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
With a population of 8,229, 2,894 total housing units (homes and apartments), and a median house value of $75,187, house prices in Albion are some of the most affordable in Michigan as well as the nation.
Single-family detached homes are the single most common housing type in Albion, accounting for 72.14% of the city's housing units. Other types of housing that are prevalent in Albion include duplexes, homes converted to apartments or other small apartment buildings ( 14.57%), large apartment complexes or high rise apartments ( 11.72%), and a few row houses and other attached homes ( 1.57%).
The most prevalent building size and type in Albion are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.13% owning and 47.87% renting.
The housing in Albion was primarily built before 1939 ( 45.63%), making the housing stock in Albion some of the oldest overall in America, although there is a range of ages of homes in Albion. The next most important housing age is between 1940-1969 ( 41.79%), followed by between 1970-1999 ( 11.56%). There's also some housing in Albion built between 2000 and later ( 1.02%).
Vacant housing appears to be an issue in Albion. Fully 20.17% of the housing stock is classified as vacant. Left unchecked, vacant Albion homes and apartments can be a drag on the real estate market, holding Albion 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.
Albion's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Albion during the period has been just -1.72%, which is lower than 80% of US communities.
Appreciation rates are so strong in Albion that despite a nationwide downturn in the housing market, Albion real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Albion appreciation rates continue to be some of the highest in America, at 7.95%, which is higher than appreciation rates in 86.49% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Albion. Albion appreciation rates in the latest quarter were at -0.73%, which equates to an annual appreciation rate of -2.90%.
Notably, Albion's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Albion's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Albion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Albion - 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 Albion real estate investment or home purchase decisions.
|$858,001 - $1,144,000||0.0|
|$572,001 - $858,000||0.2|
|$458,001 - $572,000||0.0|
|$343,001 - $458,000||2.1|
|$229,001 - $343,000||3.8|
|$115,001 - $229,000||14.0|
|$57,001 - $115,000||47.3|
|$0 - $57,000||32.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Albion HOMES|
|2000 or Newer||1.0|
|1970 - 1999||11.6|
|1940 - 1969||41.8|
|1939 or Older||45.6|
|TYPE OF Albion HOMES|
|Small Apt. Buildings||14.6|
|SIZE OF Albion HOMES|
|5 or more bedrooms||1.74|