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 1,588 people, 581 houses or apartments, and a median cost of homes of $162,137, house prices in Homer 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 Homer, accounting for 51.67% of the village's housing units. Other types of housing that are prevalent in Homer include mobile homes or trailers ( 25.42%), large apartment complexes or high rise apartments ( 13.19%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.17%).
The most prevalent building size and type in Homer are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 61.96% owning and 38.04% renting.
There is a lot of housing in Homer 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 Homer built before 1939 ( 34.17%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.22%). There's also some housing in Homer built between 2000 and later ( 5.28%).
Vacant housing appears to be an issue in Homer. Fully 19.31% of the housing stock is classified as vacant. Left unchecked, vacant Homer homes and apartments can be a drag on the real estate market, holding Homer 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 Homer have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 105.70%, which ranks in the top 30% nationwide. This equates to an annual average Homer house appreciation rate of 7.48%.
Appreciation rates are so strong in Homer that despite a nationwide downturn in the housing market, Homer real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Homer appreciation rates continue to be some of the highest in America, at 10.63%, which is higher than appreciation rates in 89.83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Homer. Homer appreciation rates in the latest quarter were at 0.56%, which equates to an annual appreciation rate of 2.25%.
Notably, Homer's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Homer's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
$162,137
for Michigan
for nation
581
$1,231 / per month