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 12,601 people, 4,398 houses or apartments, and a median cost of homes of $420,085, Alto real estate is some of the most expensive in Michigan, although Alto home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Alto, accounting for 96.95% of the town's housing units. Other types of housing that are prevalent in Alto include large apartment complexes or high rise apartments ( 2.36%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Alto. Owner-occupied housing accounts for 95.23% of Alto's homes, and 75.23% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Alto built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Alto built between 2000 and later ( 21.12%). A lesser amount of the housing stock also hails from before 1939 ( 15.71%). There's also some housing in Alto built between 1940-1969 ( 11.83%).
Appreciation rates for homes in Alto have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 107.03%, which ranks in the top 30% nationwide. This equates to an annual average Alto house appreciation rate of 7.55%.
Appreciation rates are so strong in Alto that despite a nationwide downturn in the housing market, Alto real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Alto appreciation rates continue to be some of the highest in America, at 6.66%, which is higher than appreciation rates in 70.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Alto. Alto appreciation rates in the latest quarter were at -1.60%, which equates to an annual appreciation rate of -6.24%.
Notably, Alto's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Alto's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.
$420,085
for Michigan
for nation
4,398
$1,545 / per month