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 | Ward County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,000 | $248,418 | $242,182 |
| Price Trend (Annual %) | 9.1% | 9.9% | 8.2% |
| Median Gross Rent | $938 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ward County is about 7% higher than in Texas. Rent is about 30% 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 Ward County, up about 9.1% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Ward County rose about 44.1% between 2015 and 2023, from $651 to $938. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Ward County.
Buying the median-priced home in Ward County costs roughly 23.7 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 Ward County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Ward County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,000 | $248,418 | $242,182 |
| Median Household Income | $70,159 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.8 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ward County rose about 740.0%, while median household income rose about 72.3% 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 | Ward County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.3% | 56.5% | 58.2% |
| Rental Rate | 18.2% | 33.8% | 31.3% |
| Vacancy Rate | 15.4% | 9.6% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Ward County has a homeownership rate of 66.3%, higher than the Texas average of 56.5%. Its housing vacancy rate is 15.4%, compared with 9.6% in Texas.
Housing Stock
| Metric | Ward County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1972 | 1989 | 1978 |
| Median Number of Rooms | 5.3 | 5.4 | 5.5 |
The typical housing unit in Ward County was built around 1972. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ward County, Texas.
What is the median home price in Ward County, Texas?
The median home price in Ward County, Texas is $267,000, higher than the Texas average of $248,418.
What is the average home price in Ward 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 Ward County, Texas?
The median gross rent in Ward County, Texas is $938 per month, lower than the Texas average of $1,338.
What was the median gross rent in Ward County in 2020?
In 2020, the median gross rent in Ward County, Texas was $850 per month.
What is the price-to-rent ratio in Ward County, Texas?
The price-to-rent ratio in Ward County, Texas is about 23.7, meaning it would take roughly 23.7 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 Ward County.
Are home prices or rent rising faster in Ward County, Texas?
Both home prices and rent are rising in Ward County, up about 9.1% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ward County, Texas?
66.3% of households in Ward County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Ward County, Texas?
The housing vacancy rate in Ward County, Texas is 15.4%, higher than the Texas average of 9.6%.