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 33,551, 14,774 total housing units (homes and apartments), and a median house value of $148,199, the cost of homes in Meridian is among some of the lowest in the nation. Compared to Mississippi, however, Meridian real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Meridian, accounting for 60.80% of the city's housing units. Other types of housing that are prevalent in Meridian include large apartment complexes or high rise apartments ( 19.71%), duplexes, homes converted to apartments or other small apartment buildings ( 16.50%), and a few row houses and other attached homes ( 1.65%).
The most prevalent building size and type in Meridian are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.31% owning and 55.69% 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. Meridian's housing was primarily built during this period, from the '40s through the '60s. A full 40.24% of the city's housing hails from this era. Other housing ages represented in Meridian include homes built between 1970-1999 ( 39.53%) and housing constructed between 2000 and later ( 10.68%). There's also some housing in Meridian built before 1939 ( 9.55%).
Vacant housing appears to be an issue in Meridian. Fully 17.07% of the housing stock is classified as vacant. Left unchecked, vacant Meridian homes and apartments can be a drag on the real estate market, holding Meridian 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Meridian, where house values have increased just 38.26%, which is annualized rate of 3.29%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Meridian that despite a nationwide downturn in the housing market, Meridian real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Meridian appreciation rates continue to be some of the highest in America, at 8.72%, which is higher than appreciation rates in 73.20% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Meridian. Meridian appreciation rates in the latest quarter were at 2.54%, which equates to an annual appreciation rate of 10.53%.
Relative to Mississippi, our data show that Meridian's latest annual appreciation rate is higher than 60% 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 Meridian differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Meridian - 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 Meridian real estate investment or home purchase decisions.
$148,199
for Mississippi
for nation
14,774
$1,636 / per month