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 | Wood County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $253,658 | $248,418 | $242,182 |
| Price Trend (Annual %) | 12.7% | 9.9% | 8.2% |
| Median Gross Rent | $851 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 1.7% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wood County is about 2% higher than in Texas. Rent is about 36% 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 Wood County, up about 12.7% and 1.7% a year respectively. Home prices are changing faster.
Median rent in Wood County rose about 15.4% between 2015 and 2023, from $737 to $851. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Wood County.
Buying the median-priced home in Wood County costs roughly 24.8 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 Wood County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Wood County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $253,658 | $248,418 | $242,182 |
| Median Household Income | $62,712 | $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 Wood County rose about 224.5%, while median household income rose about 59.1% 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 | Wood County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 56.5% | 58.2% |
| Rental Rate | 16.5% | 33.8% | 31.3% |
| Vacancy Rate | 18.2% | 9.6% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Wood County has a homeownership rate of 65.4%, higher than the Texas average of 56.5%. Its housing vacancy rate is 18.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | Wood County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1989 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.4 | 5.5 |
The typical housing unit in Wood County was built around 1989. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wood County, Texas.
What is the median home price in Wood County, Texas?
The median home price in Wood County, Texas is $253,658, higher than the Texas average of $248,418.
What is the average home price in Wood 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 Wood County, Texas?
The median gross rent in Wood County, Texas is $851 per month, lower than the Texas average of $1,338.
What was the median gross rent in Wood County in 2020?
In 2020, the median gross rent in Wood County, Texas was $788 per month.
What is the price-to-rent ratio in Wood County, Texas?
The price-to-rent ratio in Wood County, Texas is about 24.8, meaning it would take roughly 24.8 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 Wood County.
Are home prices or rent rising faster in Wood County, Texas?
Both home prices and rent are rising in Wood County, up about 12.7% and 1.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wood County, Texas?
65.4% of households in Wood County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Wood County, Texas?
The housing vacancy rate in Wood County, Texas is 18.2%, higher than the Texas average of 9.6%.