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 16,204, 7,290 total housing units (homes and apartments), and a median house value of $109,496, house prices in Hibbing are solidly below the national average.
Single-family detached homes are the single most common housing type in Hibbing, accounting for 73.73% of the city's housing units. Other types of housing that are prevalent in Hibbing include large apartment complexes or high rise apartments ( 14.50%), duplexes, homes converted to apartments or other small apartment buildings ( 5.98%), and a few mobile homes or trailers ( 5.21%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hibbing. Owner-occupied housing accounts for 69.58% of Hibbing's homes, and 50.92% have either three or four bedrooms, which is average sized relative to America.
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. Hibbing's housing was primarily built during this period, from the '40s through the '60s. A full 39.44% of the city's housing hails from this era. Other housing ages represented in Hibbing include homes built between 1970-1999 ( 28.55%) and housing constructed before 1939 ( 27.98%). There's also some housing in Hibbing built between 2000 and later ( 4.02%).
Vacant housing appears to be an issue in Hibbing. Fully 11.91% of the housing stock is classified as vacant. Left unchecked, vacant Hibbing homes and apartments can be a drag on the real estate market, holding Hibbing 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.
Real estate appreciation rates in Hibbing's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.29% during the period.
Over the last year, Hibbing appreciation rates have trailed the rest of the nation. In the last twelve months, Hibbing's appreciation rate has been 0.46%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hibbing were at 1.03%, which equates to an annual appreciation rate of 4.17%.
Relative to Minnesota, our data show that Hibbing's latest annual appreciation rate is lower than 90% of the other cities and towns in Minnesota.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Hibbing differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hibbing - 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 Hibbing real estate investment or home purchase decisions.
|$772,001 - $1,029,000||0.2|
|$515,001 - $772,000||0.0|
|$412,001 - $515,000||1.2|
|$308,001 - $412,000||0.8|
|$206,001 - $308,000||8.3|
|$103,001 - $206,000||35.2|
|$51,001 - $103,000||42.0|
|$0 - $51,000||12.3|
|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 Hibbing HOMES|
|2000 or Newer||4.0|
|1970 - 1999||28.6|
|1940 - 1969||39.4|
|1939 or Older||28.0|
|TYPE OF Hibbing HOMES|
|Small Apt. Buildings||6.0|
|SIZE OF Hibbing HOMES|
|5 or more bedrooms||3.64|