Lake, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake, MI Real Estate Data


Lake Housing Market Information

With 3,880 people, 884 houses or apartments, and a median cost of homes of $79,204, house prices in Lake 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 Lake, accounting for 80.92% of the town's housing units. Other types of housing that are prevalent in Lake include mobile homes or trailers ( 18.89%).

Dwellings in Lake tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 60.17% of the homes in Lake have two or fewer bedrooms.

There is a lot of housing in Lake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake built between 1940-1969 ( 28.86%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.09%). There's also some housing in Lake built before 1939 ( 6.18%).

A decent proportion of the Lake housing stock is seasonally occupied. That is, homes and condos in Lake are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Lake housing market speaks to its popularity as a vacation location of choice.

Lake Home Appreciation Rates

Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lake during the period has been just -1.79%, which is lower than 80% of US communities.

Over the last year, Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Lake's appreciation rate has been 3.02%, 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 were at 1.43%, which equates to an annual appreciation rate of 5.84%.

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

Average Home Values

 

Median Home Value:
$79,204

Lake, MI HOME PRICES

Value Range
> $1,075,000 0.4
$806,001 - $1,075,000 0.0
$538,001 - $806,000 0.4
$430,001 - $538,000 0.6
$322,001 - $430,000 2.6
$216,001 - $322,000 8.4
$107,001 - $216,000 20.8
$54,001 - $107,000 33.9
$0 - $54,000 32.9

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
91.7198571177607 93.4294871794872

Number Of Homes And Apartments:
884

Rent & Ownership

 

Average Market Rent:
$688 / per month

Homeownership Rate

Homeownership
Owners 88.72
Renters 11.28
Vacant 60.74

Housing Market Details

 

Age of Homes

AGE OF Lake HOMES
2000 or Newer 15.1
1970 - 1999 49.9
1940 - 1969 28.9
1939 or Older 6.2

Types of Homes

TYPE OF Lake HOMES
Single-Family 80.9
Townhomes 0.1
Small Apt. Buildings 0.1
Apt. Complexes 0.0
Mobile Homes 18.9
Other 0.0

Home Size

SIZE OF Lake HOMES
No Bedroom 1.88
1 Bedroom 16.36
2 Bedrooms 41.92
3 Bedrooms 32.81
4 Bedrooms 4.14
5 or more bedrooms 2.89

Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
-0.06% 0.00% 4 1
* 10 is highest

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Zip Codes in Lake, MI