Michigan City, IN Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Michigan City, IN Housing Market Trends

With 31,015 people, 12,469 houses or apartments, and a median cost of homes of $100,390, 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 62.85% of the city's housing units. Other types of housing that are prevalent in Michigan City include large apartment complexes or high rise apartments ( 17.53%), duplexes, homes converted to apartments or other small apartment buildings ( 13.79%), and a few row houses and other attached homes ( 3.25%).

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 48.71% owning and 51.29% 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 38.53% of the city's housing hails from this era. Other housing ages represented in Michigan City include homes built between 1970-1999 ( 26.36%) and housing constructed before 1939 ( 24.62%). There's also some housing in Michigan City built between 2000 and later ( 10.48%).

Vacant housing appears to be an issue in Michigan City. Fully 14.95% 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 2.77%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Michigan City's appreciation rate, at 8.57%, has been at or slightly above the national average. In the latest quarter, Michigan City's appreciation rate has been 1.69%, which annualizes to a rate of 6.93%.

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 60% 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:
$100,390

Michigan City, IN HOME PRICES

> $1,234,000
0.6%
0.6%
$926,001 - $1,234,000
0.3%
0.3%
$617,001 - $926,000
1.3%
1.3%
$494,001 - $617,000
0.9%
0.9%
$370,001 - $494,000
2.4%
2.4%
$246,001 - $370,000
4.9%
4.9%
$123,001 - $246,000
30.1%
30.1%
$62,001 - $123,000
48.0%
48.0%
$0 - $62,000
11.4%
11.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for IN

Value Relative To Nation

Number Of Homes And Apartments:
12,469

Michigan City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
45.28% 1.75%
3
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,011 / per month

Homeownership Rate

Owners
48.7%
48.7%
Renters
51.3%
51.3%
Vacant
14.9%
14.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.5%
10.5%
1970 - 1999
26.4%
26.4%
1940 - 1969
38.5%
38.5%
1939 or Older
24.6%
24.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.9%
62.9%
Townhomes
3.3%
3.3%
Small Apt. Buildings
13.8%
13.8%
Apt. Complexes
17.5%
17.5%
Mobile Homes
2.6%
2.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.0%
1.0%
1 Bedroom
12.7%
12.7%
2 Bedrooms
32.4%
32.4%
3 Bedrooms
38.4%
38.4%
4 Bedrooms
12.1%
12.1%
5 or more bedrooms
3.3%
3.3%
0.0% 100.0%
% OF HOMES