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 about Scout's Real Estate Data
With a population of 47,284, 17,914 total housing units (homes and apartments), and a median house value of $134,066, house prices in Monroe are solidly below the national average.
Single-family detached homes are the single most common housing type in Monroe, accounting for 69.62% of the city's housing units. Other types of housing that are prevalent in Monroe include large apartment complexes or high rise apartments ( 13.41%), duplexes, homes converted to apartments or other small apartment buildings ( 12.68%), and a few row houses and other attached homes ( 2.72%).
The most prevalent building size and type in Monroe are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.44% owning and 57.56% 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. Monroe's housing was primarily built during this period, from the '40s through the '60s. A full 42.23% of the city's housing hails from this era. Other housing ages represented in Monroe include homes built between 1970-1999 ( 40.16%) and housing constructed between 2000 and later ( 12.32%). There's also some housing in Monroe built before 1939 ( 5.28%).
Vacant housing appears to be an issue in Monroe. Fully 14.90% of the housing stock is classified as vacant. Left unchecked, vacant Monroe homes and apartments can be a drag on the real estate market, holding Monroe 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Monroe, where house values have increased just 36.42%, which is annualized rate of 3.15%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Monroe that despite a nationwide downturn in the housing market, Monroe real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Monroe appreciation rates continue to be some of the highest in America, at 6.28%, which is higher than appreciation rates in 70.37% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Monroe. Monroe appreciation rates in the latest quarter were at 0.42%, which equates to an annual appreciation rate of 1.71%.
Notably, Monroe's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Louisiana, our data show that Monroe's latest annual appreciation rate is higher than 90% of the other cities and towns in Louisiana.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Monroe differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Monroe - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Monroe real estate investment or home purchase decisions.
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