Caro, MI Profile: Facts & Data

The primary coordinate point for Caro is located at latitude 43.4911 and longitude -83.3969 in Tuscola County. The formal boundaries for the City of Caro encompass a land area of 2.8 sq. miles and a water area of 0.01 sq. miles. Tuscola County is in the Eastern time zone (GMT -5). The elevation is 725 feet.

The City of Caro (GNIS ID: 2397558) has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Caro, MI Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	4,131 (100%)
Population in Households	3,897 (94.3%)
Population in Families	2,872 (69.5%)
Population in Group Quarters¹	234 ( 5.7%)
Population Density	1,410
Diversity Index²	22


INCOME
Median Household Income	$37,425
Average Household Income	$53,039
% of Income for Mortgage⁴	10%
Per Capita Income	$22,706
Wealth Index⁵	43

HOUSING
Total HU (Housing Units)	2,022 (100%)
Owner Occupied HU	1,078 (53.3%)
Renter Occupied HU	687 (34.0%)
Vacant Housing Units	257 (12.7%)
Median Home Value	$86,738
Average Home Value	$98,213
Housing Affordability Index³	229

HOUSEHOLDS
Total Households	1,765
Average Household Size	2.21
Family Households	1,004
Average Family Size	3

NOTES

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.
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.
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.
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).
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.

Caro, MI - Peer Comparisons by Rank and Percentile

The table below compares Caro to the other 692 incorporated cities, towns and CDPs in Michigan by rank and percentile using July 1, 2020 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.

GROWTH RATE / YEAR	2010-2020	2020-2025
Population	-0.29%	-0.46%
Households	-0.12%	-0.43%
Families	-0.18%	-0.58%
Median Household Income		1.86%
Per Capita Income		2.32%
Owner Occupied HU		-0.49%

Variable Description	Rank	Percentile
Total Population	# 197	72nd
Population Density	# 230	67th
Median Household Income	# 623	10th
Housing Affordability Index	# 415	60th
Per Capita Income	# 530	24th
Diversity Index	# 244	65th

Caro, MI Profile: Facts & Data

Caro, Michigan - Basic Facts

Caro, MI Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Caro, MI - Peer Comparisons by Rank and Percentile

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