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 | Dane County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $341,150 | $176,921 | $242,182 |
| Price Trend (Annual %) | 9.0% | 5.3% | 8.2% |
| Median Gross Rent | $1,345 | $1,045 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Dane County is about 93% higher than in Wisconsin. Rent is about 29% higher than the Wisconsin 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 Dane County, up about 9.0% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Dane County rose about 45.7% between 2015 and 2023, from $923 to $1,345. Over the same span, rent in Wisconsin rose about 34.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Dane County.
Buying the median-priced home in Dane County costs roughly 21.1 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 Dane County. The price-to-rent ratio in Wisconsin is about 14.1.
| Metric | Dane County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $341,150 | $176,921 | $242,182 |
| Median Household Income | $89,074 | $75,766 | $78,145 |
| Price-to-Income Ratio | 3.8 | 2.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Dane County rose about 69.3%, while median household income rose about 48.8% 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 | Dane County | Wisconsin Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.6% | 60.4% | 58.2% |
| Rental Rate | 40.8% | 28.6% | 31.3% |
| Vacancy Rate | 3.6% | 11.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Dane County has a homeownership rate of 55.6%, lower than the Wisconsin average of 60.4%. Its housing vacancy rate is 3.6%, compared with 11.1% in Wisconsin.
Housing Stock
| Metric | Dane County | Wisconsin Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.35 people | 2.54 people |
| Median Structure Built Year | 1982 | 1973 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Dane County was built around 1982. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Dane County, Wisconsin.
What is the median home price in Dane County, Wisconsin?
The median home price in Dane County, Wisconsin is $341,150, higher than the Wisconsin average of $176,921.
What is the average home price in Dane County, Wisconsin?
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 Dane County, Wisconsin?
The median gross rent in Dane County, Wisconsin is $1,345 per month, higher than the Wisconsin average of $1,045.
What was the median gross rent in Dane County in 2020?
In 2020, the median gross rent in Dane County, Wisconsin was $1,117 per month.
What is the price-to-rent ratio in Dane County, Wisconsin?
The price-to-rent ratio in Dane County, Wisconsin is about 21.1, meaning it would take roughly 21.1 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 Dane County.
Are home prices or rent rising faster in Dane County, Wisconsin?
Both home prices and rent are rising in Dane County, up about 9.0% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Dane County, Wisconsin?
55.6% of households in Dane County, Wisconsin own their home, lower than the Wisconsin average of 60.4%.
What is the vacancy rate in Dane County, Wisconsin?
The housing vacancy rate in Dane County, Wisconsin is 3.6%, lower than the Wisconsin average of 11.1%.