Alpena, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Alpena Neighborhoods Since 2000




Alpena, 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

Alpena Housing Market Information

With 10,175 people, 4,499 houses or apartments, and a median cost of homes of $92,647, house prices in Alpena 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 Alpena, accounting for 70.66% of the city's housing units. Other types of housing that are prevalent in Alpena include duplexes, homes converted to apartments or other small apartment buildings ( 14.75%), large apartment complexes or high rise apartments ( 11.26%), and a few row houses and other attached homes ( 3.25%).

The most prevalent building size and type in Alpena are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.34% owning and 40.66% 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. Alpena's housing was primarily built during this period, from the '40s through the '60s. A full 44.19% of the city's housing hails from this era. Other housing ages represented in Alpena include homes built before 1939 ( 28.69%) and housing constructed between 1970-1999 ( 24.11%). There's also some housing in Alpena built between 2000 and later ( 3.01%).

Vacant housing appears to be an issue in Alpena. Fully 10.80% of the housing stock is classified as vacant. Left unchecked, vacant Alpena homes and apartments can be a drag on the real estate market, holding Alpena 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.

Alpena Home Appreciation Rates

Alpena's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Alpena during the period has been just -2.06%, which is lower than 80% of US communities.

Over the last year, Alpena appreciation rates have trailed the rest of the nation. In the last twelve months, Alpena's appreciation rate has been 2.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Alpena were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$92,647

Alpena, MI HOME PRICES

Value Range
> $1,062,000 0.8
$797,001 - $1,062,000 0.0
$531,001 - $797,000 0.7
$425,001 - $531,000 0.1
$319,001 - $425,000 2.0
$213,001 - $319,000 3.5
$106,001 - $213,000 22.0
$53,001 - $106,000 51.4
$0 - $53,000 19.4

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
82.2629790226181 82.2115384615385

Number Of Homes And Apartments:
4,499

Alpena 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
-6.64% -0.40% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$769 / per month

Homeownership Rate

Homeownership
Owners 59.34
Renters 40.66
Vacant 10.80

Housing Market Details

 

Age of Homes

AGE OF Alpena HOMES
2000 or Newer 3.0
1970 - 1999 24.1
1940 - 1969 44.2
1939 or Older 28.7

Types of Homes

TYPE OF Alpena HOMES
Single-Family 70.7
Townhomes 3.3
Small Apt. Buildings 14.8
Apt. Complexes 11.3
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Alpena HOMES
No Bedroom 0.91
1 Bedroom 16.38
2 Bedrooms 24.50
3 Bedrooms 42.21
4 Bedrooms 12.69
5 or more bedrooms 3.31