Lake City, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake City, 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

Lake City Housing Market Information

With a population of 843, 355 total housing units (homes and apartments), and a median house value of $126,695, house prices in Lake City are solidly below the national average.

Single-family detached homes are the single most common housing type in Lake City, accounting for 90.98% of the city's housing units. Other types of housing that are prevalent in Lake City include large apartment complexes or high rise apartments ( 4.70%), duplexes, homes converted to apartments or other small apartment buildings ( 3.38%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake City. Owner-occupied housing accounts for 70.57% of Lake City's homes, and 50.38% have either three or four bedrooms, which is average sized relative to America.

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. Lake City's housing was primarily built during this period, from the '40s through the '60s. A full 34.40% of the city's housing hails from this era. Other housing ages represented in Lake City include homes built between 1970-1999 ( 33.08%) and housing constructed before 1939 ( 26.69%). There's also some housing in Lake City built between 2000 and later ( 5.83%).

Vacant housing appears to be an issue in Lake City. Fully 33.27% of the housing stock is classified as vacant. Left unchecked, vacant Lake City homes and apartments can be a drag on the real estate market, holding Lake City 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.

Lake City Home Appreciation Rates

Lake City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lake City during the period has been just -1.21%, which is lower than 70% of US communities.

Over the last year, Lake City appreciation rates have trailed the rest of the nation. In the last twelve months, Lake City's appreciation rate has been 2.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake City were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Lake City's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$126,695

Lake City, MI HOME PRICES

Value Range
> $1,087,000 0.0
$815,001 - $1,087,000 0.2
$544,001 - $815,000 0.8
$435,001 - $544,000 2.4
$326,001 - $435,000 5.4
$217,001 - $326,000 14.1
$109,001 - $217,000 27.3
$54,001 - $109,000 35.7
$0 - $54,000 14.1

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
61.5932262979023 53.2051282051282

Number Of Homes And Apartments:
355

Lake City 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
12.27% 0.67% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$876 / per month

Homeownership Rate

Homeownership
Owners 70.57
Renters 29.43
Vacant 33.27

Housing Market Details

 

Age of Homes

AGE OF Lake City HOMES
2000 or Newer 5.8
1970 - 1999 33.1
1940 - 1969 34.4
1939 or Older 26.7

Types of Homes

TYPE OF Lake City HOMES
Single-Family 91.0
Townhomes 0.6
Small Apt. Buildings 3.4
Apt. Complexes 4.7
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Lake City HOMES
No Bedroom 1.50
1 Bedroom 12.03
2 Bedrooms 30.45
3 Bedrooms 29.14
4 Bedrooms 21.24
5 or more bedrooms 5.64

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Zip Codes in Lake City, MI