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 4,762, 2,105 total housing units (homes and apartments), and a median house value of $250,106, house prices in Benton are solidly below the national average.
Single-family detached homes are the single most common housing type in Benton, accounting for 74.73% of the city's housing units. Other types of housing that are prevalent in Benton include large apartment complexes or high rise apartments ( 13.91%), mobile homes or trailers ( 5.72%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.69%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Benton. Owner-occupied housing accounts for 69.97% of Benton's homes, and 58.39% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Benton built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Benton built between 1940-1969 ( 34.19%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.61%). There's also some housing in Benton built before 1939 ( 2.82%).
Vacant housing appears to be an issue in Benton. Fully 10.16% of the housing stock is classified as vacant. Left unchecked, vacant Benton homes and apartments can be a drag on the real estate market, holding Benton 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.
Benton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Benton during the period has been just 5.50%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Benton's appreciation rate, at 5.60%, has been at or slightly above the national average. In the latest quarter, Benton's appreciation rate has been 1.84%, which annualizes to a rate of 7.57%.
Relative to Kentucky, our data show that Benton's latest annual appreciation rate is lower than 70% of the other cities and towns in Kentucky.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Benton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Benton - 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 Benton real estate investment or home purchase decisions.
$250,106
for Kentucky
for nation
2,105
$1,975 / per month