Cheboygan, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Cheboygan Neighborhoods Since 2000




Cheboygan, MI Real Estate Data


Cheboygan Housing Market Information

With a population of 4,733, 2,034 total housing units (homes and apartments), and a median house value of $89,096, house prices in Cheboygan 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 Cheboygan, accounting for 64.96% of the city's housing units. Other types of housing that are prevalent in Cheboygan include large apartment complexes or high rise apartments ( 14.64%), duplexes, homes converted to apartments or other small apartment buildings ( 9.65%), and a few mobile homes or trailers ( 8.89%).

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 58.27% owning and 41.73% 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 ( 36.28%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.47%). There's also some housing in Cheboygan built between 2000 and later ( 6.23%).

Vacant housing appears to be an issue in Cheboygan. Fully 18.18% 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 20.74% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Cheboygan home appreciation rates at 1.43%, which equates to an annual appreciation rate of 5.84%.

Over the last year, Cheboygan appreciation rates have trailed the rest of the nation. In the last twelve months, Cheboygan's appreciation rate has been 0.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cheboygan were at 1.43%, which equates to an annual appreciation rate of 5.84%.

Relative to Michigan, our data show that Cheboygan's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$89,096

Cheboygan, MI HOME PRICES

Value Range
> $1,026,000 0.8
$769,001 - $1,026,000 0.9
$513,001 - $769,000 0.4
$410,001 - $513,000 1.1
$308,001 - $410,000 0.8
$205,001 - $308,000 10.2
$102,001 - $205,000 25.3
$51,001 - $102,000 36.1
$0 - $51,000 24.3

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
85.9518650816888 88.7820512820513

Number Of Homes And Apartments:
2,034

Rent & Ownership

 

Average Market Rent:
$754 / per month

Homeownership Rate

Homeownership
Owners 58.27
Renters 41.73
Vacant 18.18

Housing Market Details

 

Age of Homes

AGE OF Cheboygan HOMES
2000 or Newer 6.2
1970 - 1999 37.0
1940 - 1969 20.5
1939 or Older 36.3

Types of Homes

TYPE OF Cheboygan HOMES
Single-Family 65.0
Townhomes 1.9
Small Apt. Buildings 9.7
Apt. Complexes 14.6
Mobile Homes 8.9
Other 0.0

Home Size

SIZE OF Cheboygan HOMES
No Bedroom 1.01
1 Bedroom 16.09
2 Bedrooms 29.85
3 Bedrooms 37.05
4 Bedrooms 14.56
5 or more bedrooms 1.45

Cheboygan Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
3.96% 0.23% 5 1
* 10 is highest

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Zip Codes in Cheboygan, MI