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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 108,420 people, 34,949 houses or apartments, and a median cost of homes of $215,339, house prices in Dearborn are solidly below the national average.
Single-family detached homes are the single most common housing type in Dearborn, accounting for 75.94% of the city's housing units. Other types of housing that are prevalent in Dearborn include large apartment complexes or high rise apartments ( 11.20%), duplexes, homes converted to apartments or other small apartment buildings ( 7.85%), and a few row houses and other attached homes ( 4.41%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Dearborn. Owner-occupied housing accounts for 67.83% of Dearborn's homes, and 63.49% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Dearborn's housing was primarily built during this period, from the '40s through the '60s. A full 55.42% of the city's housing hails from this era. Other housing ages represented in Dearborn include homes built before 1939 ( 23.31%) and housing constructed between 1970-1999 ( 15.08%). There's also some housing in Dearborn built between 2000 and later ( 6.18%).
In the last 10 years, Dearborn has experienced some of the highest home appreciation rates of any community in the nation. Dearborn real estate appreciated 144.17% over the last ten years, which is an average annual home appreciation rate of 9.34%, putting Dearborn in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Dearborn definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Dearborn appreciation rates have trailed the rest of the nation. In the last twelve months, Dearborn's appreciation rate has been 6.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Dearborn were at -1.12%, which equates to an annual appreciation rate of -4.40%.
Notably, Dearborn's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Dearborn's latest annual appreciation rate is lower 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 Dearborn differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Dearborn - 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 Dearborn real estate investment or home purchase decisions.
Average for Nation
Average for MI