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 17,066 people, 6,443 houses or apartments, and a median cost of homes of $133,522, house prices in Laurel are solidly below the national average.
Single-family detached homes are the single most common housing type in Laurel, accounting for 75.32% of the city's housing units. Other types of housing that are prevalent in Laurel include duplexes, homes converted to apartments or other small apartment buildings ( 11.85%), large apartment complexes or high rise apartments ( 7.56%), and a few row houses and other attached homes ( 3.04%).
The most prevalent building size and type in Laurel are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.03% owning and 37.97% 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. Laurel's housing was primarily built during this period, from the '40s through the '60s. A full 37.51% of the city's housing hails from this era. Other housing ages represented in Laurel include homes built between 1970-1999 ( 34.24%) and housing constructed between 2000 and later ( 14.24%). There's also some housing in Laurel built before 1939 ( 14.01%).
Vacant housing appears to be an issue in Laurel. Fully 16.43% of the housing stock is classified as vacant. Left unchecked, vacant Laurel homes and apartments can be a drag on the real estate market, holding Laurel 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.
Laurel's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Laurel during the period has been just 5.08%, which is lower than 70% of US communities.
Over the last year, Laurel appreciation rates have trailed the rest of the nation. In the last twelve months, Laurel's appreciation rate has been 2.87%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Laurel were at -1.39%, which equates to an annual appreciation rate of -5.43%.
Notably, Laurel's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Mississippi, our data show that Laurel's latest annual appreciation rate is higher than 80% of the other cities and towns in Mississippi.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Laurel differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Laurel - 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 Laurel real estate investment or home purchase decisions.
$133,522
for Mississippi
for nation
6,443
$1,355 / per month