Wichita Falls, Texas Housing Market Prices
Wichita Falls Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 59% below the Texas median$105,446
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Median rent 27% below the Texas median$1,028
Housing Market Overview
| Metric | Wichita Falls | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $105,446 | $258,873 | $248,835 |
| Price Trend (Annual %) | 7.7% | 9.2% | 7.5% |
| Median Gross Rent | $1,028 | $1,402 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wichita Falls is about 59% lower than in Texas. Rent is about 27% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Wichita Falls, up about 7.7% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Wichita Falls rose about 39.0% between 2015 and 2024, from $740 to $1,028. Over the same span, rent in Texas rose about 59.1%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Wichita Falls.
Buying the median-priced home in Wichita Falls costs roughly 8.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Wichita Falls. The price-to-rent ratio in Texas is about 15.4.
| Metric | Wichita Falls | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $105,446 | $258,873 | $248,835 |
| Median Household Income | $59,797 | $78,939 | $80,455 |
| Price-to-Income Ratio | 1.8 | 3.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Wichita Falls rose about 50.7%, while median household income rose about 42.8% between 2009 and 2025 — 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 | Wichita Falls | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.1% | 56.7% | 58.5% |
| Rental Rate | 39.1% | 33.9% | 31.2% |
| Vacancy Rate | 12.8% | 9.4% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Wichita Falls has a homeownership rate of 48.1%, lower than the Texas average of 56.7%. Its housing vacancy rate is 12.8%, compared with 9.4% in Texas.
Housing Stock
| Metric | Wichita Falls | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.69 people | 2.53 people |
| Median Structure Built Year | 1970 | 1990 | 1978 |
| Median Number of Rooms | 5.2 | 5.4 | 5.5 |
The typical housing unit in Wichita Falls was built around 1970. On average, 2.4 people live in a home with about 5.2 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wichita Falls, Texas.
What is the median home price in Wichita Falls, Texas?
The median home price in Wichita Falls, Texas is $105,446, lower than the Texas average of $258,873.
What is the average home price in Wichita Falls, Texas?
The typical home price in Wichita Falls, Texas, reported as the median sale price, is $105,446. 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 Wichita Falls, Texas?
The median gross rent in Wichita Falls, Texas is $1,028 per month, lower than the Texas average of $1,402.
What was the median gross rent in Wichita Falls in 2020?
In 2020, the median gross rent in Wichita Falls, Texas was $832 per month.
What is the price-to-rent ratio in Wichita Falls, Texas?
The price-to-rent ratio in Wichita Falls, Texas is about 8.5, meaning it would take roughly 8.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Wichita Falls.
Are home prices or rent rising faster in Wichita Falls, Texas?
Both home prices and rent are rising in Wichita Falls, up about 7.7% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wichita Falls, Texas?
48.1% of households in Wichita Falls, Texas own their home, lower than the Texas average of 56.7%.
What is the vacancy rate in Wichita Falls, Texas?
The housing vacancy rate in Wichita Falls, Texas is 12.8%, higher than the Texas average of 9.4%.
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