Otter Lake, MI Real Estate
According to census data in the year 2000 there were 179 housing units in Otter Lake.
This represents a 2.9% growth from 174 in 1990.
Of those housing units, none were located in either urbanized areas or urban clusters, and 179 were located in what is classified as a rural area.
Homeownership rate in Otter Lake is about 71.3%.
Otter Lake's vacancy rate, including seasonal lodging, is about 10.6%.
Average household size is 2.81 people.
The majority of houses, apartments or condos in Otter Lake were built after 1952.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 0% |
| One Bedroom | 8.40% |
| Two Bedrooms | 31.80% |
| Three Bedrooms | 49.20% |
| Four Bedrooms | 10.60% |
| Five Bedrooms or more | 0% |
Owned Homes, Apartments and Condos
| Average Household Size | 3.05 |
| Median year structure was built | 1954 |
| Median Value of occupied units | $79,300 |
Rented Homes, Apartments and Condos
| Average Household Size | 2.2 |
| Median year structure was built | 1949 |
| Median Monthly Rent asked for vacant units | $342 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0% |
| Second Mortgage | 4.10% |
| Home Equity Loan | 11.20% |
| Simple Mortgage | 64.30% |
| Debt Free | 20.40% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 17.5% |
