Ontonagon, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ontonagon, 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

Ontonagon Housing Market Information

With 1,324 people, 692 houses or apartments, and a median cost of homes of $74,977, house prices in Ontonagon 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 Ontonagon, accounting for 80.84% of the village's housing units. Other types of housing that are prevalent in Ontonagon include duplexes, homes converted to apartments or other small apartment buildings ( 14.45%), large apartment complexes or high rise apartments ( 3.85%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ontonagon. Owner-occupied housing accounts for 68.14% of Ontonagon's homes, and 54.28% have either three or four bedrooms, which is average sized relative to America.

The housing in Ontonagon was primarily built before 1939 ( 48.93%), making the housing stock in Ontonagon some of the oldest overall in America, although there is a range of ages of homes in Ontonagon. The next most important housing age is between 1940-1969 ( 33.51%), followed by between 1970-1999 ( 15.74%). There's also some housing in Ontonagon built between 2000 and later ( 1.82%).

Vacant housing appears to be an issue in Ontonagon. Fully 25.91% of the housing stock is classified as vacant. Left unchecked, vacant Ontonagon homes and apartments can be a drag on the real estate market, holding Ontonagon 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.

Ontonagon Home Appreciation Rates

Appreciation rates for homes in Ontonagon have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 7.66%, which ranks in the top 40% nationwide. This equates to an annual average Ontonagon house appreciation rate of 0.74%.

Appreciation rates are so strong in Ontonagon that despite a nationwide downturn in the housing market, Ontonagon real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ontonagon appreciation rates continue to be some of the highest in America, at 6.03%, which is higher than appreciation rates in 74.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ontonagon. Ontonagon appreciation rates in the latest quarter were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Michigan, our data show that Ontonagon's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$74,977

Ontonagon, MI HOME PRICES

Value Range
> $1,156,000 0.0
$867,001 - $1,156,000 0.0
$578,001 - $867,000 0.4
$463,001 - $578,000 0.0
$347,001 - $463,000 1.0
$231,001 - $347,000 2.6
$116,001 - $231,000 20.1
$58,001 - $116,000 45.4
$0 - $58,000 30.6

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
93.167701863354 93.2692307692308

Number Of Homes And Apartments:
692

Ontonagon 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
40.53% 1.99% 10 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$570 / per month

Homeownership Rate

Homeownership
Owners 68.14
Renters 31.86
Vacant 25.91

Housing Market Details

 

Age of Homes

AGE OF Ontonagon HOMES
2000 or Newer 1.8
1970 - 1999 15.7
1940 - 1969 33.5
1939 or Older 48.9

Types of Homes

TYPE OF Ontonagon HOMES
Single-Family 80.8
Townhomes 0.4
Small Apt. Buildings 14.5
Apt. Complexes 3.9
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Ontonagon HOMES
No Bedroom 0.54
1 Bedroom 14.67
2 Bedrooms 26.02
3 Bedrooms 39.40
4 Bedrooms 14.88
5 or more bedrooms 4.50

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Zip Codes in Ontonagon, MI