Laurel Mississippi, has become a household name, thanks to the popular HGTVs “Home Town”, which highlights the charm and the beautiful history of the place. This has lead many people to know why are house so cheap in Laurel, Mississippi and the real estate market of the city.
Despite getting popularity and a significance in the show, the house prices in Laurel remain low. To know why are house so affordable in this city, we will have to understand the real estate market, geographical aspects, demographics, and a bit history of Laurel, Mississippi.
As per the recent data and studies, the lower prices of house in Laurel, Mississippi, is considered due to several factors, such as the area’s low cost of living, lower demand compared to other cities, and this region’s economic conditions. All of these factors play a significant role in impacting the property value of these houses. Due to these factors, the property value in smaller towns like Laurel Mississippi tends to become more affordable than national averages, making it a potential option for eager home buyers.
Join us on this post, where we are going to discuss various reasons – why house are cheap in Laurel Mississippi, backed by the latest studies and statistics. Moreover, this post also highlights the current real estate market of the city, the resale house value, and pros-cons of living in Laurel, Mississippi.
How’s the real estate market in Laurel Mississippi
This beautiful city is located in the southeast part of Jones County Mississippi. It has an estimated population of 17,000 as of 2023. In recent years, the real estate market here has gained attention for its unbelievably affordable housing options compared to other cities across the United States.
There are various factors that are responsible, such as the lower cost of living, steady economic growth, and, the high crime rates. Together, all these factors contribute to the lower housing prices in Laurel Mississippi.
According to recent statistics and data, as of August 2024, the median listing home price in Laurel, Mississippi was $137K in Aug 2024, which is lower than the national average. This affordability makes Laurel an attractive option for those who are first-time home buyers, retirees, and those who want to invest in property without breaking their banks.
Overall, the real estate market has mostly remained steady, with the steady demand for affordable housing. After gaining popularity through Home Town, there’s been a slight change in the real estate market in the last month, however, houses are still cheaper than most part of the United States.
Why are houses so cheap in Laurel, Mississippi?
Everyone wants to know why houses are so affordable in Laurel, however, very few knows the real reasons. As per the recent data and studies, the house prices in Laurel, Mississippi is cheap due to it’s underdeveloped infrastructure, poor education, poor health, low cost of living, and high crime rates in the city. Moreover, Laurel is highly prone to the natural calamities that makes the house prices very affordable than comparing to the national average.
Let’s look at each of the reasons, backed by latest data:
Lower Cost of Living
In a country where the living costs are always increasing, Laurel Mississippi has a surprisingly lower cost of living and affordable housing options.
This makes Laurel Mississippi an attractive city for many potential homeowners and real estate investors. If we calculate the total cost including the cost of housing, child care, food, transportation, taxes, education, and other basic necessities for a single adult, then the living cost would be around $33,059/year, which is less in comparison to other cities.
The overall cost of living in Laure is 16% lower then the entire nation, according to the data AreaVibes, 2023
Property Taxes
The property taxes in Laurel Mississippi are one of the main reasons that contribute to the affordable housing prices in this area. These taxes are a significant source of revenue for local government, including schools, colleges, emergency services, and other services for the public.
In comparison to other cities, the property taxes in Laurel are relatively affordable.
The property taxes in Laurel are based on the property’s assessed value, so the average effective property rate in Laurel is approximately 0.9% of the property’s assessed value. In that case, if your property’s assessed value is $100,000 then the estimated property tax bill will be $1,310, which is comparatively lower than the whole nation.
There are also exemptions on property taxes for the elderly who are 65 and above or those with disabilities, are eligible for homestead exemption.
With such exemption, you can lower the amount of property taxes after you have met certain income requirements.
Lower Population
According to Census data 2020, the total population of Laurel, Mississippi was 17,161, but it was noted that this city is experiencing a decline in population. As of 2024 statistics, the estimated population of Laurel Mississippi is 16,922, which visibly shows a decrease of 1.33% since the Census 2020.
If we go down the history of this place, there was a peak in 1960 with a population of 27,889 and since then it has decreased by about one-third.
Behind this decline, there are several economic factors responsible, such as the number of employment opportunities, decaying infrastructure, low birth rates, migration, and the mechanization of agriculture, leading to a decline in population.
As per the latest Census data from the World Population Review, it is shown that there is a significant majority of black or African American residents, about 65.52%, while there are only 31.27% of white residents.
Poor Infrastructure
Aside from the low population, this city also faces challenges with poverty rates which result in cheap housing. This city’s aging roadways, limited public transportation options, and outdated utilities.
All of these factors can be challenging for residents and potential homeowners. The lack of proper infrastructure can deter the new businesses and industries from setting up in this area and this, in turn, affects the local economy and job market.
This leads to the limited economic growth in this city and that results in lower demand for housing, keeping the prices low compared to other regions.
There are many homes in Laurel Mississippi that may need renovation and upgrade due to the aging infrastructure which also discourages the potential buyers from buying a house or town houses.
