Michigan City, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Michigan City Neighborhoods Since 2000




Michigan City, IN Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Michigan City Housing Market Information

With 31,459 people, 12,769 houses or apartments, and a median cost of homes of $92,169, house prices in Michigan City are some of the most affordable in Indiana as well as the nation.

Single-family detached homes are the single most common housing type in Michigan City, accounting for 61.08% of the city's housing units. Other types of housing that are prevalent in Michigan City include large apartment complexes or high rise apartments ( 18.78%), duplexes, homes converted to apartments or other small apartment buildings ( 13.91%), and a few row houses and other attached homes ( 3.44%).

The most prevalent building size and type in Michigan City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.59% owning and 51.41% 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. Michigan City's housing was primarily built during this period, from the '40s through the '60s. A full 43.66% of the city's housing hails from this era. Other housing ages represented in Michigan City include homes built before 1939 ( 23.18%) and housing constructed between 1970-1999 ( 22.49%). There's also some housing in Michigan City built between 2000 and later ( 10.67%).

Vacant housing appears to be an issue in Michigan City. Fully 13.90% of the housing stock is classified as vacant. Left unchecked, vacant Michigan City homes and apartments can be a drag on the real estate market, holding Michigan City 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.

Michigan City Home Appreciation Rates

Michigan City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Michigan City during the period has been just -0.92%, which is lower than 70% of US communities.

Over the last year, Michigan City appreciation rates have trailed the rest of the nation. In the last twelve months, Michigan City's appreciation rate has been -2.91%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Michigan City were at -3.78%, which equates to an annual appreciation rate of -14.27%.

Notably, Michigan City's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Indiana, our data show that Michigan City's latest annual appreciation rate is lower than 90% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Michigan City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Michigan City - 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 Michigan City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$92,169

Michigan City, IN HOME PRICES

Value Range
> $1,033,000 0.4
$775,001 - $1,033,000 0.3
$516,001 - $775,000 1.1
$413,001 - $516,000 0.9
$310,001 - $413,000 2.1
$207,001 - $310,000 4.7
$103,001 - $207,000 32.6
$52,001 - $103,000 46.0
$0 - $52,000 11.9

Very Low for IN
Very Low for Nation

Value Relative to Nation Value Relative to State
82.5969764443924 82.579185520362

Number Of Homes And Apartments:
12,769

Michigan City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
12.79% 0.70% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$808 / per month

Homeownership Rate

Homeownership
Owners 48.59
Renters 51.41
Vacant 13.90

Housing Market Details

 

Age of Homes

AGE OF Michigan City HOMES
2000 or Newer 10.7
1970 - 1999 22.5
1940 - 1969 43.7
1939 or Older 23.2

Types of Homes

TYPE OF Michigan City HOMES
Single-Family 61.1
Townhomes 3.4
Small Apt. Buildings 13.9
Apt. Complexes 18.8
Mobile Homes 2.8
Other 0.0

Home Size

SIZE OF Michigan City HOMES
No Bedroom 1.38
1 Bedroom 12.45
2 Bedrooms 33.71
3 Bedrooms 39.10
4 Bedrooms 10.47
5 or more bedrooms 2.90