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 2,900 people, 1,119 houses or apartments, and a median cost of homes of $169,539, the cost of homes in Marion is among some of the lowest in the nation. Compared to Kentucky, however, Marion real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Marion, accounting for 78.05% of the city's housing units. Other types of housing that are prevalent in Marion include mobile homes or trailers ( 13.15%), duplexes, homes converted to apartments or other small apartment buildings ( 4.72%), and a few large apartment complexes or high rise apartments ( 2.76%).
The most prevalent building size and type in Marion are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.54% owning and 37.46% 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. Marion's housing was primarily built during this period, from the '40s through the '60s. A full 47.97% of the city's housing hails from this era. Other housing ages represented in Marion include homes built between 1970-1999 ( 32.78%) and housing constructed between 2000 and later ( 10.97%). There's also some housing in Marion built before 1939 ( 8.28%).
Vacant housing appears to be an issue in Marion. Fully 18.68% of the housing stock is classified as vacant. Left unchecked, vacant Marion homes and apartments can be a drag on the real estate market, holding Marion 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.
Appreciation rates for homes in Marion have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.86%, which ranks in the top 40% nationwide. This equates to an annual average Marion house appreciation rate of 7.12%.
NeighborhoodScout's data show that during the latest twelve months, Marion's appreciation rate, at 7.62%, has been at or slightly above the national average. In the latest quarter, Marion's appreciation rate has been 1.84%, which annualizes to a rate of 7.57%.
Relative to Kentucky, our data show that Marion's latest annual appreciation rate is higher than 60% of the other cities and towns in Kentucky.
$169,539
for Kentucky
for nation
1,119
$1,088 / per month