Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 4,985, 2,504 total housing units (homes and apartments), and a median house value of $155,764, house prices in Milan are solidly below the national average.
Single-family detached homes are the single most common housing type in Milan, accounting for 65.60% of the village's housing units. Other types of housing that are prevalent in Milan include large apartment complexes or high rise apartments ( 16.47%), duplexes, homes converted to apartments or other small apartment buildings ( 8.55%), and a few mobile homes or trailers ( 8.40%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milan. Owner-occupied housing accounts for 65.65% of Milan's homes, and 51.47% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Milan's housing was primarily built during this period, from the '40s through the '60s. A full 48.91% of the village's housing hails from this era. Other housing ages represented in Milan include homes built between 1970-1999 ( 32.22%) and housing constructed between 2000 and later ( 12.58%). There's also some housing in Milan built before 1939 ( 6.29%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Milan, where house values have increased just 36.56%, which is annualized rate of 3.17%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
NeighborhoodScout's data show that during the latest twelve months, Milan's appreciation rate, at 5.58%, has been at or slightly above the national average. In the latest quarter, Milan's appreciation rate has been 3.22%, which annualizes to a rate of 13.52%.
Importantly, this makes Milan one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.
Relative to Illinois, our data show that Milan's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.
$155,764
for Illinois
for nation
2,504
$1,242 / per month