Aitkin, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Aitkin, MN 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

Aitkin Housing Market Information

With 2,053 people, 1,077 houses or apartments, and a median cost of homes of $143,482, Aitkin real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Aitkin, accounting for 60.69% of the city's housing units. Other types of housing that are prevalent in Aitkin include large apartment complexes or high rise apartments ( 28.33%), duplexes, homes converted to apartments or other small apartment buildings ( 5.57%), and a few row houses and other attached homes ( 4.52%).

People in Aitkin primarily live in small (one, two or no bedroom) single-family detached homes. Aitkin has a mixture of owner-occupied and renter-occupied housing.

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. Aitkin's housing was primarily built during this period, from the '40s through the '60s. A full 33.01% of the city's housing hails from this era. Other housing ages represented in Aitkin include homes built between 1970-1999 ( 28.97%) and housing constructed before 1939 ( 27.04%). There's also some housing in Aitkin built between 2000 and later ( 10.98%).

Vacant housing appears to be an issue in Aitkin. Fully 13.08% of the housing stock is classified as vacant. Left unchecked, vacant Aitkin homes and apartments can be a drag on the real estate market, holding Aitkin 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.

Aitkin Home Appreciation Rates

Aitkin's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Aitkin during the period has been just -1.95%, which is lower than 80% of US communities.

Over the last year, Aitkin appreciation rates have trailed the rest of the nation. In the last twelve months, Aitkin's appreciation rate has been 3.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Aitkin were at -0.47%, which equates to an annual appreciation rate of -1.86%.

Relative to Minnesota, our data show that Aitkin's latest annual appreciation rate is lower than 70% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$143,482

Aitkin, MN HOME PRICES

Value Range
> $1,038,000 1.0
$778,001 - $1,038,000 0.0
$519,001 - $778,000 0.6
$415,001 - $519,000 2.0
$311,001 - $415,000 6.1
$208,001 - $311,000 16.4
$104,001 - $208,000 40.5
$52,001 - $104,000 25.0
$0 - $52,000 8.3

Low for MN
Average for Nation

Value Relative to Nation Value Relative to State
53.0352748154225 71.4579055441478

Number Of Homes And Apartments:
1,077

Aitkin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
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
27.02% 1.40% 3 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$892 / per month

Homeownership Rate

Homeownership
Owners 45.05
Renters 54.95
Vacant 13.08

Housing Market Details

 

Age of Homes

AGE OF Aitkin HOMES
2000 or Newer 11.0
1970 - 1999 29.0
1940 - 1969 33.0
1939 or Older 27.0

Types of Homes

TYPE OF Aitkin HOMES
Single-Family 60.7
Townhomes 4.5
Small Apt. Buildings 5.6
Apt. Complexes 28.3
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Aitkin HOMES
No Bedroom 6.30
1 Bedroom 20.58
2 Bedrooms 28.41
3 Bedrooms 33.17
4 Bedrooms 7.67
5 or more bedrooms 3.87

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