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 about Scout's Real Estate Data
With 2,532 people, 957 houses or apartments, and a median cost of homes of $166,176, house prices in Newaygo are solidly below the national average.
Single-family detached homes are the single most common housing type in Newaygo, accounting for 59.62% of the city's housing units. Other types of housing that are prevalent in Newaygo include large apartment complexes or high rise apartments ( 19.14%), mobile homes or trailers ( 14.76%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.90%).
The most prevalent building size and type in Newaygo are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.61% owning and 41.39% renting.
There is a lot of housing in Newaygo 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 Newaygo built before 1939 ( 27.52%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.10%). There's also some housing in Newaygo built between 2000 and later ( 12.86%).
Appreciation rates for homes in Newaygo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.13%, which ranks in the top 40% nationwide. This equates to an annual average Newaygo house appreciation rate of 6.86%.
Appreciation rates are so strong in Newaygo that despite a nationwide downturn in the housing market, Newaygo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Newaygo appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Newaygo. Newaygo appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.
Importantly, this makes Newaygo 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 Newaygo's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.
$166,176
for Michigan
for nation
957
$1,672 / per month