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 17,066, 6,443 total housing units (homes and apartments), and a median house value of $144,259, the cost of homes in Laurel is among some of the lowest in the nation. Compared to Mississippi, however, Laurel real state is not on the lower end of the price spectrum.
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.
Real estate appreciation rates in Laurel's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.24% during the period.
NeighborhoodScout's data show that during the latest twelve months, Laurel's appreciation rate, at 5.96%, has been at or slightly above the national average. In the latest quarter, Laurel's appreciation rate has been 2.38%, which annualizes to a rate of 9.88%.
Relative to Mississippi, our data show that Laurel's latest annual appreciation rate is lower than 50% 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.
$144,259
for Mississippi
for nation
6,443
$1,405 / per month