While there are affordable houses, the costs of upgrading and renovating these properties can make your expenses go up.
High Crime Rates
Another factor that contributes to the affordable house prices in Laurel, Mississippi, is due to its high crime rates. This city has significantly higher than average crime rates in comparison to other small cities.
If we scale this city’s overall crime rate on a scale, then from 1 to 100 (low to high), Laurel scored 57.93, which indicates that this place has relatively high crime rates. There are certain areas that have alarming high crime rates whereas some other areas are relatively quite safe.
The violent crimes in the area are quite high, including assault, robbery, and homicide, which are quite more frequent than in other smaller cities.
There are 468.8 assault cases, 29.3 murders, 82 rape cases, and 35.2 robberies, per 100,000 residents. This is more frequent in areas with high poverty rates, so your chance you becoming a victim of violent crime is 1 in 163, and in property crime, it’s 1 in 22.
However, just like any other place, Laurel Mississippi has both good and bad sides, you just have to consult with your real estate agent about the neighborhood area before buying the house.
Natural Calamities
Laurel Mississippi is prone to natural calamities due to its geographical location. This place falls in the tornado belt, making it vulnerable to severe storms that can spawn tornadoes quite frequently. There you might witness natural calamities like severe storms, extreme heat, drought, hurricanes, and floods.
In the year 2019, an EF-3 tornado hit this city and caused significant damage such as power outages to homes and businesses. This city was hit by a Category 3 hurricane in 1906, which also left this city in a pretty bad condition.
Although the city has created plans on how they are going to deal with such scenarios since there are more they have high chances of getting hit by a tornado or hurricane, in comparison to both national and state averages.
This city’s geographical condition can deter potential home buyers since this place faces considerable risks from natural disasters, mostly tornadoes, and hurricanes, which leads them to have concerns about safety and property damage.
Poor Education
Poor education is one of the factors that have a significant impact on the house prices in Laurel Mississippi. Since education is one of the factors that people consider while buying a house, Laurel Mississippi has many educational places but most of them are under performing.
This restricts many people from buying a house in Laurel Mississippi, since most families seek places where they can provide better education to their kids.
When there is poor education infrastructure, that automatically leads to lower employment opportunities. With lower employment opportunities, people who own businesses are less likely to invest in a region where there’s an uneducated workforce.
According to DATA USA 2022, most of the population in Laurel only has a high school diploma, with small numbers having attended college and some only having completed secondary education.
This lack of proper education and major educational institutions in the city limits growth and opportunities, making it less attractive for people to buy homes.
Low Employment
Low employment opportunities are another reason for lower house prices. The job market in Laurel Mississippi is limited, with few employment options, and lower wages.
Since there’s no proper education system, people don’t have proper education for high-paying jobs. This combined with poor education contributes to the weak job market in this city.
This weak job market further deterred major industries from investing in this place, leading to limited job opportunities. This absence of major high-tech and other major industries makes it challenging for people seeking diverse career options.
Most residents leave the city in order to get better education and job opportunities.
This situation makes it hard for Laurel Mississippi’s local economy to grow which then results in less demand for housing as people prefer to move to those places where they can get access to better employment opportunities.
Poor Healthcare
Aside from poor education and employment opportunities, the healthcare system at Laurel Mississippi has its own drawbacks. With the limited access to specialized medical technology and facilities, which can be concerning especially for those who have chronic health conditions or those in need of special care.
Some healthcare facilities in this city are outdated and lack modern technology and equipment which can affect the quality of care.
With the lack of proper medical facilities and the limited number of hospitals, residents may have to travel to different cities for better treatment. This adds to challenges for the residents as they can’t get access to better treatments.
Overall Low-Quality Lifestyle
Laurel Mississippi offers affordable housing, a rich history, and a slower-paced and relaxed lifestyle, with a tight-knit community feel, but there are several challenges that contribute to an overall quality of life.
There’s a lack of developed infrastructure and high technology, which gives people a chance to connect more with life and with each other.
Although there are few amenities like parks, restaurants, cultural events, and some shopping places, some people may find it challenging with these limited recreational options while some might enjoy these options.
However, the living experience can differ depending on what type of lifestyle you are used to, some residents may enjoy a sense of familiarity and comfort this small town offers whereas others might not enjoy this environment as there are limited recreation options.
Other factors that can prevent potential buyers from investing in this city, such as the low employment rates, under performing education systems, and outdated healthcare facilities.
Laurel Mississippi is a small charming town with a rich historical heritage and strong community values, it’s an ideal place for retirees and people who prefer a much relaxed and slow-paced lifestyle.
Is Laurel Mississippi a good place to live?
Laurel Mississippi is a good place to live if you are seeking a slow and relaxed lifestyle, then this place is perfect for you. It’s a charming small city with rich historical value and have strong community where people can connect with each other and connect with nature.
There are some downsides that one should consider before moving, as suggested by one of our interviewer Solomon & Sons Relocation Services.
