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 2,877 people, 1,239 houses or apartments, and a median cost of homes of $553,711, Lake Orion house prices are not only among the most expensive in Michigan, Lake Orion real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Lake Orion, accounting for 72.30% of the village's housing units. Other types of housing that are prevalent in Lake Orion include large apartment complexes or high rise apartments ( 13.16%), duplexes, homes converted to apartments or other small apartment buildings ( 8.10%), and a few row houses and other attached homes ( 6.44%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Orion. Owner-occupied housing accounts for 69.12% of Lake Orion's homes, and 52.08% have either three or four bedrooms, which is average sized relative to America.
The housing in Lake Orion was primarily built before 1939 ( 37.40%), making the housing stock in Lake Orion some of the oldest overall in America, although there is a range of ages of homes in Lake Orion. The next most important housing age is between 1970-1999 ( 32.69%), followed by between 1940-1969 ( 15.79%). There's also some housing in Lake Orion built between 2000 and later ( 14.13%).
Vacant housing appears to be an issue in Lake Orion. Fully 14.20% of the housing stock is classified as vacant. Left unchecked, vacant Lake Orion homes and apartments can be a drag on the real estate market, holding Lake Orion 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 Lake Orion have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 103.48%, which ranks in the top 40% nationwide. This equates to an annual average Lake Orion house appreciation rate of 7.36%.
NeighborhoodScout's data show that during the latest twelve months, Lake Orion's appreciation rate, at 5.73%, has been at or slightly above the national average. In the latest quarter, Lake Orion's appreciation rate has been 1.70%, which annualizes to a rate of 6.95%.
Relative to Michigan, our data show that Lake Orion's latest annual appreciation rate is lower than 50% 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 village. Individual neighborhoods within Lake Orion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Orion - 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 Lake Orion real estate investment or home purchase decisions.
$553,711
$1,074 / per month