Alpena, MI—49707
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Alpena, MI
As of Oct '25, the median home price in Alpena, MI is $178,000, with a year-over-year change of 0.5%. This indicates that home prices in Alpena, MI are flat. According to Zillow, the 1-year price projection is 3.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $178,000 | 0.5% |
| Single Family | $178,000 | 0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $151,000 | 3.4% |
3 Bed | $189,000 | 2.7% |
4 Bed | $220,000 | 3.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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.
| Type | Median Rent | Average 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/A | N/A |
% of Rental Stock
Property Listings — Alpena, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Alpena, MI is 47. This is a increase of 9.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $250,000 | 24.0% |
Listing Count | 83 | 25.0% |
| Listings as % of Homes | 0.2% | 25.0% |
Days on Market | 47 | 9.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 22,000 | 0.7% |
% Under 18 | 18.5% | 0.0% |
% Seniors | 24.7% | 7.4% |
% WFH | 7.2% | 125.0% |
% w/ College Degree | 18.6% | 0.5% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $161 | $579 | $740 |
| 2 Bedroom | -$250 | $1,180 | $930 |
| 3 Bedroom | -$1,340 | $2,500 | $1,160 |
| 4 Bedroom | N/A | N/A | $1,570 |
Affordability — Alpena, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $178,000 |
| Median Household Income | $50,700 |