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 8,347 people, 3,841 houses or apartments, and a median cost of homes of $144,316, house prices in Menominee 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 Menominee, accounting for 67.28% of the city's housing units. Other types of housing that are prevalent in Menominee include large apartment complexes or high rise apartments ( 13.60%), duplexes, homes converted to apartments or other small apartment buildings ( 12.01%), and a few mobile homes or trailers ( 5.02%).
Dwellings in Menominee tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.69% of the homes in Menominee have two or fewer bedrooms.
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. Menominee's housing was primarily built during this period, from the '40s through the '60s. A full 39.32% of the city's housing hails from this era. Other housing ages represented in Menominee include homes built before 1939 ( 31.65%) and housing constructed between 1970-1999 ( 26.87%). There's also some housing in Menominee built between 2000 and later ( 2.16%).
Vacant housing appears to be an issue in Menominee. Fully 10.74% of the housing stock is classified as vacant. Left unchecked, vacant Menominee homes and apartments can be a drag on the real estate market, holding Menominee real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Menominee's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.20% during the period.
Appreciation rates are so strong in Menominee that despite a nationwide downturn in the housing market, Menominee real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Menominee appreciation rates continue to be some of the highest in America, at 13.47%, which is higher than appreciation rates in 96.09% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Menominee. Menominee appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.
Relative to Michigan, our data show that Menominee's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
$144,316
for Michigan
for nation
3,841
$1,056 / per month