Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 6,452, 2,530 total housing units (homes and apartments), and a median house value of $103,701, house prices in Lanett are solidly below the national average.
Single-family detached homes are the single most common housing type in Lanett, accounting for 76.15% of the city's housing units. Other types of housing that are prevalent in Lanett include duplexes, homes converted to apartments or other small apartment buildings ( 16.95%), large apartment complexes or high rise apartments ( 3.72%), and a few mobile homes or trailers ( 2.75%).
The most prevalent building size and type in Lanett are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.00% owning and 47.00% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lanett's housing was primarily built during this period, from the '40s through the '60s. A full 53.08% of the city's housing hails from this era. Other housing ages represented in Lanett include homes built between 1970-1999 ( 27.63%) and housing constructed before 1939 ( 13.80%). There's also some housing in Lanett built between 2000 and later ( 5.49%).
Vacant housing appears to be an issue in Lanett. Fully 21.01% of the housing stock is classified as vacant. Left unchecked, vacant Lanett homes and apartments can be a drag on the real estate market, holding Lanett real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Lanett's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lanett during the period has been just -0.89%, which is lower than 70% of US communities.
Over the last year, Lanett appreciation rates have trailed the rest of the nation. In the last twelve months, Lanett's appreciation rate has been 3.05%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lanett were at -0.55%, which equates to an annual appreciation rate of -2.17%.
Notably, Lanett's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Alabama, our data show that Lanett's latest annual appreciation rate is higher than 60% of the other cities and towns in Alabama.
|$778,001 - $1,037,000||1.0|
|$518,001 - $778,000||0.0|
|$415,001 - $518,000||0.5|
|$311,001 - $415,000||1.8|
|$207,001 - $311,000||5.3|
|$104,001 - $207,000||30.5|
|$52,001 - $104,000||35.7|
|$0 - $52,000||25.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Lanett HOMES|
|2000 or Newer||5.5|
|1970 - 1999||27.6|
|1940 - 1969||53.1|
|1939 or Older||13.8|
|TYPE OF Lanett HOMES|
|Small Apt. Buildings||17.0|
|SIZE OF Lanett HOMES|
|5 or more bedrooms||2.87|