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Alpena, MI—49707

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$192,000
6.7% YoY Growth
Household Income
$50,700
23.7% YoY Growth
Days on Market
31
24.0% Longer YoY
Home Price Forecast
1.2%
Median Rent
$1,000
37.3% YoY Growth
1-Bed Rent
$579
6.6% YoY Growth
2-Bed Rent
$1,180
26.2% YoY Growth
3-Bed Rent
$2,500
N/A
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Alpena, MI

As of May '25, the median home price in Alpena, MI is $178,000, with a year-over-year change of 0.7%. This indicates that home prices in Alpena, MI are flat. According to Zillow, the 1-year price projection is 4.4%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$192,0006.7%
Single Family $191,0006.7%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$157,0004.7%
    3 Bed
    		$198,0004.8%
    4 Bed
    		$231,0004.5%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    2.9%
    1 Bedroom
    9.3%
    2 Bedrooms
    24.2%
    3 Bedrooms
    47.1%
    4 Bedrooms
    13.7%
    5+ Bedrooms
    2.8%

    Rental Trends — Alpena, MI

    As of July '25, Rentcast reports the average rent in Alpena, MI is $1,140, with a year-over-year rent change of 37.3%. Per bedroom, the median rent as of July '25 in Alpena, MI is studios: $650, 1-bedrooms: $584, 2-bedrooms: $1,220, 3-bedrooms: $2,500. The most common rental property sizes in Alpena, MI are 2-bedroom and 1-bedroom, accounting for 35.6% and 32.1% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,000$1,140
    Studio Rent $650$650
    1 Bed Rent $579$584
    2 Bed Rent $1,180$1,220
    3 Bed Rent $2,500$2,500
    4 Bed Rent N/AN/A
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    % of Rental Stock

    Studio
    8.7%
    1 Bedroom
    32.1%
    2 Bedrooms
    35.6%
    3 Bedrooms
    19.1%
    4 Bedrooms
    3.7%
    5+ Bedrooms
    0.8%

    Property Listings — Alpena, MI

    As of May '25, Realtor.com reports that the median days on market for a home in Alpena, MI is 66. This is a decrease of -8.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$222,0004.0%
    Listing Count
    		7639.0%
    Listings as % of Homes0.2%39.0%
    Days on Market
    		3124.0%
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    Demographics — Alpena, MI

    As of the latest ACS Survey released in 2023, Alpena, MI has a population of 22,000, which has remained stable by 0.7% over the past 5 years. Alpena, MI is a moderately popular place for families, as children make up 18.5% of the population. The area has a poorly educated workforce, with 18.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.2% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		22,0000.7%
    % Under 18
    		18.5%0.0%
    % Seniors
    		24.7%7.4%
    % WFH
    		7.2%125.0%
    % w/ College Degree
    		18.6%0.5%
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    As of the latest ACS Survey released in 2023, Alpena, MI is a predominantly white area, with 92.1% of the population identifying as white. The white population has shrunk by 3.5% in the last 5 years. The second most common race or ethnicity in Alpena, MI is hispanic, making up 2.0% of the population. Foreign-born residents account for 1.3% of the population in Alpena, MI, and this percentage has decreased by 13.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		92.1%-3.5%
    % Black
    		1.1%83.3%
    % Hispanic
    		2.0%25.0%
    % Asian
    		0.6%20.0%
    % Foreign Born
    		1.3%-13.3%
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    Mortgage and Risk — Alpena, MI

    According to HUD data as of 2023, there were 201 mortgage originations in Alpena, MI, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Alpena, MI. Investor activity is low, as 2.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		201
    % Conventional Loans
    		72.0%
    % Government Loans
    		28.0%
    % Investor Loans
    		2.0%
    % Second Loans
    		6.0%
    % Cash Out Refinance
    		16.0%
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    Rentals and Section 8 — Alpena, MI

    Alpena, MI lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		534
    Total Units Section 8
    		339
    % Rentals under Section 8
    		N/A
    % Occupied Section 8
    		93.7%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$161$579$740
    2 Bedroom-$250$1,180$930
    3 Bedroom-$1,340$2,500$1,160
    4 BedroomN/AN/A$1,570

    Affordability — Alpena, MI

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.2
    Median Home Price$192,000
    Median Household Income$50,700

    Alpena, MI — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions