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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Cheboygan, MI Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cheboygan, MI Housing Market Trends

With 4,828 people, 1,987 houses or apartments, and a median cost of homes of $219,818, 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 67.79% of the city's housing units. Other types of housing that are prevalent in Cheboygan include large apartment complexes or high rise apartments ( 10.57%), duplexes, homes converted to apartments or other small apartment buildings ( 10.24%), and a few mobile homes or trailers ( 7.50%).

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 61.79% owning and 38.21% 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 between 1940-1969 ( 31.18%). A lesser amount of the housing stock also hails from before 1939 ( 25.70%). There's also some housing in Cheboygan built between 2000 and later ( 7.34%).

Vacant housing appears to be an issue in Cheboygan. Fully 17.62% 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

Appreciation rates for homes in Cheboygan have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 82.57%, which ranks in the top 50% nationwide. This equates to an annual average Cheboygan house appreciation rate of 6.20%.

Appreciation rates are so strong in Cheboygan that despite a nationwide downturn in the housing market, Cheboygan real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cheboygan appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 86.00% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cheboygan. Cheboygan appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Cheboygan one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Cheboygan's latest annual appreciation rate is higher than 80% 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 Cheboygan differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cheboygan - 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 Cheboygan real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$219,818

Cheboygan, MI Home Prices
> $1,388,000
$1,041,001 - $1,388,000
$694,001 - $1,041,000
$555,001 - $694,000
$416,001 - $555,000
$278,001 - $416,000
$139,001 - $278,000
$70,001 - $139,000
$0 - $70,000
2.1%
2.1%
0.7%
0.7%
2.1%
2.1%
1.9%
1.9%
6.7%
6.7%
10.6%
10.6%
40.3%
40.3%
24.4%
24.4%
11.1%
11.1%
0% 100.0%
% of Homes
Average

for Michigan

Low

for nation

Number of Homes And Apartments:

1,987

Cheboygan Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,284 / per month

Homeownership Rate

Owners
Renters
61.8%
61.8%
38.2%
38.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
17.6%
17.6%
82.4%
82.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.3%
7.3%
35.8%
35.8%
31.2%
31.2%
25.7%
25.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.8%
67.8%
3.9%
3.9%
10.2%
10.2%
10.6%
10.6%
7.5%
7.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.4%
1.4%
13.8%
13.8%
21.9%
21.9%
41.9%
41.9%
14.8%
14.8%
6.1%
6.1%
0% 100.0%
% of Homes

Popular Communities Near Cheboygan, MI

Zip Codes in Cheboygan, MI