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Michigan Real Estate


According to census data in the year 2000 there were 4,234,279 housing units in Michigan. This represents a 10% from 3,847,926 in 1990.

Of those housing units, 3,054,616 were located in either urbanized areas or urban clusters, and 1,179,663 were located in what is classified as a rural area.

Homeownership rate in Michigan is about 73.8%. Michigan's vacancy rate, including seasonal lodging, is about 10.6%. Average household size is 2.56 people.

The majority of houses, apartments or condos in Michigan were built after 1965.

Statistics

Housing Size

Housing Units by Size
Studio Type1.6%
One Bedroom10.6%
Two Bedrooms27.6%
Three Bedrooms43.2%
Four Bedrooms14.2%
Five Bedrooms or more2.7%
As % of Housing Units
           

Owned Homes, Apartments and Condos

Average Household Size2.68
Median year structure was built1964
Median Value of occupied units$115,600
Median Price asked for vacant units$88,400

Rented Homes, Apartments and Condos

Average Household Size2.21
Median year structure was built1967
Median Monthly Rent asked for vacant units$444

Owners Finance Status

Housing Finance
Second Mortgage & Equity Loan0.1%
Second Mortgage5.0%
Home Equity Loan10.6%
Simple Mortgage53.8%
Debt Free30.3%
As % of Housing Units
         
Median part of Monthly Household Income dedicated to covering home ownership costs17.1%

Cities & Towns


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