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 10,142, 4,903 total housing units (homes and apartments), and a median house value of $193,379, house prices in Alpena are solidly below the national average.
Single-family detached homes are the single most common housing type in Alpena, accounting for 68.80% of the city's housing units. Other types of housing that are prevalent in Alpena include large apartment complexes or high rise apartments ( 15.24%), duplexes, homes converted to apartments or other small apartment buildings ( 14.49%), and a few row houses and other attached homes ( 1.29%).
The most prevalent building size and type in Alpena are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.70% owning and 38.30% 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. Alpena's housing was primarily built during this period, from the '40s through the '60s. A full 44.25% of the city's housing hails from this era. Other housing ages represented in Alpena include homes built before 1939 ( 29.82%) and housing constructed between 1970-1999 ( 20.64%). There's also some housing in Alpena built between 2000 and later ( 5.29%).
Real estate appreciation rates in Alpena's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.41% during the period.
NeighborhoodScout's data show that during the latest twelve months, Alpena's appreciation rate, at 7.01%, has been at or slightly above the national average. In the latest quarter, Alpena's appreciation rate has been 0.88%, which annualizes to a rate of 3.56%.
Relative to Michigan, our data show that Alpena'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 Alpena differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Alpena - 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 Alpena real estate investment or home purchase decisions.
$193,379
for Michigan
for nation
4,903
$1,242 / per month