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 | Wise County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $223,333 | $248,418 | $242,182 |
| Price Trend (Annual %) | 9.7% | 9.9% | 8.2% |
| Median Gross Rent | $1,238 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wise County is about 10% lower than in Texas. Rent is about 7% 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 Wise County, up about 9.7% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Wise County rose about 40.1% between 2015 and 2023, from $884 to $1,238. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Wise County.
Buying the median-priced home in Wise County costs roughly 15.0 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 Wise County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Wise County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $223,333 | $248,418 | $242,182 |
| Median Household Income | $89,751 | $76,510 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wise County rose about 76.8%, while median household income rose about 58.9% 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 | Wise County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.6% | 56.5% | 58.2% |
| Rental Rate | 15.8% | 33.8% | 31.3% |
| Vacancy Rate | 9.6% | 9.6% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Wise County has a homeownership rate of 74.6%, higher than the Texas average of 56.5%. Its housing vacancy rate is 9.6%, compared with 9.6% in Texas.
Housing Stock
| Metric | Wise County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.90 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1995 | 1989 | 1978 |
| Median Number of Rooms | 5.8 | 5.4 | 5.5 |
The typical housing unit in Wise County was built around 1995. On average, 2.9 people live in a home with about 5.8 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wise County, Texas.
What is the median home price in Wise County, Texas?
The median home price in Wise County, Texas is $223,333, lower than the Texas average of $248,418.
What is the average home price in Wise 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 Wise County, Texas?
The median gross rent in Wise County, Texas is $1,238 per month, lower than the Texas average of $1,338.
What was the median gross rent in Wise County in 2020?
In 2020, the median gross rent in Wise County, Texas was $1,030 per month.
What is the price-to-rent ratio in Wise County, Texas?
The price-to-rent ratio in Wise County, Texas is about 15.0, meaning it would take roughly 15.0 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 Wise County.
Are home prices or rent rising faster in Wise County, Texas?
Both home prices and rent are rising in Wise County, up about 9.7% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wise County, Texas?
74.6% of households in Wise County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Wise County, Texas?
The housing vacancy rate in Wise County, Texas is 9.6%, about the same as the Texas average.