Boyne City, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Boyne City, 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

Boyne City Housing Market Information

With 3,776 people, 1,628 houses or apartments, and a median cost of homes of $138,311, house prices in Boyne City are solidly below the national average.

Single-family detached homes are the single most common housing type in Boyne City, accounting for 66.29% of the city's housing units. Other types of housing that are prevalent in Boyne City include large apartment complexes or high rise apartments ( 18.58%), duplexes, homes converted to apartments or other small apartment buildings ( 9.18%), and a few mobile homes or trailers ( 4.66%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Boyne City. Owner-occupied housing accounts for 67.40% of Boyne City's homes, and 54.83% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Boyne City 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 Boyne City built between 1940-1969 ( 25.91%). A lesser amount of the housing stock also hails from before 1939 ( 18.06%). There's also some housing in Boyne City built between 2000 and later ( 7.33%).

Vacant housing appears to be an issue in Boyne City. Fully 29.83% of the housing stock is classified as vacant. Left unchecked, vacant Boyne City homes and apartments can be a drag on the real estate market, holding Boyne City 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.

Boyne City Home Appreciation Rates

Real estate appreciation rates in Boyne City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.75% during the period.

Appreciation rates are so strong in Boyne City that despite a nationwide downturn in the housing market, Boyne City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Boyne City appreciation rates continue to be some of the highest in America, at 6.17%, which is higher than appreciation rates in 75.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Boyne City. Boyne City appreciation rates in the latest quarter were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Boyne City's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$138,311

Boyne City, MI HOME PRICES

Value Range
> $1,174,000 0.8
$880,001 - $1,174,000 0.6
$587,001 - $880,000 3.7
$470,001 - $587,000 2.0
$352,001 - $470,000 6.1
$235,001 - $352,000 8.9
$117,001 - $235,000 40.2
$58,001 - $117,000 24.1
$0 - $58,000 13.7

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
55.5842025079105 43.9102564102564

Number Of Homes And Apartments:
1,628

Boyne City 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
14.58% 0.79% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$944 / per month

Homeownership Rate

Homeownership
Owners 67.40
Renters 32.60
Vacant 29.83

Housing Market Details

 

Age of Homes

AGE OF Boyne City HOMES
2000 or Newer 7.3
1970 - 1999 48.7
1940 - 1969 25.9
1939 or Older 18.1

Types of Homes

TYPE OF Boyne City HOMES
Single-Family 66.3
Townhomes 1.3
Small Apt. Buildings 9.2
Apt. Complexes 18.6
Mobile Homes 4.7
Other 0.0

Home Size

SIZE OF Boyne City HOMES
No Bedroom 0.22
1 Bedroom 8.53
2 Bedrooms 33.02
3 Bedrooms 40.82
4 Bedrooms 14.01
5 or more bedrooms 3.41

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Zip Codes in Boyne City, MI