Cheboygan, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Cheboygan Neighborhoods Since 2000




Cheboygan, 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

Cheboygan Housing Market Information

With a population of 4,733, 1,959 total housing units (homes and apartments), and a median house value of $104,375, house prices in Cheboygan are solidly below the national average.

Single-family detached homes are the single most common housing type in Cheboygan, accounting for 65.72% of the city's housing units. Other types of housing that are prevalent in Cheboygan include large apartment complexes or high rise apartments ( 16.14%), duplexes, homes converted to apartments or other small apartment buildings ( 9.41%), and a few mobile homes or trailers ( 6.89%).

The most prevalent building size and type in Cheboygan are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.25% owning and 42.75% renting.

There is a lot of housing in Cheboygan 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 Cheboygan built before 1939 ( 33.60%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.43%). There's also some housing in Cheboygan built between 2000 and later ( 4.85%).

Vacant housing appears to be an issue in Cheboygan. Fully 21.55% of the housing stock is classified as vacant. Left unchecked, vacant Cheboygan homes and apartments can be a drag on the real estate market, holding Cheboygan 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.

Cheboygan Home Appreciation Rates

Homes have actually lost value in Cheboygan over the last then years, as home values have seen a decline of 19.80% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Cheboygan home appreciation rates at 0.00%, which equates to an annual appreciation rate of 0.00%.

NeighborhoodScout's data show that during the latest twelve months, Cheboygan's appreciation rate, at 3.74%, has been at or slightly above the national average. In the latest quarter, Cheboygan's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Michigan, our data show that Cheboygan's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$104,375

Cheboygan, MI HOME PRICES

Value Range
> $1,036,000 0.9
$777,001 - $1,036,000 1.0
$518,001 - $777,000 0.2
$415,001 - $518,000 1.3
$311,001 - $415,000 0.4
$207,001 - $311,000 9.5
$104,001 - $207,000 28.8
$52,001 - $104,000 36.5
$0 - $52,000 21.4

Low for MI
Low for Nation

Value Relative to Nation Value Relative to State
74.6865111918434 71.474358974359

Number Of Homes And Apartments:
1,959

Cheboygan 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
5.80% 0.33% 5 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$811 / per month

Homeownership Rate

Homeownership
Owners 57.25
Renters 42.75
Vacant 21.55

Housing Market Details

 

Age of Homes

AGE OF Cheboygan HOMES
2000 or Newer 4.8
1970 - 1999 39.1
1940 - 1969 22.4
1939 or Older 33.6

Types of Homes

TYPE OF Cheboygan HOMES
Single-Family 65.7
Townhomes 1.8
Small Apt. Buildings 9.4
Apt. Complexes 16.1
Mobile Homes 6.9
Other 0.0

Home Size

SIZE OF Cheboygan HOMES
No Bedroom 0.88
1 Bedroom 14.38
2 Bedrooms 29.44
3 Bedrooms 35.32
4 Bedrooms 16.66
5 or more bedrooms 3.32

Popular Communities Near Cheboygan, MI

Zip Codes in Cheboygan, MI