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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Alpena, MI Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Alpena, MI Housing Market Trends

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%).

Alpena Home Appreciation Rates

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.

Average Home Values

Median Home Value

$193,379

Alpena, MI Home Prices
> $1,389,000
$1,042,001 - $1,389,000
$694,001 - $1,042,000
$556,001 - $694,000
$417,001 - $556,000
$278,001 - $417,000
$139,001 - $278,000
$70,001 - $139,000
$0 - $70,000
0.2%
0.2%
0.0%
0.0%
0.2%
0.2%
0.7%
0.7%
5.6%
5.6%
6.0%
6.0%
36.3%
36.3%
41.3%
41.3%
9.6%
9.6%
0% 100.0%
% of Homes
Low

for Michigan

Low

for nation

Number of Homes And Apartments:

4,903

Alpena Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,242 / per month

Homeownership Rate

Owners
Renters
61.7%
61.7%
38.3%
38.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
10.0%
10.0%
90.0%
90.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.3%
5.3%
20.6%
20.6%
44.3%
44.3%
29.8%
29.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.8%
68.8%
1.3%
1.3%
14.5%
14.5%
15.2%
15.2%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.3%
3.3%
12.4%
12.4%
20.8%
20.8%
47.0%
47.0%
14.1%
14.1%
2.4%
2.4%
0% 100.0%
% of Homes