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 6,188, 2,441 total housing units (homes and apartments), and a median house value of $136,362, house prices in Ishpeming 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 Ishpeming, accounting for 71.73% of the city's housing units. Other types of housing that are prevalent in Ishpeming include duplexes, homes converted to apartments or other small apartment buildings ( 15.37%), large apartment complexes or high rise apartments ( 10.94%), and a few mobile homes or trailers ( 1.23%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ishpeming. Owner-occupied housing accounts for 71.47% of Ishpeming's homes, and 49.82% have either three or four bedrooms, which is average sized relative to America.
The housing in Ishpeming was primarily built before 1939 ( 48.59%), making the housing stock in Ishpeming some of the oldest overall in America, although there is a range of ages of homes in Ishpeming. The next most important housing age is between 1940-1969 ( 33.69%), followed by between 1970-1999 ( 13.61%). There's also some housing in Ishpeming built between 2000 and later ( 4.11%).
Vacant housing appears to be an issue in Ishpeming. Fully 14.17% of the housing stock is classified as vacant. Left unchecked, vacant Ishpeming homes and apartments can be a drag on the real estate market, holding Ishpeming 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 Ishpeming's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.22% during the period.
Appreciation rates are so strong in Ishpeming that despite a nationwide downturn in the housing market, Ishpeming real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ishpeming appreciation rates continue to be some of the highest in America, at 11.60%, which is higher than appreciation rates in 92.68% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ishpeming. Ishpeming 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 Ishpeming's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Ishpeming differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ishpeming - 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 Ishpeming real estate investment or home purchase decisions.
$136,362
for Michigan
for nation
2,441
$1,086 / per month