Caspian, MI Profile: Facts & Data

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Caspian, Michigan - Basic Facts

The City of Caspian had a population of 789 as of July 1, 2023.

The primary coordinate point for Caspian is located at latitude 46.0641 and longitude -88.6315 in Iron County. The formal boundaries for the City of Caspian encompass a land area of 1.42 sq. miles and a water area of 0 sq. miles. Iron County is in the Central time zone (GMT -6).

The City of Caspian has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.


Jump to... (On This Page!)
  1. Caspian 2023 Demographic Data
  2. Growth Rates for Caspian (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Michigan Research Tools (Easy Tools & Current Data)
  3. Michigan Data Comparison Tool - 2023 Demographics
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Caspian, MI Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 789 (100%)
Population in Households 789 (100.0%)
Population in Families 551 (69.8%)
Population in Group Quarters1 0
Population Density 553
Diversity Index2 20
 
 

INCOME

Median Household Income $48,240
Average Household Income $63,108
% of Income for Mortgage4 12%
Per Capita Income $31,514
Wealth Index5 47
Socioeconomic Status Index6 Moderate (49.1)
 

HOUSING

Total HU (Housing Units) 491 (100%)
Owner Occupied HU 284 (57.8%)
Renter Occupied HU 110 (22.4%)
Vacant Housing Units 97 (19.8%)
Median Home Value $93,478
Average Home Value $167,254
Housing Affordability Index3 180
 

HOUSEHOLDS

Total Households 394
Average Household Size 2.00
Family Households 204
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population -0.62% 0.00%
Households -1.07% -0.10%
Families   0.10%
Median Household Income   4.03%
Per Capita Income   2.48%
Owner Occupied HU   -0.79%

Caspian, MI - Peer Comparisons by Rank and Percentile

The table below compares Caspian to the other 745 incorporated cities, towns and CDPs in Michigan by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 475 36th
Population Density # 501 33rd
Median Household Income # 602 19th
Housing Affordability Index # 669 90th
Per Capita Income # 429 43rd
Diversity Index # 487 34th

Additional comparisons and rankings can be made with a VERY EASY TO USE Michigan Census Data Comparison Tool.

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