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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (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, 1,296 total housing units (homes and apartments), and a median house value of $59,516, 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 73.52% of the city's housing units. Other types of housing that are prevalent in Mount Morris include mobile homes or trailers ( 14.00%), large apartment complexes or high rise apartments ( 6.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.40%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Mount Morris. Owner-occupied housing accounts for 67.02% of Mount Morris's homes, and 64.06% 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. Mount Morris's housing was primarily built during this period, from the '40s through the '60s. A full 49.83% of the city's housing hails from this era. Other housing ages represented in Mount Morris include homes built between 1970-1999 ( 33.36%) and housing constructed before 1939 ( 8.95%). There's also some housing in Mount Morris built between 2000 and later ( 7.86%).

Vacant housing appears to be an issue in Mount Morris. Fully 10.96% of the housing stock is classified as vacant. Left unchecked, vacant Mount Morris homes and apartments can be a drag on the real estate market, holding Mount Morris 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.

Mount Morris Home Appreciation Rates

Mount Morris's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mount Morris during the period has been just 1.54%, which is lower than 70% of US communities.

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 2.67%, 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 0.74%, which equates to an annual appreciation rate of 3.00%.

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:
$59,516

Mount Morris, MI HOME PRICES

Value Range
> $1,191,000 0.0
$893,001 - $1,191,000 0.0
$595,001 - $893,000 0.0
$476,001 - $595,000 0.0
$357,001 - $476,000 0.0
$238,001 - $357,000 0.0
$119,001 - $238,000 12.8
$59,001 - $119,000 35.3
$0 - $59,000 51.9

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
98.6744525547445 98.3974358974359

Number Of Homes And Apartments:
1,296

Mount Morris Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
-7.53% -0.38%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$941 / per month

Homeownership Rate

Homeownership
Owners 67.02
Renters 32.98
Vacant 10.96

Housing Market Details

 

Age of Homes

AGE OF Mount Morris HOMES
2000 or Newer 7.9
1970 - 1999 33.4
1940 - 1969 49.8
1939 or Older 9.0

Types of Homes

TYPE OF Mount Morris HOMES
Single-Family 73.5
Townhomes 1.9
Small Apt. Buildings 4.4
Apt. Complexes 6.2
Mobile Homes 14.0
Other 0.0

Home Size

SIZE OF Mount Morris HOMES
No Bedroom 0.64
1 Bedroom 4.33
2 Bedrooms 29.61
3 Bedrooms 55.09
4 Bedrooms 8.97
5 or more bedrooms 1.36