River Rouge, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating River Rouge Neighborhoods Since 2000




River Rouge, 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

River Rouge Housing Market Information

With 7,546 people, 2,769 houses or apartments, and a median cost of homes of $40,019, house prices in River Rouge 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 River Rouge, accounting for 68.30% of the city's housing units. Other types of housing that are prevalent in River Rouge include duplexes, homes converted to apartments or other small apartment buildings ( 22.01%), large apartment complexes or high rise apartments ( 9.02%).

The most prevalent building size and type in River Rouge are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.06% owning and 42.94% renting.

The housing in River Rouge was primarily built before 1939 ( 56.40%), making the housing stock in River Rouge some of the oldest overall in America, although there is a range of ages of homes in River Rouge. The next most important housing age is between 1940-1969 ( 36.15%), followed by between 1970-1999 ( 6.06%). There's also some housing in River Rouge built between 2000 and later ( 1.39%).

Vacant housing appears to be an issue in River Rouge. Fully 27.63% of the housing stock is classified as vacant. Left unchecked, vacant River Rouge homes and apartments can be a drag on the real estate market, holding River Rouge 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.

River Rouge Home Appreciation Rates

River Rouge's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in River Rouge during the period has been just -1.38%, which is lower than 80% of US communities.

Appreciation rates are so strong in River Rouge that despite a nationwide downturn in the housing market, River Rouge real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, River Rouge appreciation rates continue to be some of the highest in America, at 7.79%, which is higher than appreciation rates in 85.66% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in River Rouge. River Rouge appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes River Rouge 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 River Rouge's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$40,019

River Rouge, MI HOME PRICES

Value Range
> $1,225,000 0.0
$918,001 - $1,225,000 0.0
$612,001 - $918,000 0.6
$489,001 - $612,000 0.0
$367,001 - $489,000 0.0
$245,001 - $367,000 0.0
$122,001 - $245,000 7.3
$61,001 - $122,000 17.3
$0 - $61,000 74.8

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
99.8124926754951 99.6794871794872

Number Of Homes And Apartments:
2,769

River Rouge 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
2.06% 0.12% 4 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$930 / per month

Homeownership Rate

Homeownership
Owners 57.06
Renters 42.94
Vacant 27.63

Housing Market Details

 

Age of Homes

AGE OF River Rouge HOMES
2000 or Newer 1.4
1970 - 1999 6.1
1940 - 1969 36.1
1939 or Older 56.4

Types of Homes

TYPE OF River Rouge HOMES
Single-Family 68.3
Townhomes 0.7
Small Apt. Buildings 22.0
Apt. Complexes 9.0
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF River Rouge HOMES
No Bedroom 1.02
1 Bedroom 11.71
2 Bedrooms 31.99
3 Bedrooms 40.36
4 Bedrooms 10.93
5 or more bedrooms 4.00