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 30,198 people, 12,855 houses or apartments, and a median cost of homes of $119,553, house prices in Madison Heights are solidly below the national average.
Single-family detached homes are the single most common housing type in Madison Heights, accounting for 68.97% of the city's housing units. Other types of housing that are prevalent in Madison Heights include large apartment complexes or high rise apartments ( 21.49%), mobile homes or trailers ( 3.95%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.11%).
The most prevalent building size and type in Madison Heights are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.58% owning and 39.42% renting.
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. Madison Heights's housing was primarily built during this period, from the '40s through the '60s. A full 63.25% of the city's housing hails from this era. Other housing ages represented in Madison Heights include homes built between 1970-1999 ( 30.26%) and housing constructed before 1939 ( 4.97%). There's also some housing in Madison Heights built between 2000 and later ( 1.52%).
Madison Heights's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Madison Heights during the period has been just -0.93%, which is lower than 70% of US communities.
Appreciation rates are so strong in Madison Heights that despite a nationwide downturn in the housing market, Madison Heights real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Madison Heights appreciation rates continue to be some of the highest in America, at 10.65%, which is higher than appreciation rates in 95.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Madison Heights. Madison Heights appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.
Importantly, this makes Madison Heights one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Michigan, our data show that Madison Heights's latest annual appreciation rate is higher than 90% 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 Madison Heights differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Madison Heights - 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 Madison Heights real estate investment or home purchase decisions.
|$1,059,001 - $1,412,000||0.0|
|$706,001 - $1,059,000||0.0|
|$565,001 - $706,000||0.1|
|$424,001 - $565,000||0.4|
|$282,001 - $424,000||5.6|
|$141,001 - $282,000||29.8|
|$71,001 - $141,000||47.7|
|$0 - $71,000||16.5|
|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 Madison Heights HOMES|
|2000 or Newer||1.5|
|1970 - 1999||30.3|
|1940 - 1969||63.2|
|1939 or Older||5.0|
|TYPE OF Madison Heights HOMES|
|Small Apt. Buildings||3.1|
|SIZE OF Madison Heights HOMES|
|5 or more bedrooms||0.59|