Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Alger County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,166 | $134,610 | $242,182 |
| Price Trend (Annual %) | 12.5% | 9.4% | 8.2% |
| Median Gross Rent | $711 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 2.3% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Alger County is about 26% higher than in Michigan. Rent is about 34% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Alger County, up about 12.5% and 2.3% a year respectively. Home prices are changing faster.
Median rent in Alger County rose about 19.7% between 2015 and 2023, from $594 to $711. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Alger County.
Buying the median-priced home in Alger County costs roughly 19.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Alger County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Alger County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,166 | $134,610 | $242,182 |
| Median Household Income | $59,225 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.9 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Alger County rose about 72.6%, while median household income rose about 43.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Alger County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.4% | 64.1% | 58.2% |
| Rental Rate | 8.8% | 23.8% | 31.3% |
| Vacancy Rate | 43.8% | 12.2% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Alger County has a homeownership rate of 47.4%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 43.8%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Alger County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1969 | 1972 | 1978 |
| Median Number of Rooms | 5.2 | 5.8 | 5.5 |
The typical housing unit in Alger County was built around 1969. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alger County, Michigan.
What is the median home price in Alger County, Michigan?
The median home price in Alger County, Michigan is $169,166, higher than the Michigan average of $134,610.
What is the average home price in Alger County, Michigan?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Alger County, Michigan?
The median gross rent in Alger County, Michigan is $711 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Alger County in 2020?
In 2020, the median gross rent in Alger County, Michigan was $631 per month.
What is the price-to-rent ratio in Alger County, Michigan?
The price-to-rent ratio in Alger County, Michigan is about 19.8, meaning it would take roughly 19.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Alger County.
Are home prices or rent rising faster in Alger County, Michigan?
Both home prices and rent are rising in Alger County, up about 12.5% and 2.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Alger County, Michigan?
47.4% of households in Alger County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Alger County, Michigan?
The housing vacancy rate in Alger County, Michigan is 43.8%, higher than the Michigan average of 12.2%.