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 7,699, 3,469 total housing units (homes and apartments), and a median house value of $263,216, Ludington real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Ludington, accounting for 60.90% of the city's housing units. Other types of housing that are prevalent in Ludington include large apartment complexes or high rise apartments ( 21.93%), duplexes, homes converted to apartments or other small apartment buildings ( 10.97%), and a few row houses and other attached homes ( 3.56%).
The most prevalent building size and type in Ludington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.70% owning and 43.30% renting.
The housing in Ludington was primarily built before 1939 ( 36.69%), making the housing stock in Ludington some of the oldest overall in America, although there is a range of ages of homes in Ludington. The next most important housing age is between 1970-1999 ( 28.63%), followed by between 1940-1969 ( 23.61%). There's also some housing in Ludington built between 2000 and later ( 11.06%).
Vacant housing appears to be an issue in Ludington. Fully 21.23% of the housing stock is classified as vacant. Left unchecked, vacant Ludington homes and apartments can be a drag on the real estate market, holding Ludington 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.
In the last 10 years, Ludington has experienced some of the highest home appreciation rates of any community in the nation. Ludington real estate appreciated 125.04% over the last ten years, which is an average annual home appreciation rate of 8.45%, putting Ludington in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Ludington definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Ludington's appreciation rate, at 7.26%, has been at or slightly above the national average. In the latest quarter, Ludington's appreciation rate has been 0.88%, which annualizes to a rate of 3.56%.
Relative to Michigan, our data show that Ludington's latest annual appreciation rate is higher 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 city. Individual neighborhoods within Ludington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ludington - 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 Ludington real estate investment or home purchase decisions.
$263,216
for Michigan
for nation
3,469
$1,354 / per month