Michigan Real Estate and Livability Trends
Michigan's median home values skyrocketed from $122,400 in 2015 to $201,100 in 2022, outpacing national rates, which suggests strong demand and economic momentum. Amidst this growth, real estate taxes more than doubled from $3,556.92 in 2012 to $6,752.98 in 2021, particularly surging post-2017. The fluctuation in average residential energy tax credits, peaking at $2,321.49 in 2018 and stabilizing... Read more
Michigan Market Trends
In Michigan, median home values have surged from $122,400 in 2015 to $201,100 in 2022, outpacing national growth rates. This rapid appreciation points to a robust demand and burgeoning economic development. The average residential energy tax credit has fluctuated notably, peaking at $2,321.49 in 2018 but stabilizing at $729.27 by 2021, hinting at evolving energy incentives. Real estate taxes have... Read more
Median Value of Occupied Housing Units in Michigan Over the Last 8 Years
In Michigan, median home values have seen a significant upward trend over the past eight years, climbing from $122,400 in 2015 to $201,100 in 2022. This substantial growth outpaces the national increase, where median values went from $125,500 in 2015 to $179,400 in 2022. For potential homebuyers and investors, Michigan's accelerating housing market could provide lucrative opportunities, especially when compared to the slower national growth. This trend might indicate a strong demand and economic development in the state, making it an interesting market to watch.
Active Loans in Foreclosure/Bankruptcy/Deed in Lieu in Michigan over the last 10 years
Active Loans 30-60 Days Past Due in Michigan over the last 10 years in Michigan
Perent of loans that are Active Loans 90-180 Days Past Due in Michigan over the last 10 years in Michigan
Residential Energy Tax Credit Per Tax Return in Michigan Over the Last 9 Years
Over the last nine years in Michigan, the average residential energy tax credit per tax return shows significant fluctuations. Notably, there was a steep increase in 2018 with an average credit of $2,321.49, a substantial rise from the previous years. This could signal temporary policy changes or incentives aimed at promoting energy efficiency. Despite a drop in subsequent years, the average remained relatively high compared to earlier periods, ending at $729.27 in 2021. For those considering investments or appraisals, these trends indicate evolving incentives and potential for future credits, which could influence property value and energy-related decisions.
Average Real Estate Taxes Per Tax Return in Michigan Over the Last 10 Years
Real estate taxes per tax return in Michigan have shown a notable upward trend over the last decade, rising from approximately $3,556.92 in 2012 to about $6,752.98 in 2021. This progressive increase, especially significant post-2017, suggests that property tax obligations are becoming a more substantial factor for homeowners and potential investors. The spike around 2018 could indicate changes in tax policies or property valuations. This data is crucial for appraisers, insurance agents, and real estate professionals as it impacts property affordability, investment decisions, and overall market dynamics in the state of Michigan.
Percentage of Farm Returns in Michigan Over the Last 10 Years
Over the past decade, the percentage of farm tax returns in Michigan has shown a consistent decline. Starting at 0.91% in 2012, it has dipped to around 0.77% by 2021, with a slight uptick in the last year. This trend could suggest a shrinking agricultural sector relative to other economic activities in the state. For investors or those considering building property in rural Michigan, this may signal changing land use and investment opportunities. Existing residents might find these shifts impact local economies and the availability of farm-based services.
Economic Outlook
In Michigan, the average taxable income per tax return has consistently risen over the last nine years, increasing from $55,230.24 in 2013 to roughly $79,393.90 by 2021, with a notable spike post-2018. Alongside this, the average state and local income taxes have surged from about $5,434.76 in 2012 to around $13,428.31 in 2021, particularly jumping between 2017 and 2018. Coupled with these trends, average total tax liability per tax return also climbed, moving from $9,801.53 in 2012 to... Read more
Average Taxable Income per Tax Return in Michigan over the last 9 years
The average taxable income per tax return in Michigan has shown a consistent upward trend over the last nine years, starting at $55,230.24 in 2013 and reaching approximately $79,393.90 by 2021. There's a notable spike post-2018, with the average income jumping by over $10,000 in just three years. These increases could suggest a growing economic prosperity or shifts in employment patterns and wage growth in the state. This trend is essential for real estate agents, appraisers, and insurance agents as it indicates a potential rise in property values and investment opportunities.
Average State and Local Income Taxes Per Tax Return in Michigan Over the Last 10 Years
Over the past decade, Michigan has seen a significant increase in average state and local income taxes per tax return, from about $5,434.76 in 2012 to approximately $13,428.31 in 2021. The most notable spike occurred between 2017 and 2018, when the average rose sharply by roughly $3,626.03, potentially reflecting changes in tax policies or economic conditions. This upward trend may interest investors, property developers, and new residents trying to assess the fiscal landscape and its implications on living and doing business in the state.
