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 4,228 people, 1,867 houses or apartments, and a median cost of homes of $227,716, house prices in Buchanan are solidly below the national average.
Single-family detached homes are the single most common housing type in Buchanan, accounting for 58.76% of the city's housing units. Other types of housing that are prevalent in Buchanan include large apartment complexes or high rise apartments ( 27.72%), duplexes, homes converted to apartments or other small apartment buildings ( 11.75%), and a few mobile homes or trailers ( 1.09%).
People in Buchanan primarily live in small (one, two or no bedroom) single-family detached homes. Buchanan 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. Buchanan's housing was primarily built during this period, from the '40s through the '60s. A full 44.78% of the city's housing hails from this era. Other housing ages represented in Buchanan include homes built between 1970-1999 ( 28.77%) and housing constructed before 1939 ( 23.05%). There's also some housing in Buchanan built between 2000 and later ( 3.40%).
Vacant housing appears to be an issue in Buchanan. Fully 15.29% of the housing stock is classified as vacant. Left unchecked, vacant Buchanan homes and apartments can be a drag on the real estate market, holding Buchanan 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.
Appreciation rates for homes in Buchanan have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.37%, which ranks in the top 40% nationwide. This equates to an annual average Buchanan house appreciation rate of 7.30%.
Over the last year, Buchanan appreciation rates have trailed the rest of the nation. In the last twelve months, Buchanan's appreciation rate has been 1.86%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Buchanan were at 4.27%, which equates to an annual appreciation rate of 18.20%.
Importantly, this makes Buchanan one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Michigan, our data show that Buchanan's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.
$227,716
for Michigan
for nation
1,867
$1,370 / per month