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 29,699, 12,549 total housing units (homes and apartments), and a median house value of $215,792, house prices in Southgate are solidly below the national average.
Single-family detached homes are the single most common housing type in Southgate, accounting for 70.77% of the city's housing units. Other types of housing that are prevalent in Southgate include large apartment complexes or high rise apartments ( 20.66%), duplexes, homes converted to apartments or other small apartment buildings ( 4.46%), and a few row houses and other attached homes ( 3.06%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Southgate. Owner-occupied housing accounts for 67.72% of Southgate's homes, and 56.85% 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. Southgate's housing was primarily built during this period, from the '40s through the '60s. A full 59.98% of the city's housing hails from this era. Other housing ages represented in Southgate include homes built between 1970-1999 ( 27.88%) and housing constructed between 2000 and later ( 8.96%). There's also some housing in Southgate built before 1939 ( 3.18%).
In the last 10 years, Southgate has experienced some of the highest home appreciation rates of any community in the nation. Southgate real estate appreciated 117.85% over the last ten years, which is an average annual home appreciation rate of 8.10%, putting Southgate in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Southgate definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Southgate's appreciation rate, at 6.47%, has been at or slightly above the national average. In the latest quarter, Southgate's appreciation rate has been 1.70%, which annualizes to a rate of 6.96%.
Relative to Michigan, our data show that Southgate's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Southgate differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Southgate - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Southgate real estate investment or home purchase decisions.
$215,792
for Michigan
for nation
12,549
$1,794 / per month