For people who seek places with good career options, better educational facilities, and better infrastructure, then this place might not be ideal for them, however, for people who prefer a simple, relaxed lifestyle, they can prefer this place for buying a house.
Coming to the question of whether Laurel Mississippi is a good place to live or not, depends on an individual’s perspective.
Pros and Cons of Living in Laurel Mississippi
Below we have listed the pros and cons of living in Laurel Mississippi, to help you make an informed decision about whether it’s a place that is ideal for you to live or not.
Pros of living in Laurel, Mississippi
- The affordable cost of living in this city is lower than the national average, making it an attractive option for many people.
- It offers a slow-paced, relaxed lifestyle, a close-knit community, outdoor activities, with historical charm, and a really nice downtown area. It’s a perfect choice if you are someone who appreciates this kind of lifestyle.
- It’s a perfect place for those people who love spending time in nature and appreciate its beauty. Laurel is surrounded by a beautiful landscape of lush green forests and rivers. There you can do lots of outdoor activities like hiking, fishing, boating, etc.
- There are areas where you can find a great community, a safe neighborhood, and warm hospitality, which gives you a sense of belonging.
Cons of living in Laurel, Mississippi
- Laurel Mississippi has a small job market, you can find most jobs in the local businesses, or education. But if you are looking for certain professional jobs then you might have to commute out of this place and look elsewhere for specialized jobs.
- The education quality is also not good since many schools and universities are under performing and some don’t have access to better educational resources as in larger cities. It can be a concern for individuals or families who are looking for better educational opportunities.
- Poor Infrastructure is also a major concern for people who are thinking of living there since there is a lack of basic amenities like medical facilities and educational facilities, making it challenging for people to live there.
- Laurel Mississippi has a subtropical climate, with high temperatures, humid summers, and mild to cool winters, due to its geographical location. This area is also prone to tornados and hurricanes.
How is the resale value of houses in Laurel Mississippi?
The resale value of houses in Laurel Mississippi depends on several factors such as the condition of the houses, locality, access to amenities, and other basic necessities needed for a person or family to live.
Currently, Laurel Mississippi is facing some fluctuations in property value due to its growing popularity on an HGTV show called Home Town.
According to August 2024 data, the median listing price for a home was $209,900, that’s a 6% increase from the previous year. However, in the last month, it was noted that the median sale price for a home was $159,000, showing a 37% decrease compared to the previous data.
If you are thinking of reselling a property in Laurel Mississippi then you might consider waiting for a bit long until the prices are more favorable. But if you are thinking of purchasing or selling a house in the city, then make sure it’s well-maintained in a good neighborhood as it holds a better resale value.
Why is the crime rate so high in Laurel Mississippi?
There are many factors responsible for the high crime rates in Laurel Mississippi due to its economic conditions, and one of the major reasons is high poverty rates as they have no proper income source.
Factors like limited educational options and employment opportunities can contribute to higher crime rates. Since there’s no financial stability, many people resort to crimes like theft, and burglary, to meet their basic needs.
However, there are certain areas in which you will have a safer and better living environment, whereas some areas have higher crime rates.
This can mostly be due to its economic conditions, community issues, and challenges with law enforcement.
The government of Laurel Mississippi is working towards improving these conditions, to help address the root cause of these crimes and reduce them in the future.
Conclusion
We have explored so much about this small city, Laurel Mississippi, and understood why the houses are so cheap in Laurel Mississippi.
Factors like economic conditions, lower cost of living, weak job market, poor infrastructure, declining population because of limited job opportunities, and lack of proper educational and healthcare resources, all contribute to the affordability of homes in this region.
While there are some challenges, this place’s charm and value still make it an attractive option for those people who seek a relaxed, slow-paced lifestyle that offers charming historic places and lots of outdoor recreational activities.
It also offers a great chance for those families or people who wish to own a home without breaking their bank accounts.
However, always discuss with a real estate professional to properly understand the housing market and the growth opportunity in the city.
Frequently Asked Questions(FAQs)
What is the average house income in Laurel Mississippi?
The average household income in Laurel Mississippi, is approx $63,597 as of 2024. Between 2021 to 2022, the median household income increased from $42,988 to $48,389.
Which is the most expensive house in Laurel Mississippi?
If you are looking for the most expensive house in Laurel Mississippi, then it’s the house from season 3 of Home Town, this house features a 4-bedroom, 3 bathroom, a butler’s pantry, a living room, a home office, and its price is around $440,000.
Why is the crime rate so high in Mississippi?
There are several factors responsible for the high crime rates so high in Laurel Mississippi, one of the major concerns is the high poverty rate due to a lack of job opportunities, weak wages, and limited educational opportunities. These factors contribute to the higher crime rates in some areas.
What was the impact of the Home Town Show on the Mississippi market?
Although before, Laurel Mississippi was known for its affordable housing, now it has gained more popularity thanks to the show Home Town. This show helped bring more attention of people towards this place, highlighting its historic charm and simple life. This show helped give them exposure and increased tourism in the city, which boosted the local businesses and shops.
