Ann Arbor, Michigan Housing Market Prices
Ann Arbor Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 239% above the Michigan median$470,403
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Median rent 46% above the Michigan median$1,647
Housing Market Overview
| Metric | Ann Arbor | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $470,403 | $138,713 | $248,835 |
| Price Trend (Annual %) | 15.0% | 8.6% | 7.5% |
| Median Gross Rent | $1,647 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ann Arbor is about 239% higher than in Michigan. Rent is about 46% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Ann Arbor, up about 15.0% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Ann Arbor rose about 53.9% between 2015 and 2024, from $1,070 to $1,647. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 5.7 yearly household incomes in Ann Arbor.
Buying the median-priced home in Ann Arbor costs roughly 23.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Ann Arbor. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Ann Arbor | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $470,403 | $138,713 | $248,835 |
| Median Household Income | $82,763 | $72,977 | $80,455 |
| Price-to-Income Ratio | 5.7 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Ann Arbor rose about 149.6%, while median household income rose about 59.9% between 2009 and 2025 — 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 | Ann Arbor | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.8% | 64.6% | 58.5% |
| Rental Rate | 51.0% | 23.6% | 31.2% |
| Vacancy Rate | 7.2% | 11.8% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Ann Arbor has a homeownership rate of 41.8%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 7.2%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Ann Arbor | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.18 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1971 | 1972 | 1978 |
| Median Number of Rooms | 5.0 | 5.9 | 5.5 |
The typical housing unit in Ann Arbor was built around 1971. On average, 2.2 people live in a home with about 5.0 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ann Arbor, Michigan.
What is the median home price in Ann Arbor, Michigan?
The median home price in Ann Arbor, Michigan is $470,403, higher than the Michigan average of $138,713.
What is the average home price in Ann Arbor, Michigan?
The typical home price in Ann Arbor, Michigan, reported as the median sale price, is $470,403. 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 Ann Arbor, Michigan?
The median gross rent in Ann Arbor, Michigan is $1,647 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Ann Arbor in 2020?
In 2020, the median gross rent in Ann Arbor, Michigan was $1,300 per month.
What is the price-to-rent ratio in Ann Arbor, Michigan?
The price-to-rent ratio in Ann Arbor, Michigan is about 23.8, meaning it would take roughly 23.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Ann Arbor.
Are home prices or rent rising faster in Ann Arbor, Michigan?
Both home prices and rent are rising in Ann Arbor, up about 15.0% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ann Arbor, Michigan?
41.8% of households in Ann Arbor, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Ann Arbor, Michigan?
The housing vacancy rate in Ann Arbor, Michigan is 7.2%, lower than the Michigan average of 11.8%.
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