Iron Mountain, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Iron Mountain Neighborhoods Since 2000




Iron Mountain, 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

Iron Mountain Housing Market Information

With a population of 7,504, 3,121 total housing units (homes and apartments), and a median house value of $88,712, house prices in Iron Mountain 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 Iron Mountain, accounting for 80.78% of the city's housing units. Other types of housing that are prevalent in Iron Mountain include duplexes, homes converted to apartments or other small apartment buildings ( 10.52%), large apartment complexes or high rise apartments ( 5.06%), and a few mobile homes or trailers ( 3.45%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Iron Mountain. Owner-occupied housing accounts for 72.20% of Iron Mountain's homes, and 55.53% have either three or four bedrooms, which is average sized relative to America.

The housing in Iron Mountain was primarily built before 1939 ( 42.21%), making the housing stock in Iron Mountain some of the oldest overall in America, although there is a range of ages of homes in Iron Mountain. The next most important housing age is between 1940-1969 ( 28.10%), followed by between 1970-1999 ( 26.38%). There's also some housing in Iron Mountain built between 2000 and later ( 3.31%).

Vacant housing appears to be an issue in Iron Mountain. Fully 15.99% of the housing stock is classified as vacant. Left unchecked, vacant Iron Mountain homes and apartments can be a drag on the real estate market, holding Iron Mountain 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.

Iron Mountain Home Appreciation Rates

Appreciation rates for homes in Iron Mountain have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.73%, which ranks in the top 50% nationwide. This equates to an annual average Iron Mountain house appreciation rate of 0.27%.

Over the last year, Iron Mountain appreciation rates have trailed the rest of the nation. In the last twelve months, Iron Mountain's appreciation rate has been 2.41%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Iron Mountain were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$88,712

Iron Mountain, MI HOME PRICES

Value Range
> $1,075,000 0.1
$806,001 - $1,075,000 0.0
$537,001 - $806,000 0.2
$430,001 - $537,000 1.6
$322,001 - $430,000 3.3
$215,001 - $322,000 5.4
$107,001 - $215,000 22.4
$54,001 - $107,000 43.7
$0 - $54,000 23.4

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
84.9290987929216 85.8974358974359

Number Of Homes And Apartments:
3,121

Iron Mountain 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
20.00% 1.06% 8 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$826 / per month

Homeownership Rate

Homeownership
Owners 72.20
Renters 27.80
Vacant 15.99

Housing Market Details

 

Age of Homes

AGE OF Iron Mountain HOMES
2000 or Newer 3.3
1970 - 1999 26.4
1940 - 1969 28.1
1939 or Older 42.2

Types of Homes

TYPE OF Iron Mountain HOMES
Single-Family 80.8
Townhomes 0.2
Small Apt. Buildings 10.5
Apt. Complexes 5.1
Mobile Homes 3.4
Other 0.0

Home Size

SIZE OF Iron Mountain HOMES
No Bedroom 0.32
1 Bedroom 10.23
2 Bedrooms 29.85
3 Bedrooms 39.22
4 Bedrooms 16.31
5 or more bedrooms 4.06

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Zip Codes in Iron Mountain, MI