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 11,761, 5,089 total housing units (homes and apartments), and a median house value of $130,614, house prices in Niles 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 Niles, accounting for 67.69% of the city's housing units. Other types of housing that are prevalent in Niles include large apartment complexes or high rise apartments ( 21.94%), duplexes, homes converted to apartments or other small apartment buildings ( 8.12%), and a few row houses and other attached homes ( 1.60%).
People in Niles primarily live in small (one, two or no bedroom) single-family detached homes. Niles 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. Niles's housing was primarily built during this period, from the '40s through the '60s. A full 42.26% of the city's housing hails from this era. Other housing ages represented in Niles include homes built before 1939 ( 29.77%) and housing constructed between 1970-1999 ( 20.61%). There's also some housing in Niles built between 2000 and later ( 7.37%).
Niles's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Niles during the period has been just 5.57%, which is lower than 70% of US communities.
Over the last year, Niles appreciation rates have trailed the rest of the nation. In the last twelve months, Niles's appreciation rate has been 1.97%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Niles were at 4.27%, which equates to an annual appreciation rate of 18.20%.
Importantly, this makes Niles 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 Niles'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 Niles differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Niles - 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 Niles real estate investment or home purchase decisions.
$130,614
for Michigan
for nation
5,089
$1,466 / per month