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 4,121 people, 1,683 houses or apartments, and a median cost of homes of $328,301, Lowell real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Lowell, accounting for 66.86% of the city's housing units. Other types of housing that are prevalent in Lowell include large apartment complexes or high rise apartments ( 18.10%), mobile homes or trailers ( 8.00%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.09%).
The most prevalent building size and type in Lowell are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.38% owning and 36.62% 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. Lowell's housing was primarily built during this period, from the '40s through the '60s. A full 38.25% of the city's housing hails from this era. Other housing ages represented in Lowell include homes built between 1970-1999 ( 26.96%) and housing constructed before 1939 ( 20.37%). There's also some housing in Lowell built between 2000 and later ( 14.42%).
In the last 10 years, Lowell has experienced some of the highest home appreciation rates of any community in the nation. Lowell real estate appreciated 133.41% over the last ten years, which is an average annual home appreciation rate of 8.85%, putting Lowell in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lowell definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Lowell's appreciation rate, at 6.79%, has been at or slightly above the national average. In the latest quarter, Lowell's appreciation rate has been 3.40%, which annualizes to a rate of 14.32%.
Importantly, this makes Lowell 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 Lowell's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.
$328,301
for Michigan
for nation
1,683
$1,392 / per month