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 5,720 people, 1,939 houses or apartments, and a median cost of homes of $110,034, house prices in Patterson are some of the most affordable in Louisiana as well as the nation.
Single-family detached homes are the single most common housing type in Patterson, accounting for 53.78% of the city's housing units. Other types of housing that are prevalent in Patterson include duplexes, homes converted to apartments or other small apartment buildings ( 22.25%), mobile homes or trailers ( 17.32%), and a few large apartment complexes or high rise apartments ( 6.65%).
The most prevalent building size and type in Patterson are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.39% owning and 45.61% renting.
There is a lot of housing in Patterson 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 Patterson built between 2000 and later ( 21.73%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.96%). There's also some housing in Patterson built before 1939 ( 5.66%).
Vacant housing appears to be an issue in Patterson. Fully 16.24% of the housing stock is classified as vacant. Left unchecked, vacant Patterson homes and apartments can be a drag on the real estate market, holding Patterson 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 Patterson, where house values have increased just 27.01%, which is annualized rate of 2.42%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Patterson appreciation rates have trailed the rest of the nation. In the last twelve months, Patterson's appreciation rate has been 1.92%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Patterson were at -3.70%, which equates to an annual appreciation rate of -14.01%.
Notably, Patterson's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Louisiana, our data show that Patterson's latest annual appreciation rate is lower than 50% of the other cities and towns in Louisiana.
$110,034
for Louisiana
for nation
1,939
$1,057 / per month