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 5,221 people, 2,122 houses or apartments, and a median cost of homes of $158,369, house prices in Hugo are solidly below the national average.
Single-family detached homes are the single most common housing type in Hugo, accounting for 69.95% of the city's housing units. Other types of housing that are prevalent in Hugo include large apartment complexes or high rise apartments ( 13.73%), duplexes, homes converted to apartments or other small apartment buildings ( 10.92%), and a few mobile homes or trailers ( 4.05%).
The most prevalent building size and type in Hugo are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.04% owning and 57.96% renting.
There is a lot of housing in Hugo 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 Hugo built between 1940-1969 ( 29.24%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.22%). There's also some housing in Hugo built before 1939 ( 7.91%).
Vacant housing appears to be an issue in Hugo. Fully 18.13% of the housing stock is classified as vacant. Left unchecked, vacant Hugo homes and apartments can be a drag on the real estate market, holding Hugo 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.
Real estate appreciation rates in Hugo's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.14% during the period.
Appreciation rates are so strong in Hugo that despite a nationwide downturn in the housing market, Hugo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hugo appreciation rates continue to be some of the highest in America, at 8.89%, which is higher than appreciation rates in 80.03% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hugo. Hugo appreciation rates in the latest quarter were at 3.30%, which equates to an annual appreciation rate of 13.85%.
Importantly, this makes Hugo one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Oklahoma, our data show that Hugo's latest annual appreciation rate is higher than 80% of the other cities and towns in Oklahoma.
$158,369
for Oklahoma
for nation
2,122
$974 / per month