9%, lower than the Texas average of 56.5%. Its housing vacancy rate is 11.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | Texarkana | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1980 | 1989 | 1978 |
| Median Number of Rooms | 5.1 | 5.4 | 5.5 |
The typical housing unit in Texarkana was built around 1980. On average, 2.4 people live in a home with about 5.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Texarkana, Texas.
What is the median home price in Texarkana, Texas?
The median home price in Texarkana, Texas is $199,392, lower than the Texas average of $248,418.
What is the average home price in Texarkana, 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 Texarkana, Texas?
The median gross rent in Texarkana, Texas is $981 per month, lower than the Texas average of $1,338.
What was the median gross rent in Texarkana in 2020?
In 2020, the median gross rent in Texarkana, Texas was $794 per month.
What is the price-to-rent ratio in Texarkana, Texas?
The price-to-rent ratio in Texarkana, Texas is about 16.9, meaning it would take roughly 16.9 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 Texarkana.
Are home prices or rent rising faster in Texarkana, Texas?
Both home prices and rent are rising in Texarkana, up about 13.4% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Texarkana, Texas?
44.9% of households in Texarkana, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Texarkana, Texas?
The housing vacancy rate in Texarkana, Texas is 11.2%, higher than the Texas average of 9.6%.