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 | Richland County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,500 | $176,921 | $242,182 |
| Price Trend (Annual %) | 7.6% | 5.3% | 8.2% |
| Median Gross Rent | $785 | $1,045 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richland County is about 14% lower than in Wisconsin. Rent is about 25% lower 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 Richland County, up about 7.6% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Richland County rose about 33.6% between 2015 and 2023, from $588 to $785. Over the same span, rent in Wisconsin rose about 34.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Richland County.
Buying the median-priced home in Richland County costs roughly 16.2 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 Richland County. The price-to-rent ratio in Wisconsin is about 14.1.
| Metric | Richland County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,500 | $176,921 | $242,182 |
| Median Household Income | $62,663 | $75,766 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Richland County rose about 14.7%, while median household income rose about 44.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Richland County | Wisconsin Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.8% | 60.4% | 58.2% |
| Rental Rate | 19.6% | 28.6% | 31.3% |
| Vacancy Rate | 16.7% | 11.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Richland County has a homeownership rate of 63.8%, higher than the Wisconsin average of 60.4%. Its housing vacancy rate is 16.7%, compared with 11.1% in Wisconsin.
Housing Stock
| Metric | Richland County | Wisconsin Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.35 people | 2.54 people |
| Median Structure Built Year | 1969 | 1973 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in Richland County was built around 1969. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richland County, Wisconsin.
What is the median home price in Richland County, Wisconsin?
The median home price in Richland County, Wisconsin is $152,500, lower than the Wisconsin average of $176,921.
What is the average home price in Richland 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 Richland County, Wisconsin?
The median gross rent in Richland County, Wisconsin is $785 per month, lower than the Wisconsin average of $1,045.
What was the median gross rent in Richland County in 2020?
In 2020, the median gross rent in Richland County, Wisconsin was $687 per month.
What is the price-to-rent ratio in Richland County, Wisconsin?
The price-to-rent ratio in Richland County, Wisconsin is about 16.2, meaning it would take roughly 16.2 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 Richland County.
Are home prices or rent rising faster in Richland County, Wisconsin?
Both home prices and rent are rising in Richland County, up about 7.6% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Richland County, Wisconsin?
63.8% of households in Richland County, Wisconsin own their home, higher than the Wisconsin average of 60.4%.
What is the vacancy rate in Richland County, Wisconsin?
The housing vacancy rate in Richland County, Wisconsin is 16.7%, higher than the Wisconsin average of 11.1%.