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 a population of 29,752, 11,494 total housing units (homes and apartments), and a median house value of $112,369, house prices in Oak Park are solidly below the national average.
Single-family detached homes are the single most common housing type in Oak Park, accounting for 73.07% of the city's housing units. Other types of housing that are prevalent in Oak Park include large apartment complexes or high rise apartments ( 14.50%), row houses and other attached homes ( 6.74%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.83%).
The most prevalent building size and type in Oak Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.54% owning and 43.46% 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. Oak Park's housing was primarily built during this period, from the '40s through the '60s. A full 80.92% of the city's housing hails from this era. Other housing ages represented in Oak Park include homes built between 1970-1999 ( 11.54%) and housing constructed before 1939 ( 5.83%). There's also some housing in Oak Park built between 2000 and later ( 1.71%).
Vacant housing appears to be an issue in Oak Park. Fully 10.08% of the housing stock is classified as vacant. Left unchecked, vacant Oak Park homes and apartments can be a drag on the real estate market, holding Oak Park 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.
Oak Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Oak Park during the period has been just -2.06%, which is lower than 80% of US communities.
Appreciation rates are so strong in Oak Park that despite a nationwide downturn in the housing market, Oak Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Oak Park appreciation rates continue to be some of the highest in America, at 12.32%, which is higher than appreciation rates in 97.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Oak Park. Oak Park appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.
Importantly, this makes Oak Park 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 Oak Park'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 Oak Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Park - 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 Oak Park real estate investment or home purchase decisions.
|$1,070,001 - $1,427,000||0.0|
|$713,001 - $1,070,000||0.1|
|$571,001 - $713,000||0.3|
|$428,001 - $571,000||0.7|
|$285,001 - $428,000||1.4|
|$143,001 - $285,000||23.8|
|$71,001 - $143,000||53.8|
|$0 - $71,000||19.7|
|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 Oak Park HOMES|
|2000 or Newer||1.7|
|1970 - 1999||11.5|
|1940 - 1969||80.9|
|1939 or Older||5.8|
|TYPE OF Oak Park HOMES|
|Small Apt. Buildings||4.8|
|SIZE OF Oak Park HOMES|
|5 or more bedrooms||2.23|