Average Total Tax Liability Per Tax Return in Michigan Over the Last 10 Years
In Michigan, the average total tax liability per tax return has displayed a general upward trend over the past decade, with figures rising from approximately $9,801.53 in 2012 to around $13,878.42 in 2021. Significant increases were particularly noticeable between 2016 and 2017, and again from 2020 to 2021. This tendency could impact decisions regarding relocation, investment, and development within the state, particularly for those gauging long-term financial commitments or property appraisals. Additionally, such trends are relevant for insurance agents and real estate agents, as they can influence the financial landscape and attractiveness of Michigan for potential homeowners and investors.
Cost of Living in Michigan
Safety trends & Data
Property crime trends in Michigan show interesting shifts over the past five years. Arson peaked at 1,585 incidents in 2022, while burglary stayed consistently low. Larceny-theft and motor vehicle theft declined, suggesting possible improvements in security. Embezzlement cases dropped from 695 in 2019 to 404 in 2022, and fraud incidents decreased from 18,457 in 2018 to 10,663 in 2022. Yet, vandalism remains steady, highlighting ongoing property damage issues. These dynamics offer valuable... Read more
Property Crime Trends in Michigan Over the Last 5 Years
Property crime trends in Michigan over the past five years reveal some notable fluctuations. While arson has seen an increase from 2018 to 2022, with a peak in 2022 at 1,585 incidents, burglary incidents have generally remained low and stable. Larceny-theft and motor vehicle theft showed declining trends, which could signify improving security measures or other underlying factors. Embezzlement cases significantly dropped from a high of 695 in 2019 to 404 in 2022, and incidents of fraud have decreased from 18,457 in 2018 to 10,663 in 2022. Despite drops in some categories, vandalism remains relatively constant, indicating persistent issues in property damage. Understanding these dynamics can help investors, insurance agents, appraisers, and real estate professionals assess potential risks and opportunities in Michigan's property markets.
Demographics
Michigan's demographic profile reveals some intriguing patterns; the balance between male and female adults is fairly even, indicating gender parity. When it comes to educational attainment, a significant portion of the population has at least a high school diploma or some college experience, though fewer people hold advanced degrees. Age distribution shows a substantial number of residents in the working-age range, with a notable percentage also approaching retirement age. Racially, Michigan's... Read more
Race Distribution in Michigan (2022)
Educational Attainment in Michigan (2022)
Age Distribution in Michigan
Citizen Population in Michigan (2022)
Political Trends & Data
Michigan's 2020 presidential election results suggest a marginal tilt towards the Democratic party, which received about 50.6% of the votes, while the Republican party garnered approximately 47.8%. Third-party impacts were minimal, with Libertarians at around 1.1% and the Green party at close to 0.2%, indicating a relatively competitive political... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Michigan's 2020 presidential election appears to have a slight preference for the Democratic party, which garnered approximately 50.6% of the votes. The Republican party was a close contender with around 47.8% of the votes. Third-party votes were relatively minimal, with Libertarians at roughly 1.1% and the Green party receiving close to 0.2%. This distribution suggests a relatively competitive political landscape with a marginal tilt towards Democrats.
47.84% of voters voted for the Republican party in the 2020 Presidential Election
50.62% of voters voted for the Democrat party in the 2020 Presidential Election
1.09% of voters voted for the Libertarian party in the 2020 Presidential Election
0.25% of voters voted for the Green party in the 2020 Presidential Election
0.20% of voters voted for the Other party in the 2020 Presidential Election
School Data
Michigan's student-to-teacher ratio has fluctuated over the past decade, peaking at 21 students per teacher in 2018 and decreasing to a low of 17 in 2023, which is still above the national average of 14. These variations could signal differences in classroom experiences and educational outcomes. Lower ratios often indicate more individualized attention for students, which may enhance educational quality, a key consideration for potential movers or investors. This trend is worth noting for real... Read more
Student-to-teacher ratio in Michigan over the last 10 years
Over the past decade, Michigan's student-to-teacher ratio has seen some fluctuation, peaking at 21 students per teacher in 2018 and reaching a low of 17 in 2023. These changes are slightly above the U.S. national average of 14 students per teacher, which may have implications for educational outcomes and classroom experiences. For those considering moving to or investing in Michigan, understanding these trends could be crucial, as lower ratios often suggest more individualized attention for students, potentially improving educational quality. Real estate agents, appraisers, and anyone involved in the local education sector should note these ratios when discussing the region's appeal and facilities.
