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 5,300 people, 2,342 houses or apartments, and a median cost of homes of $174,936, house prices in Montevideo are solidly below the national average.
Single-family detached homes are the single most common housing type in Montevideo, accounting for 67.97% of the city's housing units. Other types of housing that are prevalent in Montevideo include large apartment complexes or high rise apartments ( 20.71%), duplexes, homes converted to apartments or other small apartment buildings ( 9.09%), and a few row houses and other attached homes ( 1.83%).
People in Montevideo primarily live in small (one, two or no bedroom) single-family detached homes. Montevideo 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. Montevideo's housing was primarily built during this period, from the '40s through the '60s. A full 38.69% of the city's housing hails from this era. Other housing ages represented in Montevideo include homes built between 1970-1999 ( 33.66%) and housing constructed before 1939 ( 23.67%). There's also some housing in Montevideo built between 2000 and later ( 3.98%).
Real estate appreciation rates in Montevideo's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.75% during the period.
NeighborhoodScout's data show that during the latest twelve months, Montevideo's appreciation rate, at 5.43%, has been at or slightly above the national average. In the latest quarter, Montevideo's appreciation rate has been 4.64%, which annualizes to a rate of 19.89%.
Importantly, this makes Montevideo 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 Minnesota, our data show that Montevideo's latest annual appreciation rate is higher than 80% of the other cities and towns in Minnesota.
$174,936
for Minnesota
for nation
2,342
$1,202 / per month