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 15,173, 5,209 total housing units (homes and apartments), and a median house value of $193,585, house prices in Mineral Wells are solidly below the national average.
Single-family detached homes are the single most common housing type in Mineral Wells, accounting for 70.45% of the city's housing units. Other types of housing that are prevalent in Mineral Wells include large apartment complexes or high rise apartments ( 10.79%), duplexes, homes converted to apartments or other small apartment buildings ( 9.81%), and a few mobile homes or trailers ( 7.84%).
The most prevalent building size and type in Mineral Wells are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.29% owning and 42.71% 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. Mineral Wells's housing was primarily built during this period, from the '40s through the '60s. A full 47.89% of the city's housing hails from this era. Other housing ages represented in Mineral Wells include homes built between 1970-1999 ( 29.42%) and housing constructed between 2000 and later ( 12.84%). There's also some housing in Mineral Wells built before 1939 ( 9.85%).
Vacant housing appears to be an issue in Mineral Wells. Fully 13.80% of the housing stock is classified as vacant. Left unchecked, vacant Mineral Wells homes and apartments can be a drag on the real estate market, holding Mineral Wells 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, Mineral Wells has experienced some of the highest home appreciation rates of any community in the nation. Mineral Wells real estate appreciated 121.42% over the last ten years, which is an average annual home appreciation rate of 8.27%, putting Mineral Wells in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Mineral Wells 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, Mineral Wells appreciation rates have trailed the rest of the nation. In the last twelve months, Mineral Wells's appreciation rate has been 4.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mineral Wells were at 1.42%, which equates to an annual appreciation rate of 5.80%.
Relative to Texas, our data show that Mineral Wells's latest annual appreciation rate is lower than 50% 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 Mineral Wells differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mineral Wells - 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 Mineral Wells real estate investment or home purchase decisions.
$193,585
for Texas
for nation
5,209
$1,545 / per month