“Why are houses so cheap in Laurel, Mississippi” this question had us wondering. Small towns like Laurel Mississippi have low property taxes and few building restrictions which makes it more affordable for homeowners and developers.
Houses in Laurel, Mississippi, is estimated to be around 162K US dollars. It’s a subject of curiosity for those who want to buy a house or make an investment.
Now, what causes the low housing prices in Laurel, Mississippi? There are various factors responsible for why the cost of living is low in this area, for example – location, climate, small population, underdeveloped infrastructure, less job and education opportunities.
So, if you’re the one is willing to buy houes in Laurel, Mississippi, you must read this article. This post is going to talk about the causes that are affecting the real estate price and making it more affordable for people.
Real Estate Market in Laurel, Mississippi?
The growth of Real Estate Market in Laurel, Mississippi has been quite moderate compared to other metropolitan areas and small areas for the past few years. But in recent years, a huge shift in Laurel’s Real Estate market has been seen. Based on 2023 research, the current Real Estate Market statistics show that home values rose by 28% in last 5 years which lead to decrease in home sales by 16.5% in September 2023.
It is predicted that the Mississippi home sellers will rise in 2024, Mortgage interest rates will be steady in the second half of 2024. Mortgage demand rose after lowering the interest rates to 7.35% in November, relieving the increase, stabilising the rates, hence bringing the house hunters back.
However, with much affordibility, we usually ignore a lot of things before buying a house.
While buying a house, there are many things to keep in mind that also include the location of the property, infrastructure, education system, job pportunities, and crime rates. It’s important to do a thorough research before buying a house. Talk with your real estate agent, they can help you get the right research.
Why Houses So Cheap In Laurel, Mississippi?
There are a lot of factors contributing to the lower price of houses in Laurel, Mississippi. For example, lower cost of living, rural location, undeveloped infrastructure, high crime rates, and low education qualities are the most primary reasons. ,Moreover, low population and lower cost of living decreases the lifestyle qualities in this area.
Here’s the top 11 reasons for low housing costs in Laurel, Mississippi.
Lower Cost of Living
People enjoy a budget friendly lifestyle without paying too much for something. Laurel Mississippi’s housing is affordable compared to other small areas.
Although this small town has lower cost of living, however, it comes with an exchange of convenience and amenities. Hence, if you’re looking for luxurious, modern, or well infrastructured lifestyle in Laurel, Mississippi, this place is’t for you.
Morevover, lower cost of living means, poor infrsastructure, poor economic growth, and less job opportunities.
Normal or steady economic growth
In contrast to other areas, which have growing economy, Laurel has a stable economy.
City’s low population and poor infratructure contributes to more stable economic growth. However, there were times when the city faced some ups and downs in its economy. Laure’s economy is mostly based on agriculture, healthcare and manufacturing, offering limited opportunities to people.
Moreover, this could be a great time to buy a house, if you’re looking for affordable homes in Laurel.
Real Estate Market Dynamics
The Real Estate Market can vary depending on many different factors such as economy, population growth, housing availability. Just like any real estate market, the concept of supply and demand are critical in Laurel, Mississippi.
Moreover, compared to other cities, Mississippi has shown a steady demand in real estate, which doesn’t spike the house prices. The steady demand of homes, keeps their prices low and much affordable for people.
It’s not surprising to know that rural location generally have lower house prices. Laurel, comes under the rural location of the city, which have poor infrastructure, less career opportunities, poor education system, and maybe high crime rates too.
Living in rural location is something people don’t want to live in. And, hence, the prices are way too affordable in Laurel, Mississippi, comparing to other cities.
Laurel, Mississippi’s population is reducing at the rate of 0.23% every year and its population has decreased by 0.93% since the most recent count in 2020.
This city hasn’t seen the rise in population, due to which the demand for housing has remained very stable. With this low demand, the prices remain affordable.
Laurel Mississippi has received a limited amount of infrastructure development in its years which leads to decline population growth and reduced capacity to support economic development.
Laurel’s lack of undeveloped infrastructure includes no high speed internet which leads to limited access to remote work for the people. Moreover, poor infrastructure leads to less job opportnities.
High Crime Rates
Everyone wants to live in a city which is safe and good for families to live in. Safety is one of the most important parts when you are deciding to buy a house.
Laurel’s crime rates are higher compared to some other cities. This is one of the other reasons why people are not intend to buy houses in Laurel, Mississippi, which creates less and lesser prices.
Older Housing Stocks
Due very old houses in Laurel, they are not really well maintained. Moreover, there are certain areas where houses has not been renovated since 90’s.
Due to this, they have comparatively lesser price and less demand in the real estate market.
Natural Disasters and Insurance costs
Laurel, Mississippi has moderate risk of flooding and hurricanes. Even though the area is sturdy and takes measures to address these problems, the frequent natural disasters in Laurel, Mississippi, leads to decrease in house prices.
Although, the house price in this area is affordable and cheaper compared to other cities, however, it comes with high insurance expenses. The high disaster rates, stops many investors and buyers to purchase houses, which lead to more cheaper houses in Laurel.
Education and Employment Opportunities
Laurel offers educational and employment limited opportunities since Laurel’s economy is mostly based on agriculture, healthcare and manufacturing.
