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 | Allegan County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $235,377 | $134,610 | $242,182 |
| Price Trend (Annual %) | 13.7% | 9.4% | 8.2% |
| Median Gross Rent | $1,065 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 5.0% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Allegan County is about 75% higher than in Michigan. Rent is about 2% 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 Allegan County, up about 13.7% and 5.0% a year respectively. Home prices are changing faster.
Median rent in Allegan County rose about 44.3% between 2015 and 2023, from $738 to $1,065. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Allegan County.
Buying the median-priced home in Allegan County costs roughly 18.4 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 Allegan County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Allegan County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $235,377 | $134,610 | $242,182 |
| Median Household Income | $80,734 | $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 Allegan County rose about 138.9%, while median household income rose about 56.7% 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 | Allegan County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.1% | 64.1% | 58.2% |
| Rental Rate | 12.0% | 23.8% | 31.3% |
| Vacancy Rate | 13.9% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Allegan County has a homeownership rate of 74.1%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 13.9%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Allegan County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1979 | 1972 | 1978 |
| Median Number of Rooms | 6.2 | 5.8 | 5.5 |
The typical housing unit in Allegan County was built around 1979. On average, 2.7 people live in a home with about 6.2 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Allegan County, Michigan.
What is the median home price in Allegan County, Michigan?
The median home price in Allegan County, Michigan is $235,377, higher than the Michigan average of $134,610.
What is the average home price in Allegan 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 Allegan County, Michigan?
The median gross rent in Allegan County, Michigan is $1,065 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Allegan County in 2020?
In 2020, the median gross rent in Allegan County, Michigan was $838 per month.
What is the price-to-rent ratio in Allegan County, Michigan?
The price-to-rent ratio in Allegan County, Michigan is about 18.4, meaning it would take roughly 18.4 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 Allegan County.
Are home prices or rent rising faster in Allegan County, Michigan?
Both home prices and rent are rising in Allegan County, up about 13.7% and 5.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Allegan County, Michigan?
74.1% of households in Allegan County, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Allegan County, Michigan?
The housing vacancy rate in Allegan County, Michigan is 13.9%, higher than the Michigan average of 12.2%.