Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Vernon Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $179,974 | $166,764 | $242,182 |
| Price Trend (Annual %) | 7.5% | 4.5% | 8.2% |
| Median Gross Rent | $1,038 | $1,038 | $1,342 |
| Rent Trend (Annual %) | 1.6% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Vernon Parish is about 8% higher than in Louisiana. Rent follows a similar pattern, running close to the Louisiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Vernon Parish, up about 7.5% and 1.6% a year respectively. Home prices are changing faster.
Median rent in Vernon Parish rose about 13.8% between 2015 and 2023, from $912 to $1,038. Over the same span, rent in Louisiana rose about 31.9%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Vernon Parish.
Buying the median-priced home in Vernon Parish costs roughly 14.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Vernon Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Vernon Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $179,974 | $166,764 | $242,182 |
| Median Household Income | $58,186 | $60,029 | $78,145 |
| Price-to-Income Ratio | 3.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Vernon Parish rose about 101.4%, while median household income rose about 45.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Vernon Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.9% | 57.3% | 58.2% |
| Rental Rate | 35.6% | 27.8% | 31.3% |
| Vacancy Rate | 19.6% | 14.8% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Vernon Parish has a homeownership rate of 44.9%, lower than the Louisiana average of 57.3%. Its housing vacancy rate is 19.6%, compared with 14.8% in Louisiana.
Housing Stock
| Metric | Vernon Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.52 people | 2.54 people |
| Median Structure Built Year | 1988 | 1982 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Vernon Parish was built around 1988. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Vernon Parish, Louisiana.
What is the median home price in Vernon Parish, Louisiana?
The median home price in Vernon Parish, Louisiana is $179,974, higher than the Louisiana average of $166,764.
What is the average home price in Vernon Parish, Louisiana?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Vernon Parish, Louisiana?
The median gross rent in Vernon Parish, Louisiana is $1,038 per month, about the same as the Louisiana average.
What was the median gross rent in Vernon Parish in 2020?
In 2020, the median gross rent in Vernon Parish, Louisiana was $921 per month.
What is the price-to-rent ratio in Vernon Parish, Louisiana?
The price-to-rent ratio in Vernon Parish, Louisiana is about 14.4, meaning it would take roughly 14.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Vernon Parish.
Are home prices or rent rising faster in Vernon Parish, Louisiana?
Both home prices and rent are rising in Vernon Parish, up about 7.5% and 1.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Vernon Parish, Louisiana?
44.9% of households in Vernon Parish, Louisiana own their home, lower than the Louisiana average of 57.3%.
What is the vacancy rate in Vernon Parish, Louisiana?
The housing vacancy rate in Vernon Parish, Louisiana is 19.6%, higher than the Louisiana average of 14.8%.