Mount Morris MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Mount Morris, 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 Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Mount Morris Housing Market Information

With a population of 2,855, 1,194 total housing units (homes and apartments), and a median house value of $57,459, house prices in Mount Morris 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 Mount Morris, accounting for 71.02% of the city's housing units. Other types of housing that are prevalent in Mount Morris include duplexes, homes converted to apartments or other small apartment buildings ( 14.19%), large apartment complexes or high rise apartments ( 11.00%), and a few row houses and other attached homes ( 2.66%).

People in Mount Morris primarily live in small (one, two or no bedroom) single-family detached homes. Mount Morris has a mixture of owner-occupied and renter-occupied housing.

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. Mount Morris's housing was primarily built during this period, from the '40s through the '60s. A full 57.06% of the city's housing hails from this era. Other housing ages represented in Mount Morris include homes built before 1939 ( 21.32%) and housing constructed between 1970-1999 ( 19.12%). There's also some housing in Mount Morris built between 2000 and later ( 2.50%).

Mount Morris Home Appreciation Rates

Homes have actually lost value in Mount Morris over the last then years, as home values have seen a decline of 2.63% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Mount Morris home appreciation rates at 1.92%, which equates to an annual appreciation rate of 7.89%.

Over the last year, Mount Morris appreciation rates have trailed the rest of the nation. In the last twelve months, Mount Morris's appreciation rate has been 2.75%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mount Morris were at 1.92%, which equates to an annual appreciation rate of 7.89%.

Relative to Michigan, our data show that Mount Morris's latest annual appreciation rate is lower than 70% 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 Mount Morris differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mount Morris - 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 Mount Morris real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$57,459

Mount Morris, MI HOME PRICES

Value Range
> $1,206,000 0.0
$905,001 - $1,206,000 0.0
$603,001 - $905,000 0.0
$482,001 - $603,000 0.0
$362,001 - $482,000 0.0
$242,001 - $362,000 0.0
$121,001 - $242,000 4.4
$60,001 - $121,000 41.4
$0 - $60,000 54.2

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.8613138686131 98.3974358974359

Number Of Homes And Apartments:
1,194

Mount Morris Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
-9.93% -0.53%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$837 / per month

Homeownership Rate

Homeownership
Owners 53.81
Renters 46.19
Vacant 9.41

Housing Market Details

 

Age of Homes

AGE OF Mount Morris HOMES
2000 or Newer 2.5
1970 - 1999 19.1
1940 - 1969 57.1
1939 or Older 21.3

Types of Homes

TYPE OF Mount Morris HOMES
Single-Family 71.0
Townhomes 2.7
Small Apt. Buildings 14.2
Apt. Complexes 11.0
Mobile Homes 1.1
Other 0.0

Home Size

SIZE OF Mount Morris HOMES
No Bedroom 4.86
1 Bedroom 9.64
2 Bedrooms 38.85
3 Bedrooms 35.43
4 Bedrooms 9.86
5 or more bedrooms 1.37