Benton Harbor, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Benton Harbor Neighborhoods Since 2000




Benton Harbor, 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

Benton Harbor Housing Market Information

With a population of 9,976, 3,902 total housing units (homes and apartments), and a median house value of $52,734, house prices in Benton Harbor 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 Benton Harbor, accounting for 63.51% of the city's housing units. Other types of housing that are prevalent in Benton Harbor include large apartment complexes or high rise apartments ( 23.60%), duplexes, homes converted to apartments or other small apartment buildings ( 12.01%).

Benton Harbor is dominated by renter-occupied one, two, or no bedrooms apartments. 66.92% of Benton Harbor's dwellings are rentals.

The housing in Benton Harbor was primarily built before 1939 ( 40.72%), making the housing stock in Benton Harbor some of the oldest overall in America, although there is a range of ages of homes in Benton Harbor. The next most important housing age is between 1940-1969 ( 31.09%), followed by between 1970-1999 ( 20.64%). There's also some housing in Benton Harbor built between 2000 and later ( 7.56%).

Vacant housing appears to be an issue in Benton Harbor. Fully 19.23% of the housing stock is classified as vacant. Left unchecked, vacant Benton Harbor homes and apartments can be a drag on the real estate market, holding Benton Harbor 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.

Benton Harbor Home Appreciation Rates

Benton Harbor's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Benton Harbor during the period has been just -1.53%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Benton Harbor's appreciation rate, at 5.38%, has been at or slightly above the national average. In the latest quarter, Benton Harbor's appreciation rate has been 0.27%, which annualizes to a rate of 1.07%.

Relative to Michigan, our data show that Benton Harbor's latest annual appreciation rate is lower than 50% 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 Benton Harbor differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Benton Harbor - 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 Benton Harbor real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$52,734

Benton Harbor, MI HOME PRICES

Value Range
> $1,079,000 0.0
$809,001 - $1,079,000 0.0
$540,001 - $809,000 0.3
$432,001 - $540,000 0.0
$324,001 - $432,000 0.0
$216,001 - $324,000 0.9
$108,001 - $216,000 11.0
$54,001 - $108,000 37.9
$0 - $54,000 49.9

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
99.0741825852572 98.7179487179487

Number Of Homes And Apartments:
3,902

Benton Harbor 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
12.86% 0.70% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$812 / per month

Homeownership Rate

Homeownership
Owners 33.08
Renters 66.92
Vacant 19.23

Housing Market Details

 

Age of Homes

AGE OF Benton Harbor HOMES
2000 or Newer 7.6
1970 - 1999 20.6
1940 - 1969 31.1
1939 or Older 40.7

Types of Homes

TYPE OF Benton Harbor HOMES
Single-Family 63.5
Townhomes 0.7
Small Apt. Buildings 12.0
Apt. Complexes 23.6
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Benton Harbor HOMES
No Bedroom 3.81
1 Bedroom 17.95
2 Bedrooms 31.65
3 Bedrooms 32.60
4 Bedrooms 11.18
5 or more bedrooms 2.82