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 | Benzie County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $230,999 | $134,610 | $242,182 |
| Price Trend (Annual %) | 2.9% | 9.4% | 8.2% |
| Median Gross Rent | $973 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Benzie County is about 72% higher than in Michigan. Rent is about 10% 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 Benzie County, up about 2.9% and 4.4% a year respectively. Rent is changing faster.
Median rent in Benzie County rose about 36.7% between 2015 and 2023, from $712 to $973. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Benzie County.
Buying the median-priced home in Benzie 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 Benzie County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Benzie County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $230,999 | $134,610 | $242,182 |
| Median Household Income | $72,444 | $71,353 | $78,145 |
| Price-to-Income Ratio | 3.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Benzie County rose about 22.5%, while median household income rose about 63.4% 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 | Benzie County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.6% | 64.1% | 58.2% |
| Rental Rate | 7.4% | 23.8% | 31.3% |
| Vacancy Rate | 39.0% | 12.2% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Benzie County has a homeownership rate of 53.6%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 39.0%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Benzie County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1985 | 1972 | 1978 |
| Median Number of Rooms | 5.4 | 5.8 | 5.5 |
The typical housing unit in Benzie County was built around 1985. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Benzie County, Michigan.
What is the median home price in Benzie County, Michigan?
The median home price in Benzie County, Michigan is $230,999, higher than the Michigan average of $134,610.
What is the average home price in Benzie 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 Benzie County, Michigan?
The median gross rent in Benzie County, Michigan is $973 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Benzie County in 2020?
In 2020, the median gross rent in Benzie County, Michigan was $803 per month.
What is the price-to-rent ratio in Benzie County, Michigan?
The price-to-rent ratio in Benzie 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 Benzie County.
Are home prices or rent rising faster in Benzie County, Michigan?
Both home prices and rent are rising in Benzie County, up about 2.9% and 4.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Benzie County, Michigan?
53.6% of households in Benzie County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Benzie County, Michigan?
The housing vacancy rate in Benzie County, Michigan is 39.0%, higher than the Michigan average of 12.2%.