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 1,863 people, 743 houses or apartments, and a median cost of homes of $149,147, house prices in Vernon are solidly below the national average.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Vernon, accounting for 44.53% of the city's housing units. Other types of housing that are prevalent in Vernon include single-family detached homes ( 38.28%), large apartment complexes or high rise apartments ( 11.13%), and a few row houses and other attached homes ( 3.22%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in Vernon primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Vernon has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Vernon built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Vernon built between 1940-1969 ( 42.38%). A lesser amount of the housing stock also hails from between 2000 and later ( 2.93%). There's also some housing in Vernon built before 1939 ( 1.76%).
Vacant housing appears to be an issue in Vernon. Fully 27.44% of the housing stock is classified as vacant. Left unchecked, vacant Vernon homes and apartments can be a drag on the real estate market, holding Vernon 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.
Real estate appreciation rates in Vernon's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.94% during the period.
Over the last year, Vernon appreciation rates have trailed the rest of the nation. In the last twelve months, Vernon's appreciation rate has been 2.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Vernon were at -1.79%, which equates to an annual appreciation rate of -6.98%.
Notably, Vernon's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Alabama, our data show that Vernon's latest annual appreciation rate is lower than 60% of the other cities and towns in Alabama.
$149,147
for Alabama
for nation
743
$1,031 / per month