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 8,657, 3,849 total housing units (homes and apartments), and a median house value of $70,448, house prices in Highland Park 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 Highland Park, accounting for 54.53% of the city's housing units. Other types of housing that are prevalent in Highland Park include large apartment complexes or high rise apartments ( 30.29%), duplexes, homes converted to apartments or other small apartment buildings ( 11.52%), and a few row houses and other attached homes ( 3.16%).
The most prevalent building size and type in Highland Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.39% owning and 57.61% renting.
The housing in Highland Park was primarily built before 1939 ( 35.52%), making the housing stock in Highland Park some of the oldest overall in America, although there is a range of ages of homes in Highland Park. The next most important housing age is between 1940-1969 ( 32.00%), followed by between 1970-1999 ( 22.88%). There's also some housing in Highland Park built between 2000 and later ( 9.60%).
Vacant housing appears to be an issue in Highland Park. Fully 33.64% of the housing stock is classified as vacant. Left unchecked, vacant Highland Park homes and apartments can be a drag on the real estate market, holding Highland Park 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.
Real estate appreciation rates in Highland Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.79% during the period.
Over the last year, Highland Park appreciation rates have trailed the rest of the nation. In the last twelve months, Highland Park's appreciation rate has been -7.69%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Highland Park were at 1.70%, which equates to an annual appreciation rate of 6.96%.
Relative to Michigan, our data show that Highland Park's latest annual appreciation rate is lower than 90% 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 Highland Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Highland Park - 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 Highland Park real estate investment or home purchase decisions.
$70,448
for Michigan
for nation
3,849
$1,142 / per month