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 4,069 people, 1,641 houses or apartments, and a median cost of homes of $237,932, house prices in Otsego are solidly below the national average.
Single-family detached homes are the single most common housing type in Otsego, accounting for 79.47% of the city's housing units. Other types of housing that are prevalent in Otsego include large apartment complexes or high rise apartments ( 11.30%), duplexes, homes converted to apartments or other small apartment buildings ( 5.62%), and a few row houses and other attached homes ( 3.61%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Otsego. Owner-occupied housing accounts for 71.35% of Otsego's homes, and 68.92% have either three or four bedrooms, which is average sized relative to America.
The housing in Otsego was primarily built before 1939 ( 34.75%), making the housing stock in Otsego some of the oldest overall in America, although there is a range of ages of homes in Otsego. The next most important housing age is between 1970-1999 ( 30.62%), followed by between 1940-1969 ( 27.12%). There's also some housing in Otsego built between 2000 and later ( 7.51%).
Appreciation rates for homes in Otsego have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 105.69%, which ranks in the top 30% nationwide. This equates to an annual average Otsego house appreciation rate of 7.48%.
Appreciation rates are so strong in Otsego that despite a nationwide downturn in the housing market, Otsego real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Otsego appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Otsego. Otsego appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.
Importantly, this makes Otsego 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 Otsego's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.
$237,932
for Michigan
for nation
1,641
$1,593 / per month