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 9,745 people, 3,748 houses or apartments, and a median cost of homes of $110,021, house prices in Vernon 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 Vernon, accounting for 74.26% of the city's housing units. Other types of housing that are prevalent in Vernon include duplexes, homes converted to apartments or other small apartment buildings ( 11.87%), large apartment complexes or high rise apartments ( 7.27%), and a few mobile homes or trailers ( 5.85%).
People in Vernon primarily live in small (one, two or no bedroom) single-family detached homes. Vernon has a mixture of owner-occupied and renter-occupied housing.
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. Vernon's housing was primarily built during this period, from the '40s through the '60s. A full 41.22% of the city's housing hails from this era. Other housing ages represented in Vernon include homes built between 1970-1999 ( 31.17%) and housing constructed before 1939 ( 21.04%). There's also some housing in Vernon built between 2000 and later ( 6.58%).
Vacant housing appears to be an issue in Vernon. Fully 21.70% 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 5.87% during the period.
NeighborhoodScout's data show that during the latest twelve months, Vernon's appreciation rate, at 5.82%, has been at or slightly above the national average. In the latest quarter, Vernon's appreciation rate has been 1.51%, which annualizes to a rate of 6.17%.
Relative to Texas, our data show that Vernon's latest annual appreciation rate is higher than 80% of the other cities and towns in Texas.
$110,021
for Texas
for nation
3,748
$1,436 / per month