Hancock, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Hancock Neighborhoods Since 2000




Hancock, 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

Hancock Housing Market Information

With a population of 4,555, 1,825 total housing units (homes and apartments), and a median house value of $94,052, house prices in Hancock 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 Hancock, accounting for 62.77% of the city's housing units. Other types of housing that are prevalent in Hancock include large apartment complexes or high rise apartments ( 18.45%), duplexes, homes converted to apartments or other small apartment buildings ( 15.89%), and a few row houses and other attached homes ( 1.59%).

The most prevalent building size and type in Hancock are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.61% owning and 55.39% renting.

The housing in Hancock was primarily built before 1939 ( 51.18%), making the housing stock in Hancock some of the oldest overall in America, although there is a range of ages of homes in Hancock. The next most important housing age is between 1940-1969 ( 21.05%), followed by between 1970-1999 ( 19.85%). There's also some housing in Hancock built between 2000 and later ( 7.92%).

Vacant housing appears to be an issue in Hancock. Fully 11.88% of the housing stock is classified as vacant. Left unchecked, vacant Hancock homes and apartments can be a drag on the real estate market, holding Hancock 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.

Hancock Home Appreciation Rates

Appreciation rates for homes in Hancock have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.22%, which ranks in the top 40% nationwide. This equates to an annual average Hancock house appreciation rate of 0.61%.

Over the last year, Hancock appreciation rates have trailed the rest of the nation. In the last twelve months, Hancock's appreciation rate has been 0.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hancock were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$94,052

Hancock, MI HOME PRICES

Value Range
> $1,018,000 0.0
$763,001 - $1,018,000 0.0
$509,001 - $763,000 0.1
$407,001 - $509,000 0.4
$305,001 - $407,000 2.3
$204,001 - $305,000 11.7
$102,001 - $204,000 30.6
$51,001 - $102,000 40.8
$0 - $51,000 14.1

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
81.3313020039845 80.7692307692308

Number Of Homes And Apartments:
1,825

Hancock 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
30.02% 1.53% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$755 / per month

Homeownership Rate

Homeownership
Owners 44.61
Renters 55.39
Vacant 11.88

Housing Market Details

 

Age of Homes

AGE OF Hancock HOMES
2000 or Newer 7.9
1970 - 1999 19.8
1940 - 1969 21.1
1939 or Older 51.2

Types of Homes

TYPE OF Hancock HOMES
Single-Family 62.8
Townhomes 1.6
Small Apt. Buildings 15.9
Apt. Complexes 18.4
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Hancock HOMES
No Bedroom 2.90
1 Bedroom 13.42
2 Bedrooms 23.32
3 Bedrooms 37.90
4 Bedrooms 18.30
5 or more bedrooms 4.15

Popular Neighborhoods in Hancock

Zip Codes in Hancock, MI