Iron River, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Iron River, 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 River Housing Market Information

With 2,904 people, 1,529 houses or apartments, and a median cost of homes of $56,261, house prices in Iron River 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 River, accounting for 81.37% of the city's housing units. Other types of housing that are prevalent in Iron River include large apartment complexes or high rise apartments ( 11.76%), duplexes, homes converted to apartments or other small apartment buildings ( 5.15%), and a few mobile homes or trailers ( 1.73%).

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 River. Owner-occupied housing accounts for 70.39% of Iron River's homes, and 59.21% have either three or four bedrooms, which is average sized relative to America.

The housing in Iron River was primarily built before 1939 ( 42.85%), making the housing stock in Iron River some of the oldest overall in America, although there is a range of ages of homes in Iron River. The next most important housing age is between 1940-1969 ( 35.05%), followed by between 1970-1999 ( 20.86%). There's also some housing in Iron River built between 2000 and later ( 1.25%).

Vacant housing appears to be an issue in Iron River. Fully 17.17% of the housing stock is classified as vacant. Left unchecked, vacant Iron River homes and apartments can be a drag on the real estate market, holding Iron River 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 River Home Appreciation Rates

Iron River's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Iron River during the period has been just -0.94%, which is lower than 70% of US communities.

Appreciation rates are so strong in Iron River that despite a nationwide downturn in the housing market, Iron River real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Iron River appreciation rates continue to be some of the highest in America, at 7.14%, which is higher than appreciation rates in 82.10% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Iron River. Iron River appreciation rates in the latest quarter were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Iron River's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$56,261

Iron River, MI HOME PRICES

Value Range
> $1,005,000 0.1
$754,001 - $1,005,000 0.0
$502,001 - $754,000 0.4
$402,001 - $502,000 1.2
$301,001 - $402,000 1.3
$201,001 - $301,000 4.4
$100,001 - $201,000 13.4
$50,001 - $100,000 35.0
$0 - $50,000 44.1

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.6640103129028 98.2371794871795

Number Of Homes And Apartments:
1,529

Iron River 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
14.96% 0.81% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$627 / per month

Homeownership Rate

Homeownership
Owners 70.39
Renters 29.61
Vacant 17.17

Housing Market Details

 

Age of Homes

AGE OF Iron River HOMES
2000 or Newer 1.2
1970 - 1999 20.9
1940 - 1969 35.0
1939 or Older 42.8

Types of Homes

TYPE OF Iron River HOMES
Single-Family 81.4
Townhomes 0.0
Small Apt. Buildings 5.1
Apt. Complexes 11.8
Mobile Homes 1.7
Other 0.0

Home Size

SIZE OF Iron River HOMES
No Bedroom 0.38
1 Bedroom 12.84
2 Bedrooms 25.46
3 Bedrooms 47.07
4 Bedrooms 12.13
5 or more bedrooms 2.11

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Zip Codes in Iron River, MI