Rural Values Top Urban Values in Michigan

Category: Property Valuations

Deviating from a national trend, home values in Michigan’s rural areas are higher than home values in the state’s urban areas, reports Crain’s Detroit Business. Nationally, home values are higher in urban areas.

Rural home value of $136,100

The report comes from data in the Census Bureau’s newly released American Community Survey, which reports new demographic data spanning from 2011 through 2015. The survey reports the median Michigan rural home value is $136,100, while the urban median home value is only $117,200, a difference of 14 percent.

Michigan “late” on city investment trend

“Our cities are still centers of low housing value and poverty,” commented Kurt Metzger, a demographer and the mayor of Pleasant Ridge, Mich. “We are late to the trend of city investment, with center-city development and in-migration of millennials and professionals still in the early stages,” he added.

Mirroring housing values, the survey results also showed higher income in rural rather than urban areas, with earnings of $52,989 to $48,068, respectively. This is also counter to national trends.

Rural populations in overall decline

However, the article reports the rural population across the country is continuing to drop. That trend holds true for Michigan, as well. A reported 33 percent of rural county residents are seniors over the age of 64, contrasted with urban areas where only 20 percent of the population are seniors. “There’s not going to be a lot of new persons being born in those populations,” said Eric Guthrie, a state demographer. “In fact, they have a lot more people on the other end of the equation.”

Posted on: Tuesday, January 10, 2017