Michigan Real Estate
According to census data in the year 2000 there were 4,234,279 housing units in Michigan.
This represents a 10% from 3,847,926 in 1990.
Of those housing units, 3,054,616 were located in either urbanized areas or urban clusters, and 1,179,663 were located in what is classified as a rural area.
Homeownership rate in Michigan is about 73.8%.
Michigan's vacancy rate, including seasonal lodging, is about 10.6%.
Average household size is 2.56 people.
The majority of houses, apartments or condos in Michigan were built after 1965.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 1.6% |
| One Bedroom | 10.6% |
| Two Bedrooms | 27.6% |
| Three Bedrooms | 43.2% |
| Four Bedrooms | 14.2% |
| Five Bedrooms or more | 2.7% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.68 |
| Median year structure was built | 1964 |
| Median Value of occupied units | $115,600 |
| Median Price asked for vacant units | $88,400 |
Rented Homes, Apartments and Condos
| Average Household Size | 2.21 |
| Median year structure was built | 1967 |
| Median Monthly Rent asked for vacant units | $444 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.1% |
| Second Mortgage | 5.0% |
| Home Equity Loan | 10.6% |
| Simple Mortgage | 53.8% |
| Debt Free | 30.3% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 17.1% |
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