Students and Professional people tend to move to places which offer better education institutions and better work opportunities at companies. This is lacking in Laurel since there are no big institutions or universities.
Moreover, since the infrastructure is not well developed, it creates low opportunities jobs in the city.
Quality of Life and Amenities
Laurel offers small town vibes with rich history and cultural heritage which makes it a better option for those who want to lead a relaxed and slow paced lifestyle.
Since there’s a lack of developed infrastructure and high technologies, the life styel in this city may not be modern and comfortable .
However, still, city offers access to amenities such as parks, restaurants, cultural events and shopping places. The low cost of living also adds on to the quality of life and makes it a better option to live here with family after retirement.
What is Average Household income in Laurel, Mississippi?
The lack of high paying jobs in Laurel impacts the average household income of residents. According to the census data, median household income is $33,145. However, household income can vary depending upon the number of members working in a house, their profession and level of education.
The town’s economic landscape is mostly based around a number of industries which includes manufacturing, agriculture, healthcare and education. The job market in Laurel is less diverse and wide ranged in comparison to larger cities.
How’s The Resell Value of a House in Laurel, Mississippi?
The resell value of selling a house depends upon various factors which determines the resell value of the house. Those factors include the location of the house, house’s condition, and features of the house. It’s important to keep in mind that real estate values can fluctuate over time.
Based on 2023 research, home values rose by 28% in the past 5 years which led to a decrease in home sales by 16.5% in September 2023.
Pros and Cons of Living in Laurel, Mississippi
Laurel, Mississippi is a small town where affordability in housing, lower cost of living and abundance of outdoor recreation exists. There are lots of beautiful historical aspects of this place, The Mississippi River, Culture, Strong-knit community and much more.
There’s a sense of belonging as you become a part of their close bonded community. The cost of transportation is relatively low so it makes it easier to get around the city without spending a fortune.
This small city can be appealing to those who value a more relaxed and friendly lifestyle who are willing to trade some of their amenities and conveniences of larger cities in exchange for a small community.
However, there’s a lack of job opportunities and amenities in the education and employment sector.
Undeveloped infrastructure which leads to decline in population growth because residents move away to places which can offer them better resources and employment.
- Affordable cost of living
- Outdoor Recreation Opportunities
- Strong knit and friendly community
- Cultural experience through festivals and events
- Preservation of Heritage
- Limited access to amenities and resources
- Crime rates
- Low Population
- Undeveloped Infrastructure
Ultimately, it is up to you to weigh the pros and cons and decide if you should buy a house or not.
Famous Things Laurel Mississippi is known for
Lauren Rogers Museum of Art
The Lauren Rogers Museum of Art is the first art museum in Laurel. It was founded in 1923 in the memory of Lauren Eastman Roger. Here, you can find varieties of art pieces and collections. You can also find american art, japanese woodart, native american art, British Georgian Silver and much more. Be sure to stop by here while visiting this city.
Home Town TV show
This small city definitely became well known after this show was released on HGTV. This show was hosted by Eren and Ben Napier. This show’s main focus is the couple renovating those old historic homes in Laurel and restoring the town’s beauty and charm.
Nature and Recreation
Laurel Mississippi is surrounded by the natural beauty of town and its beautiful Historical homes . The Mississippi River and Pearl River add more charm to this place. The state parks surrounded by trees and greenery gives more opportunities to do outdoor recreation while exploring the area.
Jones County Courthouse
Jones County Courthouse is located in Laurel MS, Its a historic courthouse as it stands as the architectural symbol of the city’s significant region.
Veterans Memorial Museum
When visiting Laurel, you must definitely go and check out this Veterans Memorial Museum. It’s a wonderful museum that showcases the history of Military museums across the globe. Here,visitors can learn about different military branches from WWI to the present day. A great way to learn about a country’s rich history.
Frequently Asked Questions(FAQs)
What is the average income in Laurel Mississippi?
In 2021, Laurel, MS had a population of 17.4k people with a median age of 37.2 and a median household income of $33,149.
What do people do for a living in Laurel Mississippi?
Since, the most common employment factors are manufacturing, agriculture, and healthcare. Manufacturing (5,977 people), Health Care & Social Assistance (4,969 people), and Retail Trade (4,531 people).
Is Laurel Mississippi a good place to live?
Yes, Laurel Mississippi is a good place to live. The people are friendly and laid back. Although its lacking in the infrastructure and employment sector, it’s still a good place for people who want to connect to themselves and nature.
What is the cheapest part of Mississippi to live in?
The cost of living can vary depending on location but the cheapest part to live in are those located in rural areas. The cheapest place to live in Mississippi is Meridian, its home pricing is around $32,500.
In this post, we saw why houses are so cheap in Laurel, Mississippi.
As discussed, there are lot of factors contributing to the lower prices, such as low population, undeveloped infrastructure, steady economic growth, rural area, low cost of living, limited educational and professional opportunities.
Laurel Mississippi stands as the hidden gem for those who wish to own a house at an affordable price, the town’s historic preservation and culture contributes to the charm of this small town. Laurel is a good place as it offers such a great lifestyle and low cost of living
There’s a lot to explore in this small city and see what it has to offer you. But remember to keep the pros and cons in mind to determine if living in Laurel is a good fit for you.