Milan, MI Real Estate
According to census data in the year 2000 there were 1,988 housing units in Milan.
This represents a 22.9% growth from 1,617 in 1990.
Of those housing units, 1,988 were located in either urbanized areas or urban clusters, and none were located in what is classified as a rural area.
Homeownership rate in Milan is about 69.1%.
Milan's vacancy rate, including seasonal lodging, is about 3.5%.
Average household size is 2.48 people.
The majority of houses, apartments or condos in Milan were built after 1962.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 0.40% |
| One Bedroom | 11.50% |
| Two Bedrooms | 34.70% |
| Three Bedrooms | 42.80% |
| Four Bedrooms | 9.80% |
| Five Bedrooms or more | 1% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.46 |
| Median year structure was built | 1959 |
| Median Value of occupied units | $125,500 |
| Median Price asked for vacant units | $137,500 |
Rented Homes, Apartments and Condos
| Average Household Size | 2.54 |
| Median year structure was built | 1971 |
| Median Monthly Rent asked for vacant units | $482 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.70% |
| Second Mortgage | 6% |
| Home Equity Loan | 12.30% |
| Simple Mortgage | 49.30% |
| Debt Free | 31.80% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 18.1% |
