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


Michigan City Housing Market Information

With 31,459 people, 12,718 houses or apartments, and a median cost of homes of $112,437, house prices in Michigan City are solidly below the national average.

Single-family detached homes are the single most common housing type in Michigan City, accounting for 61.28% of the city's housing units. Other types of housing that are prevalent in Michigan City include large apartment complexes or high rise apartments ( 18.22%), duplexes, homes converted to apartments or other small apartment buildings ( 14.69%), and a few row houses and other attached homes ( 3.34%).

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 49.03% owning and 50.97% 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 41.76% of the city's housing hails from this era. Other housing ages represented in Michigan City include homes built before 1939 ( 24.82%) and housing constructed between 1970-1999 ( 23.15%). There's also some housing in Michigan City built between 2000 and later ( 10.26%).

Vacant housing appears to be an issue in Michigan City. Fully 14.30% 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

Real estate appreciation rates in Michigan City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.45% during the period.

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 1.56%, 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 0.69%, which equates to an annual appreciation rate of 2.78%.

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:
$112,437

Michigan City, IN HOME PRICES

Value Range
> $1,056,000 0.3
$792,001 - $1,056,000 0.3
$528,001 - $792,000 1.6
$423,001 - $528,000 1.3
$317,001 - $423,000 1.9
$211,001 - $317,000 4.7
$106,001 - $211,000 32.3
$53,001 - $106,000 45.6
$0 - $53,000 12.0

Low for IN
Low for Nation

Value Relative to Nation Value Relative to State
70.8174737951631 65.8371040723982

Number Of Homes And Apartments:
12,718

Rent & Ownership

 

Average Market Rent:
$886 / per month

Homeownership Rate

Homeownership
Owners 49.03
Renters 50.97
Vacant 14.30

Housing Market Details

 

Age of Homes

AGE OF Michigan City HOMES
2000 or Newer 10.3
1970 - 1999 23.2
1940 - 1969 41.8
1939 or Older 24.8

Types of Homes

TYPE OF Michigan City HOMES
Single-Family 61.3
Townhomes 3.3
Small Apt. Buildings 14.7
Apt. Complexes 18.2
Mobile Homes 2.5
Other 0.0

Home Size

SIZE OF Michigan City HOMES
No Bedroom 1.72
1 Bedroom 12.45
2 Bedrooms 33.29
3 Bedrooms 38.80
4 Bedrooms 11.04
5 or more bedrooms 2.70

Michigan City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
17.14% 0.93% 4 2
* 10 is highest