Updated Marquette County Housing Data Reveals Key Concerns 2021

TL/DR –

A new study presented at Northern Michigan University has revealed insights into the housing market of Marquette County. The study, carried out by LandUseUSA and funded by Lake Superior Community Partnership and Marquette County Land Bank Authority, identified a dissatisfaction among renters with current housing options, a desire for smaller homes or subdivided houses, a surplus in large homes, and an unmet market for townhouses. The study, which was pitched to housing developers, commissions, investors, city officials, and financial institutions, did not include student housing data or outmigration from Marquette County.

Marquette County Housing Market Study Disclosed

LandUseUSA CEO, Sharon Woods, presents findings on Marquette County’s housing supply and demand mismatch during a discussion at Northern Michigan University.

A comprehensive study on Marquette County’s housing market was disclosed at Northern Michigan University, offering crucial insights to developers, investors, and city officials. The study, conducted by LandUseUSA, focused on areas such as Gwinn, Ishpeming, Marquette, and Negaunee.

Data for the study was gathered from the U.S. Census, Americans For Prosperity, and Experian. The 5-year housing market forecast was calculated and presented by Sharon Woods, CEO of LandUseUSA.

Funded by the Lake Superior Community Partnership, Marquette County Land Bank Authority, and local governmental agencies, the $85,000 study delved into housing supply and demand, buyer profiles, affordability, and population migration trends.

Key findings revealed dissatisfaction amongst Marquette County renters with current housing options. Renters showed a preference for small cottages or subdivided houses, with supply falling notably short of demand. Conversely, an oversupply of large houses for sale was found, exceeding prospective buyers’ requirements by up to 49%. A shortfall of townhouses by 34% was also highlighted.

Woods emphasised that the data can help identify gaps and unmet needs in the housing market. However, she noted that some factors, such as student demographics, were not included in the study. The term ‘student’ was used more broadly to encompass university-associated groups, who tend to inflate figures.

Woods also clarified that outmigration from Marquette County was excluded from the study to prevent housing pool stagnation, assuming a desire for growth and provision of new options for incoming residents.

The study aims to inform market stakeholders, enabling them to convert housing needs into future construction projects, according to MCLBA member Antonio Adan.

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