Frequently asked questions about 49908 in Baraga, MI

Is zip code 49908 in Baraga, MI a good place to invest in?: No. With an investment score of 417 over 1,000 is not a good place to invest.
What was the population of zip code 49908 according to the 2020 census?: According to the 2020 census, the population of zip code 49908 in Baraga, MI was 3,333.
What is the forecasted population for zip code 49908 in 2026?: The forecasted population for zip code 49908 in 2026 is 3,252.
What is the projected population for zip code 49908 in 2030?: The projected population for zip code 49908 in 2030 is 3,291.
What is the average property price in zip code 49908?: The average property price in zip code 49908 is $173,206.
Is the property price in zip code 49908 expected to increase or decrease?: The property prices in zip code 49908 are currently on an increasing trend.
What is the average rent value in zip code 49908?: The average rent value in zip code 49908 is $0.
What is the average household income in zip code 49908?: The average household income in zip code 49908 is $61,876.

Investment Score for 49908 Baraga, MI

Zip Code

49908

City

Baraga, MI

With an investment score of 417 over 1,000 zip code 49908 Baraga, MI is not a good place to invest in the US right now.
Population is forecasted to decrease -0.03% by 2026. A negative growth in population is not good for the real estate market.

State highest score is

730

National highest score is

870

Open map view

Population & Migration

Census 2010

3292

Census 2020

3333

Forecasted population 2025

3249

Forecasted population 2026

3252

Forecasted population 2027

3257

Forecasted population 2028

3266

Forecasted population 2029

3277

Forecasted population 2030

3291

The population in the US is expected to grow 4.7% between 2020 and 2030 or 0.6% per year. Neighborhoods or municipalities with growths above 4.7% for the next 10 years will have a positive effect on the score.

Any growth above 10% should create imbalances between supply and demand in the area creating strong signals for investment opportunities.

Aterio's Adjusted Growth

Coming soon

Growth rate 2020 to 2025

-0.025071229

Growth rate 2025 to 2030

0.012912991

Expected growth rate from 2020 to 2030

Coming soon

Aterio's Adjusted Growth is a specialized metric that refines growth projections by incorporating historical growth information and projections, as well as migration data extracted from the USPS. This comprehensive approach offers a more precise indicator of expected growth, enhancing accuracy in predicting demographic and economic changes within a given area.

Prices

Average Property price latest Month

$173,206

Average Property price 6 months ago

$166,199

Average Property price 12 months ago

$152,950

Average number of days of a property in the market

Coming soon

Total number of home for sales abandoned

Coming soon

The average number of days a property spends on the market refers to the typical length of time it takes for properties to be sold. A higher average indicates that properties are staying on the market for longer periods, often suggesting lower demand and potentially unfavorable market conditions for sellers.

The total number of abandoned home sales refers to the count of properties that were listed for sale but ultimately left unsold, showcasing a lack of buyer interest or demand. A higher count of abandoned sales typically reflects diminished demand for those properties and can indicate a sluggish or unfavorable real estate market for sellers.

Price speed change rate

0.056980595

Price direction

1.042159038

The speed of change in prices is an important indicator of market volatility and can be used to help investors make decisions about buying or selling assets

In general, when there is a strong price direction, it is more likely that the speed of change will be faster. This is because the momentum behind the price movement is greater, and there may be more market participants who are eager to buy or sell at the prevailing prices.

Relative Strength Index

Home Value Relative Strength Index

82.29267732

Home Value Volatility Score Last 24 Months

39.943536594

Average annual mortgage rate in the US for 30 years

0.0703

Estimated installment price

$1,156

Listings

realtor.com

AVERAGE PROPERTY PRICE LATEST MONTH

$244,300

CHANGE IN LISTING PRICE YEAR OVER YEAR

-0.0189

AVERAGE LISTING PRICE PER SQUARE FOOT

$217

DAYS ON MARKET

ACTIVE LISTINGS

zillow.com

Average Property price latest Month

$173,206

CHANGE IN LISTING PRICE YEAR OVER YEAR

Coming soon

AVERAGE LISTING PRICE PER SQUARE FOOT

Coming soon

DAYS ON MARKET

Coming soon

ACTIVE LISTINGS

Coming soon

Demand vs. Supply

Housing units available in 2020

1277

Housing units available in 2021

1259

Estimated Housing units needed 2030

1261

Deficit or excess inventory

-15

When there is a deficit of houses available in the market, it typically leads to an increase in home prices. This is because the demand for homes exceeds the supply, which creates a competitive bidding environment. As a result, buyers are willing to pay more to secure a home, driving up the prices.

