Bay City, Michigan Housing Market Prices
Bay City 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 25% below the Michigan median$104,721
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Median rent 32% below the Michigan median$766
Housing Market Overview
| Metric | Bay City | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $104,721 | $138,713 | $248,835 |
| Price Trend (Annual %) | 6.5% | 8.6% | 7.5% |
| Median Gross Rent | $766 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bay City is about 25% lower than in Michigan. Rent is about 32% lower 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 Bay City, up about 6.5% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Bay City rose about 33.3% between 2015 and 2024, from $574 to $766. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Bay City.
Buying the median-priced home in Bay City costs roughly 11.4 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 Bay City. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Bay City | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $104,721 | $138,713 | $248,835 |
| Median Household Income | $49,255 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Bay City rose about 43.5%, while median household income rose about 27.4% 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 | Bay City | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.9% | 64.6% | 58.5% |
| Rental Rate | 27.3% | 23.6% | 31.2% |
| Vacancy Rate | 8.7% | 11.8% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Bay City has a homeownership rate of 63.9%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 8.7%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Bay City | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.18 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1947 | 1972 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Bay City was built around 1947. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Bay City, MI Housing Compared With Nearby Cities
How Bay City, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Bay City, MI | 32,332 | $104,721 #1/2 | $766 #2/2 | 70.0% #1/2 |
| Saginaw, MI | 43,642 | $39,424 | $921 | 60.1% |
Frequently Asked Questions
Common questions about the housing market in Bay City, Michigan.
What is the median home price in Bay City, Michigan?
The median home price in Bay City, Michigan is $104,721, lower than the Michigan average of $138,713.
What is the average home price in Bay City, Michigan?
The typical home price in Bay City, Michigan, reported as the median sale price, is $104,721. 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 Bay City, Michigan?
The median gross rent in Bay City, Michigan is $766 per month, lower than the Michigan average of $1,129.
What was the median gross rent in Bay City in 2020?
In 2020, the median gross rent in Bay City, Michigan was $634 per month.
What is the price-to-rent ratio in Bay City, Michigan?
The price-to-rent ratio in Bay City, Michigan is about 11.4, meaning it would take roughly 11.4 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 Bay City.
Are home prices or rent rising faster in Bay City, Michigan?
Both home prices and rent are rising in Bay City, up about 6.5% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bay City, Michigan?
63.9% of households in Bay City, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Bay City, Michigan?
The housing vacancy rate in Bay City, Michigan is 8.7%, lower than the Michigan average of 11.8%.
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