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 7,622, 2,316 total housing units (homes and apartments), and a median house value of $94,293, house prices in Albion 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 Albion, accounting for 73.36% of the city's housing units. Other types of housing that are prevalent in Albion include large apartment complexes or high rise apartments ( 13.10%), duplexes, homes converted to apartments or other small apartment buildings ( 12.69%).
The most prevalent building size and type in Albion are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.39% owning and 53.61% renting.
The housing in Albion was primarily built before 1939 ( 51.04%), making the housing stock in Albion some of the oldest overall in America, although there is a range of ages of homes in Albion. The next most important housing age is between 1940-1969 ( 39.20%), followed by between 1970-1999 ( 8.47%). There's also some housing in Albion built between 2000 and later ( 1.29%).
Vacant housing appears to be an issue in Albion. Fully 21.20% of the housing stock is classified as vacant. Left unchecked, vacant Albion homes and apartments can be a drag on the real estate market, holding Albion 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.
Appreciation rates for homes in Albion have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.73%, which ranks in the top 40% nationwide. This equates to an annual average Albion house appreciation rate of 7.11%.
NeighborhoodScout's data show that during the latest twelve months, Albion's appreciation rate, at 7.00%, has been at or slightly above the national average. In the latest quarter, Albion's appreciation rate has been 0.56%, which annualizes to a rate of 2.25%.
Notably, Albion's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Albion's latest annual appreciation rate is higher than 50% 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 Albion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Albion - 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 Albion real estate investment or home purchase decisions.
$94,293
for Michigan
for nation
2,316
$1,292 / per month