Vacancy rate is 10.1% in the United States in the fourth quarter of 2022.

Low levels of vacancy rate signals a need for additional units in a market and a difference in supply and demand where demand is most likely not meet.

Homes in construction in the next 5 years

Coming soon

Total housing units (most recent data)

1348

Occupied housing units by owners

775

Occupied housing units by renters

345

Total Vacancy rate

0.169139466

Rental Vacancy rate

0.025

Economic Development

Number of business establishments in 2020

YOY GDP Growth

0.090669561

YOY GDP Growth for Retail

0.131692677

YOY GDP Growth for construction

0.013913043

YOY GDP Growth for Real Estate

Retailtainment is a term used to describe the practice of combining retail shopping with entertainment experiences to create a more engaging and immersive shopping environment. The concept of retailtainment is based on the idea that people are looking for more than just a place to buy products; they want an experience that is fun, interactive, and memorable.

Universities attract a large number of employees and students who need housing. This creates demand for real estate in the surrounding area, which can lead to an increase in real estate prices, provides stability to the local economy, and attract investment from wealthy individuals and organizations.

People over 16 years old

2805

People in labor force

1143

civilian employed

1113

civilian unemployed

People marked as armed employed

% of Army employed Vs Civilian Employed

The Number of Armed Forces Employees signifies both potential advantages and vulnerabilities. Proximity to military bases enhances employment and safety in nearby ZIP codes, but reliance on military activity can create economic risks if bases shut down. It's noteworthy that armed forces employees are concentrated in a minority of ZIP codes, leaving most areas unaffected by this indicator's dynamics.

Capacity to Pay

Average of household income in 2021

$61,876

Affordability index

Household debt as % of Income in 2020

1.715

Household debt as % of Income in 2021

1.715

Rate of the previous household debt to income in 2021 vs 2020

Affordability indicates the ability of potential homebuyers to afford a home measured in number of years needed to pay a house. Example: Home Price 500,000 / Household Income 100,000 = 5 Years.

3 years or below is affordable, 3.1 to 5.0 is moderate and above 5.1 unaffordable. In 2021 Pittsburgh was 2.7 and San Francisco was 11.8.

Household debt can affect the ability of individuals to make mortgage payments, which can impact the foreclosure rate and the number of distressed properties on the market. If a large number of homeowners default on their mortgages, it can lead to an increase in foreclosures and distressed properties, which can put downward pressure on real estate prices.

% of HouseHolds making less than 50K

0.528

% of HouseHolds making between 50K and 75K

0.172

% of HouseHolds making between 75K and 100K

0.12

% of HouseHolds making between 100K and 200K

0.145

% of HouseHolds making more than 200K

0.035

These household income percentage indicators are derived from IRS data and offer insights into income distribution. They provide a snapshot of economic diversity within a population, highlighting the proportions of households across different income ranges, which can be valuable for assessing community prosperity and socio-economic trends.

Risk Factors

Unemployment rate

0.026246719

Unemployment rate for county last 6 months

0.068833333

Unemployment rate for county latest month

0.058

% of Homes Owner-occupied

0.691964286

US unemployment rate is at 3.4% for April 2023. High levels of unemployment can reduce the number of potential buyers in the market, as individuals who are unemployed or underemployed may not have the income or financial stability to purchase a home. This can lead to a decrease in demand for real estate, which can cause real estate prices to fall.

Owner-occupied housing rate in the US for 2021 was 64.6%. Homeowners are more likely to invest in their homes and the surrounding community, which can lead to improvements in infrastructure, schools, and other amenities. This can make the area more attractive to potential buyers and investors, which can further increase demand for real estate and real estate prices.

% of mortgage defaults in 2019

% of mortgage defaults in 2020

% of mortgage defaults in 2021

Mortgage default rates indicate the percentage of homeowners who fail to make timely mortgage payments, reflecting financial instability. These rates are crucial metrics as they inform investors about potential risks associated with a market. High default rates can signal economic challenges and impact property values, influencing investment decisions and risk assessments.

Violent Crimes ( % above or Below US average)

0.796827111

Property Crimes ( % above or Below US average)

0.467657313

Drinking water violations

Total number of violations

-86%

244 US average

Total number of health violations

-82%

22 US average

Total number of contaminations

-63%

24 US average