Vernon Parish

Vernon Parish checks in with a gross rent-to-price ratio of 8.1%, which sits well above the threshold where cash-flow math starts to pencil. At a median home price of $166,136 and median rent of $1,123, the raw yield is attractive on paper. The modeled cap rate of 5.27% confirms there is real income here, but the full levered picture is more complicated: at 6.85% on a 20% down conventional loan, the model spits out a monthly cash flow of negative $141 and a cash-on-cash return of negative 4.43%. That gap is not unusual for this rate environment, and it narrows quickly with a larger down payment, a below-market acquisition, or any rent growth, but investors should go in clear-eyed that at list price with standard financing, this is not a day-one cash-flow market. The 3.71% year-over-year home price appreciation and an affordability index of 94 (slightly below the baseline of 100, meaning the median household is modestly stretched to buy) suggest the ownership-to-rental pipeline remains open, supporting continued rental demand.

The scoring profile makes Vernon Parish's positioning explicit: cash-flow score of 81, appreciation score of 82, affordability score of 94, but a stability score of only 50. That last number is the fulcrum. For a buyer willing to accept some cyclicality in exchange for a low entry price, solid yield, and a market ranking in the 95th percentile nationally (40th out of 1,000 counties scored), this parish offers a genuinely competitive setup. The buyer this market suits most is a cash-flow-oriented investor with enough capital to put 30-35% down, which would flip the levered return positive, or a value-add operator who can acquire below the $166,136 median and force appreciation through renovation in a market where replacement cost supports meaningful upside. A pure buy-and-hold appreciation investor can make the case on the 82 appreciation score, but that investor should understand the stability score signals this market has historically been more volatile than the typical appreciation play.

The economic picture in Vernon Parish is shaped by its most significant anchor: Fort Johnson (formerly Fort Polk), the U.S. Army installation that sits within the parish. A major military installation of this size creates a durable, federally funded base of rental demand, since active-duty personnel and their families typically rent rather than buy during shorter-term assignments. Military-driven rental markets tend to exhibit lower vacancy sensitivity to local economic cycles precisely because demand is tied to federal deployment decisions rather than regional employment conditions. That structural support helps explain how a parish of roughly 48,000 residents can sustain a rent-to-price ratio in excess of 8%, and it is the most important underwriting assumption an investor should stress-test: what happens to occupancy and rent if the installation is downsized or a BRAC round affects the post.

On carry costs, the combined monthly tax and insurance burden is $168, which is low enough to be a genuine tailwind rather than a headwind. The state-average effective property tax rate is 0.55%, flagged as low, meaning taxes alone run roughly $76 per month on a $166,136 asset. That is a material advantage over higher-tax states where 1.5-2.0% rates can consume $200-300 per month on a comparable asset. Worth noting: the 0.55% figure is a state-average estimate from Tax Foundation 2024 data, and actual Vernon Parish rates may differ, so pull the parish assessor's data before closing. Insurance at 0.66% adds another $91 monthly, and in Louisiana that figure deserves scrutiny, as coastal storm exposure and flood zone classification can push real premiums meaningfully above a state average. Confirm the specific property's flood zone status and get actual insurance quotes before underwriting.

The stability score of 50 is the clearest risk signal in the data, and it most plausibly reflects the parish's economic concentration around a single federal installation. Single-employer or single-sector markets can see rapid rental demand shifts when that anchor contracts. A BRAC action, significant troop reductions, or a prolonged deployment cycle that vacates base housing can move local vacancy faster than a diversified market would absorb. Investors should build a higher vacancy assumption, perhaps 10-12% rather than a typical 7-8%, into their underwrite to stress-test against this tail risk.

Against its neighbors, Vernon Parish's positioning is clear. Calcasieu Parish, the largest comparison market in the data, carries a median home price of $193,360 against a median rent of $1,062, producing a rent-to-price ratio of only 6.6% and an overall score of 70 versus Vernon's 76. You are paying more for a lower yield in Calcasieu, though it likely offers more economic diversification. Iberia Parish presents the most interesting contrast: a rent-to-price ratio of 10.6% and a median price of $134,124, but an overall score of only 69, suggesting the data flags offsetting risks there that compress its composite rating despite the headline yield. Sabine Parish at $186,542 and an overall score of 70 offers neither the price advantage nor the score to compete with Vernon head-to-head. Caldwell Parish at $127,430 is cheaper, but its score of 73 trails Vernon's 76, and the lower price point may reflect thinner rental demand rather than a bargain. Vernon Parish is the right choice over these neighbors when the investor's thesis depends on the Fort Johnson demand floor, a low entry price relative to rent, and a carry cost structure that Louisiana's low property tax rate supports. If economic diversification and liquidity matter more than yield, Calcasieu is the trade-off worth examining.