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
With 6,483 people, 2,747 houses or apartments, and a median cost of homes of $80,514, house prices in Ishpeming 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 Ishpeming, accounting for 71.31% of the city's housing units. Other types of housing that are prevalent in Ishpeming include duplexes, homes converted to apartments or other small apartment buildings ( 17.27%), large apartment complexes or high rise apartments ( 9.04%), and a few mobile homes or trailers ( 1.32%).
Dwellings in Ishpeming tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 48.73% of the homes in Ishpeming have two or fewer bedrooms.
The housing in Ishpeming was primarily built before 1939 ( 55.07%), making the housing stock in Ishpeming some of the oldest overall in America, although there is a range of ages of homes in Ishpeming. The next most important housing age is between 1940-1969 ( 23.35%), followed by between 1970-1999 ( 18.40%). There's also some housing in Ishpeming built between 2000 and later ( 3.18%).
Vacant housing appears to be an issue in Ishpeming. Fully 11.64% of the housing stock is classified as vacant. Left unchecked, vacant Ishpeming homes and apartments can be a drag on the real estate market, holding Ishpeming 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.
Appreciation rates for homes in Ishpeming have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 5.51%, which ranks in the top 40% nationwide. This equates to an annual average Ishpeming house appreciation rate of 0.54%.
Over the last year, Ishpeming appreciation rates have trailed the rest of the nation. In the last twelve months, Ishpeming's appreciation rate has been 2.57%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ishpeming were at 0.00%, which equates to an annual appreciation rate of 0.00%.
Relative to Michigan, our data show that Ishpeming'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 Ishpeming differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ishpeming - 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 Ishpeming real estate investment or home purchase decisions.
|$787,001 - $1,050,000||0.0|
|$524,001 - $787,000||0.0|
|$419,001 - $524,000||0.5|
|$315,001 - $419,000||1.5|
|$210,001 - $315,000||4.0|
|$105,001 - $210,000||22.0|
|$52,001 - $105,000||54.0|
|$0 - $52,000||18.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Ishpeming HOMES|
|2000 or Newer||3.2|
|1970 - 1999||18.4|
|1940 - 1969||23.4|
|1939 or Older||55.1|
|TYPE OF Ishpeming HOMES|
|Small Apt. Buildings||17.3|
|SIZE OF Ishpeming HOMES|
|5 or more bedrooms||2.86|