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 | Arenac County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,653 | $134,610 | $242,182 |
| Price Trend (Annual %) | -3.0% | 9.4% | 8.2% |
| Median Gross Rent | $741 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Arenac County is about 43% lower than in Michigan. Rent is about 32% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Arenac County: home prices fell about 3.0% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Arenac County rose about 26.3% between 2015 and 2023, from $586 to $741. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Arenac County.
Buying the median-priced home in Arenac County costs roughly 8.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Arenac County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Arenac County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,653 | $134,610 | $242,182 |
| Median Household Income | $56,419 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Arenac County fell about 30.1%, while median household income rose about 55.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Arenac County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.7% | 64.1% | 58.2% |
| Rental Rate | 9.6% | 23.8% | 31.3% |
| Vacancy Rate | 32.7% | 12.2% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Arenac County has a homeownership rate of 57.7%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 32.7%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Arenac County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1975 | 1972 | 1978 |
| Median Number of Rooms | 5.8 | 5.8 | 5.5 |
The typical housing unit in Arenac County was built around 1975. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Arenac County, Michigan.
What is the median home price in Arenac County, Michigan?
The median home price in Arenac County, Michigan is $76,653, lower than the Michigan average of $134,610.
What is the average home price in Arenac 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 Arenac County, Michigan?
The median gross rent in Arenac County, Michigan is $741 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Arenac County in 2020?
In 2020, the median gross rent in Arenac County, Michigan was $549 per month.
What is the price-to-rent ratio in Arenac County, Michigan?
The price-to-rent ratio in Arenac County, Michigan is about 8.6, meaning it would take roughly 8.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Arenac County.
Are home prices or rent rising faster in Arenac County, Michigan?
Home prices and rent are moving in opposite directions in Arenac County: home prices fell about 3.0% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Arenac County, Michigan?
57.7% of households in Arenac County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Arenac County, Michigan?
The housing vacancy rate in Arenac County, Michigan is 32.7%, higher than the Michigan average of 12.2%.