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 a population of 4,998, 2,636 total housing units (homes and apartments), and a median house value of $109,820, house prices in Ironwood 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 Ironwood, accounting for 81.46% of the city's housing units. Other types of housing that are prevalent in Ironwood include large apartment complexes or high rise apartments ( 11.97%), duplexes, homes converted to apartments or other small apartment buildings ( 6.34%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ironwood. Owner-occupied housing accounts for 75.00% of Ironwood's homes, and 56.65% have either three or four bedrooms, which is average sized relative to America.
The housing in Ironwood was primarily built before 1939 ( 57.21%), making the housing stock in Ironwood some of the oldest overall in America, although there is a range of ages of homes in Ironwood. The next most important housing age is between 1940-1969 ( 30.28%), followed by between 1970-1999 ( 10.75%). There's also some housing in Ironwood built between 2000 and later ( 1.76%).
Vacant housing appears to be an issue in Ironwood. Fully 12.57% of the housing stock is classified as vacant. Left unchecked, vacant Ironwood homes and apartments can be a drag on the real estate market, holding Ironwood 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 Ironwood's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.83% during the period.
Over the last year, Ironwood appreciation rates have trailed the rest of the nation. In the last twelve months, Ironwood's appreciation rate has been 4.53%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ironwood were at 0.88%, which equates to an annual appreciation rate of 3.56%.
Relative to Michigan, our data show that Ironwood's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.
$109,820
for Michigan
for nation
2,636
$893 / per month