Eaton Rapids, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Eaton Rapids Neighborhoods Since 2000




Eaton Rapids, 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

Eaton Rapids Housing Market Information

With 5,225 people, 1,958 houses or apartments, and a median cost of homes of $120,504, house prices in Eaton Rapids are solidly below the national average.

Single-family detached homes are the single most common housing type in Eaton Rapids, accounting for 65.89% of the city's housing units. Other types of housing that are prevalent in Eaton Rapids include large apartment complexes or high rise apartments ( 17.62%), mobile homes or trailers ( 8.40%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.54%).

The most prevalent building size and type in Eaton Rapids are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.92% owning and 39.08% renting.

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. Eaton Rapids's housing was primarily built during this period, from the '40s through the '60s. A full 31.61% of the city's housing hails from this era. Other housing ages represented in Eaton Rapids include homes built between 1970-1999 ( 27.38%) and housing constructed before 1939 ( 26.52%). There's also some housing in Eaton Rapids built between 2000 and later ( 14.49%).

Vacant housing appears to be an issue in Eaton Rapids. Fully 11.08% of the housing stock is classified as vacant. Left unchecked, vacant Eaton Rapids homes and apartments can be a drag on the real estate market, holding Eaton Rapids 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.

Eaton Rapids Home Appreciation Rates

Eaton Rapids's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Eaton Rapids during the period has been just -1.01%, which is lower than 70% of US communities.

Appreciation rates are so strong in Eaton Rapids that despite a nationwide downturn in the housing market, Eaton Rapids real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Eaton Rapids appreciation rates continue to be some of the highest in America, at 10.29%, which is higher than appreciation rates in 94.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Eaton Rapids. Eaton Rapids appreciation rates in the latest quarter were at 1.36%, which equates to an annual appreciation rate of 5.54%.

Relative to Michigan, our data show that Eaton Rapids's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$120,504

Eaton Rapids, MI HOME PRICES

Value Range
> $1,177,000 0.0
$883,001 - $1,177,000 0.5
$589,001 - $883,000 0.0
$471,001 - $589,000 0.0
$353,001 - $471,000 1.1
$235,001 - $353,000 10.6
$118,001 - $235,000 46.2
$59,001 - $118,000 25.6
$0 - $59,000 15.9

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
65.1119184343138 58.3333333333333

Number Of Homes And Apartments:
1,958

Eaton Rapids 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
-0.71% -0.04% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$847 / per month

Homeownership Rate

Homeownership
Owners 60.92
Renters 39.08
Vacant 11.08

Housing Market Details

 

Age of Homes

AGE OF Eaton Rapids HOMES
2000 or Newer 14.5
1970 - 1999 27.4
1940 - 1969 31.6
1939 or Older 26.5

Types of Homes

TYPE OF Eaton Rapids HOMES
Single-Family 65.9
Townhomes 3.5
Small Apt. Buildings 4.5
Apt. Complexes 17.6
Mobile Homes 8.4
Other 0.0

Home Size

SIZE OF Eaton Rapids HOMES
No Bedroom 1.32
1 Bedroom 13.22
2 Bedrooms 26.98
3 Bedrooms 39.69
4 Bedrooms 13.62
5 or more bedrooms 5.18

Popular Neighborhoods in Eaton Rapids

Zip Codes in Eaton Rapids, MI