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 38,220 people, 14,288 houses or apartments, and a median cost of homes of $153,849, house prices in Muskegon 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 Muskegon, accounting for 66.51% of the city's housing units. Other types of housing that are prevalent in Muskegon include large apartment complexes or high rise apartments ( 18.40%), duplexes, homes converted to apartments or other small apartment buildings ( 11.45%), and a few row houses and other attached homes ( 2.71%).
People in Muskegon primarily live in small (one, two or no bedroom) single-family detached homes. Muskegon has a mixture of owner-occupied and renter-occupied housing.
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. Muskegon's housing was primarily built during this period, from the '40s through the '60s. A full 39.45% of the city's housing hails from this era. Other housing ages represented in Muskegon include homes built before 1939 ( 33.97%) and housing constructed between 1970-1999 ( 19.73%). There's also some housing in Muskegon built between 2000 and later ( 6.86%).
Vacant housing appears to be an issue in Muskegon. Fully 14.36% of the housing stock is classified as vacant. Left unchecked, vacant Muskegon homes and apartments can be a drag on the real estate market, holding Muskegon 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, Muskegon has experienced some of the highest home appreciation rates of any community in the nation. Muskegon real estate appreciated 169.90% over the last ten years, which is an average annual home appreciation rate of 10.44%, putting Muskegon in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Muskegon 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, Muskegon's appreciation rate, at 5.42%, has been at or slightly above the national average. In the latest quarter, Muskegon's appreciation rate has been 5.51%, which annualizes to a rate of 23.92%.
Importantly, NeighborhoodScout’s exclusive research found that Muskegon's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Michigan, our data show that Muskegon's latest annual appreciation rate is lower than 60% 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 Muskegon differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Muskegon - 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 Muskegon real estate investment or home purchase decisions.
$153,849
for Michigan
for nation
14,288
$1,394 / per month