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 13,333 people, 5,787 houses or apartments, and a median cost of homes of $192,855, house prices in Sault Ste. Marie are solidly below the national average.
Single-family detached homes are the single most common housing type in Sault Ste. Marie, accounting for 63.89% of the city's housing units. Other types of housing that are prevalent in Sault Ste. Marie include large apartment complexes or high rise apartments ( 17.85%), duplexes, homes converted to apartments or other small apartment buildings ( 9.57%), and a few mobile homes or trailers ( 5.09%).
The most prevalent building size and type in Sault Ste. Marie are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.73% owning and 45.27% renting.
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. Sault Ste. Marie's housing was primarily built during this period, from the '40s through the '60s. A full 30.02% of the city's housing hails from this era. Other housing ages represented in Sault Ste. Marie include homes built before 1939 ( 29.82%) and housing constructed between 1970-1999 ( 28.28%). There's also some housing in Sault Ste. Marie built between 2000 and later ( 11.88%).
Vacant housing appears to be an issue in Sault Ste. Marie. Fully 10.96% of the housing stock is classified as vacant. Left unchecked, vacant Sault Ste. Marie homes and apartments can be a drag on the real estate market, holding Sault Ste. Marie 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.
Sault Ste. Marie's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Sault Ste. Marie during the period has been just 5.66%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Sault Ste. Marie's appreciation rate, at 7.68%, has been at or slightly above the national average. In the latest quarter, Sault Ste. Marie's appreciation rate has been 0.88%, which annualizes to a rate of 3.56%.
Relative to Michigan, our data show that Sault Ste. Marie's latest annual appreciation rate is higher 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 Sault Ste. Marie differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Sault Ste. Marie - 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 Sault Ste. Marie real estate investment or home purchase decisions.
$192,855
for Michigan
for nation
5,787
$1,415 / per month