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 1,690, 577 total housing units (homes and apartments), and a median house value of $174,516, house prices in Mio are solidly below the national average.
Single-family detached homes are the single most common housing type in Mio, accounting for 80.72% of the town's housing units. Other types of housing that are prevalent in Mio include mobile homes or trailers ( 9.16%), large apartment complexes or high rise apartments ( 3.94%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.88%).
Dwellings in Mio tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 61.02% of the homes in Mio have two or fewer bedrooms.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Mio's housing was primarily built during this period, from the '40s through the '60s. A full 47.50% of the town's housing hails from this era. Other housing ages represented in Mio include homes built between 1970-1999 ( 41.32%) and housing constructed before 1939 ( 6.82%). There's also some housing in Mio built between 2000 and later ( 4.37%).
A decent proportion of the Mio housing stock is seasonally occupied. That is, homes and condos in Mio are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Mio housing market speaks to its popularity as a vacation location of choice.
Appreciation rates for homes in Mio have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 96.10%, which ranks in the top 40% nationwide. This equates to an annual average Mio house appreciation rate of 6.97%.
NeighborhoodScout's data show that during the latest twelve months, Mio's appreciation rate, at 7.76%, has been at or slightly above the national average. In the latest quarter, Mio's appreciation rate has been 0.88%, which annualizes to a rate of 3.56%.
Relative to Michigan, our data show that Mio's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.
$174,516
for Michigan
for nation
577
$1,179 / per month