Muskegon, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Muskegon Neighborhoods Since 2000




Muskegon, 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

Muskegon Housing Market Information

With 38,401 people, 13,577 houses or apartments, and a median cost of homes of $75,133, house prices in Muskegon 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 Muskegon, accounting for 66.43% of the city's housing units. Other types of housing that are prevalent in Muskegon include large apartment complexes or high rise apartments ( 18.35%), duplexes, homes converted to apartments or other small apartment buildings ( 11.79%), and a few row houses and other attached homes ( 3.17%).

People in Muskegon primarily live in small (one, two or no bedroom) single-family detached homes. Muskegon 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. Muskegon's housing was primarily built during this period, from the '40s through the '60s. A full 41.29% of the city's housing hails from this era. Other housing ages represented in Muskegon include homes built before 1939 ( 33.56%) and housing constructed between 1970-1999 ( 18.86%). There's also some housing in Muskegon built between 2000 and later ( 6.29%).

Vacant housing appears to be an issue in Muskegon. Fully 15.37% of the housing stock is classified as vacant. Left unchecked, vacant Muskegon homes and apartments can be a drag on the real estate market, holding Muskegon 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.

Muskegon Home Appreciation Rates

Muskegon's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Muskegon during the period has been just -1.03%, which is lower than 70% of US communities.

Appreciation rates are so strong in Muskegon that despite a nationwide downturn in the housing market, Muskegon real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Muskegon appreciation rates continue to be some of the highest in America, at 12.53%, which is higher than appreciation rates in 98.07% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Muskegon. Muskegon appreciation rates in the latest quarter were at 1.76%, which equates to an annual appreciation rate of 7.23%.

Importantly, this makes Muskegon 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 Muskegon'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 Muskegon differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Muskegon - 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 Muskegon real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$75,133

Muskegon, MI HOME PRICES

Value Range
> $1,207,000 0.0
$905,001 - $1,207,000 0.1
$603,001 - $905,000 0.5
$483,001 - $603,000 0.5
$362,001 - $483,000 0.7
$241,001 - $362,000 3.3
$121,001 - $241,000 10.3
$60,001 - $121,000 42.3
$0 - $60,000 42.4

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
93.0856674088832 93.1089743589744

Number Of Homes And Apartments:
13,577

Muskegon 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
3.85% 0.22% 4 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$855 / per month

Homeownership Rate

Homeownership
Owners 43.59
Renters 56.41
Vacant 15.37

Housing Market Details

 

Age of Homes

AGE OF Muskegon HOMES
2000 or Newer 6.3
1970 - 1999 18.9
1940 - 1969 41.3
1939 or Older 33.6

Types of Homes

TYPE OF Muskegon HOMES
Single-Family 66.4
Townhomes 3.2
Small Apt. Buildings 11.8
Apt. Complexes 18.4
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Muskegon HOMES
No Bedroom 1.09
1 Bedroom 18.48
2 Bedrooms 34.34
3 Bedrooms 31.04
4 Bedrooms 12.24
5 or more bedrooms 2.81