Allen Park, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Allen Park Neighborhoods Since 2000




Allen Park, MI 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

Allen Park Housing Market Information

With 27,425 people, 10,592 houses or apartments, and a median cost of homes of $119,588, house prices in Allen Park are solidly below the national average.

Single-family detached homes are the single most common housing type in Allen Park, accounting for 90.73% of the city's housing units. Other types of housing that are prevalent in Allen Park include large apartment complexes or high rise apartments ( 6.30%), row houses and other attached homes ( 1.44%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.30%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Allen Park. Owner-occupied housing accounts for 84.70% of Allen Park's homes, and 79.48% have either three or four bedrooms, which is average sized relative to America.

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. Allen Park's housing was primarily built during this period, from the '40s through the '60s. A full 86.30% of the city's housing hails from this era. Other housing ages represented in Allen Park include homes built between 1970-1999 ( 7.68%) and housing constructed before 1939 ( 5.18%).

Allen Park Home Appreciation Rates

Homes have actually lost value in Allen Park over the last then years, as home values have seen a decline of 20.70% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Allen Park home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.

Appreciation rates are so strong in Allen Park that despite a nationwide downturn in the housing market, Allen Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Allen Park appreciation rates continue to be some of the highest in America, at 7.14%, which is higher than appreciation rates in 82.13% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Allen Park. Allen Park appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Allen Park one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Allen Park's latest annual appreciation rate is higher than 60% 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 Allen Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Allen Park - 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 Allen Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$119,588

Allen Park, MI HOME PRICES

Value Range
> $1,253,000 0.2
$940,001 - $1,253,000 0.1
$627,001 - $940,000 0.0
$501,001 - $627,000 0.0
$376,001 - $501,000 0.6
$251,001 - $376,000 5.1
$125,001 - $251,000 39.3
$63,001 - $125,000 47.5
$0 - $63,000 7.2

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
65.5894761514122 59.775641025641

Number Of Homes And Apartments:
10,592

Allen Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
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
-14.88% -0.93% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,180 / per month

Homeownership Rate

Homeownership
Owners 84.70
Renters 15.30
Vacant 6.71

Housing Market Details

 

Age of Homes

AGE OF Allen Park HOMES
2000 or Newer 0.8
1970 - 1999 7.7
1940 - 1969 86.3
1939 or Older 5.2

Types of Homes

TYPE OF Allen Park HOMES
Single-Family 90.7
Townhomes 1.4
Small Apt. Buildings 1.3
Apt. Complexes 6.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Allen Park HOMES
No Bedroom 1.07
1 Bedroom 4.42
2 Bedrooms 14.01
3 Bedrooms 70.20
4 Bedrooms 9.28
5 or more bedrooms 1.01