Big Rapids, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Big Rapids Neighborhoods Since 2000




Big Rapids, 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

Big Rapids Housing Market Information

With 10,397 people, 2,966 houses or apartments, and a median cost of homes of $128,427, house prices in Big Rapids are solidly below the national average.

Single-family detached homes are the single most common housing type in Big Rapids, accounting for 37.75% of the city's housing units. Other types of housing that are prevalent in Big Rapids include duplexes, homes converted to apartments or other small apartment buildings ( 27.17%), large apartment complexes or high rise apartments ( 25.73%), and a few mobile homes or trailers ( 6.73%).

Big Rapids is dominated by renter-occupied one, two, or no bedrooms apartments. 70.69% of Big Rapids's dwellings are rentals.

There is a lot of housing in Big Rapids built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Big Rapids built before 1939 ( 26.28%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.27%). There's also some housing in Big Rapids built between 2000 and later ( 13.89%).

Vacant housing appears to be an issue in Big Rapids. Fully 14.72% of the housing stock is classified as vacant. Left unchecked, vacant Big Rapids homes and apartments can be a drag on the real estate market, holding Big Rapids 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.

Big Rapids Home Appreciation Rates

Big Rapids's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Big Rapids during the period has been just -1.29%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Big Rapids's appreciation rate, at 4.80%, has been at or slightly above the national average. In the latest quarter, Big Rapids's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Michigan, our data show that Big Rapids'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 Big Rapids differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Big Rapids - 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 Big Rapids real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$128,427

Big Rapids, MI HOME PRICES

Value Range
> $1,125,000 0.4
$844,001 - $1,125,000 0.1
$563,001 - $844,000 1.5
$450,001 - $563,000 0.3
$337,001 - $450,000 3.0
$225,001 - $337,000 3.9
$112,001 - $225,000 40.8
$56,001 - $112,000 35.4
$0 - $56,000 14.7

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
60.7113559123403 51.4423076923077

Number Of Homes And Apartments:
2,966

Big Rapids 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
13.64% 0.74% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$796 / per month

Homeownership Rate

Homeownership
Owners 29.31
Renters 70.69
Vacant 14.72

Housing Market Details

 

Age of Homes

AGE OF Big Rapids HOMES
2000 or Newer 13.9
1970 - 1999 39.6
1940 - 1969 20.3
1939 or Older 26.3

Types of Homes

TYPE OF Big Rapids HOMES
Single-Family 37.8
Townhomes 2.6
Small Apt. Buildings 27.2
Apt. Complexes 25.7
Mobile Homes 6.7
Other 0.0

Home Size

SIZE OF Big Rapids HOMES
No Bedroom 0.81
1 Bedroom 20.79
2 Bedrooms 26.74
3 Bedrooms 26.57
4 Bedrooms 20.70
5 or more bedrooms 4.40