Lake, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Lake Neighborhoods Since 2000




Lake, 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 Housing Market Information

With 3,880 people, 902 houses or apartments, and a median cost of homes of $66,248, 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 78.82% of the town's housing units. Other types of housing that are prevalent in Lake include mobile homes or trailers ( 20.96%).

Dwellings in Lake tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 57.74% 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 ( 26.93%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.49%). There's also some housing in Lake built before 1939 ( 5.65%).

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

Homes have actually lost value in Lake over the last then years, as home values have seen a decline of 20.80% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Lake home appreciation rates at 0.00%, which equates to an annual appreciation rate of 0.00%.

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 -0.66%, 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 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Lake's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$66,248

Lake, MI HOME PRICES

Value Range
> $991,000 0.5
$744,001 - $991,000 0.0
$496,001 - $744,000 1.1
$396,001 - $496,000 0.6
$297,001 - $396,000 1.6
$198,001 - $297,000 8.8
$99,001 - $198,000 23.2
$50,001 - $99,000 32.5
$0 - $50,000 31.8

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
96.4432204382984 96.1538461538462

Number Of Homes And Apartments:
902

Lake 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
-7.02% -0.42% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$765 / per month

Homeownership Rate

Homeownership
Owners 85.31
Renters 14.69
Vacant 60.15

Housing Market Details

 

Age of Homes

AGE OF Lake HOMES
2000 or Newer 15.5
1970 - 1999 51.9
1940 - 1969 26.9
1939 or Older 5.6

Types of Homes

TYPE OF Lake HOMES
Single-Family 78.8
Townhomes 0.1
Small Apt. Buildings 0.1
Apt. Complexes 0.0
Mobile Homes 21.0
Other 0.0

Home Size

SIZE OF Lake HOMES
No Bedroom 1.23
1 Bedroom 13.83
2 Bedrooms 42.68
3 Bedrooms 33.70
4 Bedrooms 5.84
5 or more bedrooms 2.73

Popular Neighborhoods in Lake

Popular Communities Near Lake, MI

Zip Codes in Lake, MI