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 644 people, 362 houses or apartments, and a median cost of homes of $162,870, house prices in Hillman 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 Hillman, accounting for 69.58% of the village's housing units. Other types of housing that are prevalent in Hillman include large apartment complexes or high rise apartments ( 19.81%), duplexes, homes converted to apartments or other small apartment buildings ( 9.67%).
People in Hillman primarily live in small (one, two or no bedroom) single-family detached homes. Hillman has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Hillman built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Hillman built between 1940-1969 ( 32.78%). A lesser amount of the housing stock also hails from before 1939 ( 15.57%). There's also some housing in Hillman built between 2000 and later ( 7.55%).
Vacant housing appears to be an issue in Hillman. Fully 14.62% of the housing stock is classified as vacant. Left unchecked, vacant Hillman homes and apartments can be a drag on the real estate market, holding Hillman 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.
Appreciation rates for homes in Hillman have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 92.13%, which ranks in the top 50% nationwide. This equates to an annual average Hillman house appreciation rate of 6.75%.
Appreciation rates are so strong in Hillman that despite a nationwide downturn in the housing market, Hillman real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hillman appreciation rates continue to be some of the highest in America, at 12.15%, which is higher than appreciation rates in 93.94% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hillman. Hillman appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.
Relative to Michigan, our data show that Hillman's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
$162,870
for Michigan
for nation
362
$1,120 / per month