Niles, MI
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.35×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Michigan
- 2.86×
- vs U.S.
- 3.43×-0.08
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
22.5%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Michigan
- 22.0%
- vs U.S.
- 23.3%-0.8
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.37%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Michigan
- 4.81%
- vs U.S.
- 4.35%+0.02
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.08%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Michigan
- -0.03%+0.11
- vs U.S.
- 0.03%+0.06
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
2.41
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Michigan
- 1.68+0.73
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.8%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Michigan
- 4.9%-0.1
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+57.4%
homeValues.yearOverYear
+4.6%
Median home value
$211,400
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $902 | $10,824 | 17.1% |
| 2 BR | $1,184 | $14,208 | 22.5% |
| 3 BR | $1,556 | $18,672 | 29.6% |
Labor market direction
Unemployment
4.8%
Median household income
$63,152
What's being built
Total TTM
371
+14.5% YoY
Single-family
267
2–4 unit
16
5+ unit
88
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Berrien County | 153,938 | $211,400 | $63,152 | 371 | +14.5% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Niles | 153,938 | $63,152 | 3.35× | 4.37% | +57.4% | 2.41 | 4.8% |
| Bangor, ME | 152,640 | $63,248 | — | — | +66.7% | — | 3.4% |
| Decatur, AL | 156,218 | $63,987 | — | — | +53.2% | — | 1.9% |
| Vineland-Bridgeton, NJ | 153,588 | $64,499 | — | — | +70.4% | — | 7.4% |
| Wichita Falls, TX | 148,523 | $63,618 | — | — | +49.3% | — | 3.5% |
| Bloomington, IN | 161,426 | $62,949 | — | — | +48.5% | — | 2.4% |
Where people are moving in from
Net migration
+130
+0.08% of population
| Origin county | Tax returns |
|---|---|
| St. Joseph County, IN | 378 |
| Cass County, MI | 309 |
| Cook County, IL | 288 |
| Van Buren County, MI | 224 |
| Kalamazoo County, MI | 140 |
| Elkhart County, IN | 89 |
Who lives in Niles
- Median age
- 43
- Bachelor's+
- 30.2%
- Owner-occupancy
- 72.8%
- Vacancy rate
- 17.5%
- Rent burdened (30%+)
- 45.2%
- Median household income
- $63,152
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.