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 16,052 people, 7,458 houses or apartments, and a median cost of homes of $182,947, 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 76.46% of the city's housing units. Other types of housing that are prevalent in Hibbing include large apartment complexes or high rise apartments ( 15.60%), duplexes, homes converted to apartments or other small apartment buildings ( 4.92%), and a few mobile homes or trailers ( 2.75%).
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 72.27% of Hibbing's homes, and 57.20% 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 39.63% of the city's housing hails from this era. Other housing ages represented in Hibbing include homes built before 1939 ( 28.41%) and housing constructed between 1970-1999 ( 25.02%). There's also some housing in Hibbing built between 2000 and later ( 6.94%).
Vacant housing appears to be an issue in Hibbing. Fully 10.93% 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.
Hibbing's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hibbing during the period has been just 4.72%, which is lower than 80% of US communities.
Appreciation rates are so strong in Hibbing that despite a nationwide downturn in the housing market, Hibbing real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hibbing appreciation rates continue to be some of the highest in America, at 7.83%, which is higher than appreciation rates in 84.40% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hibbing. Hibbing appreciation rates in the latest quarter were at -0.44%, which equates to an annual appreciation rate of -1.73%.
Relative to Minnesota, our data show that Hibbing's latest annual appreciation rate is higher 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.
$182,947
for Minnesota
for nation
7,458
$1,034 / per month