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 28,862 people, 8,088 houses or apartments, and a median cost of homes of $72,179, house prices in Big Spring are some of the most affordable in Texas as well as the nation.
Single-family detached homes are the single most common housing type in Big Spring, accounting for 79.18% of the city's housing units. Other types of housing that are prevalent in Big Spring include large apartment complexes or high rise apartments ( 11.90%), duplexes, homes converted to apartments or other small apartment buildings ( 5.49%), and a few row houses and other attached homes ( 1.81%).
The most prevalent building size and type in Big Spring are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.17% owning and 51.83% 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. Big Spring's housing was primarily built during this period, from the '40s through the '60s. A full 65.06% of the city's housing hails from this era. Other housing ages represented in Big Spring include homes built between 1970-1999 ( 20.28%) and housing constructed before 1939 ( 10.27%). There's also some housing in Big Spring built between 2000 and later ( 4.39%).
Vacant housing appears to be an issue in Big Spring. Fully 15.00% of the housing stock is classified as vacant. Left unchecked, vacant Big Spring homes and apartments can be a drag on the real estate market, holding Big Spring 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.
In the last 10 years, Big Spring has experienced some of the highest home appreciation rates of any community in the nation. Big Spring real estate appreciated 49.58% over the last ten years, which is an average annual home appreciation rate of 4.11%, putting Big Spring in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Big Spring definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Big Spring appreciation rates have trailed the rest of the nation. In the last twelve months, Big Spring's appreciation rate has been 0.03%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Big Spring were at 0.90%, which equates to an annual appreciation rate of 3.65%.
Relative to Texas, our data show that Big Spring's latest annual appreciation rate is lower than 90% of the other cities and towns in Texas.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Big Spring differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Big Spring - 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 Big Spring real estate investment or home purchase decisions.
|$896,001 - $1,194,000||0.0|
|$597,001 - $896,000||0.4|
|$478,001 - $597,000||0.5|
|$358,001 - $478,000||0.8|
|$239,001 - $358,000||4.0|
|$120,001 - $239,000||18.4|
|$60,001 - $120,000||32.1|
|$0 - $60,000||43.6|
|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 Big Spring HOMES|
|2000 or Newer||4.4|
|1970 - 1999||20.3|
|1940 - 1969||65.1|
|1939 or Older||10.3|
|TYPE OF Big Spring HOMES|
|Small Apt. Buildings||5.5|
|SIZE OF Big Spring HOMES|
|5 or more bedrooms||0.94|