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 | Chippewa County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,742 | $134,610 | $242,182 |
| Price Trend (Annual %) | 8.9% | 9.4% | 8.2% |
| Median Gross Rent | $792 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chippewa County is about 6% higher than in Michigan. Rent is about 27% 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 Chippewa County, up about 8.9% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Chippewa County rose about 30.2% between 2015 and 2023, from $608 to $792. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Chippewa County.
Buying the median-priced home in Chippewa County costs roughly 15.0 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 Chippewa County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Chippewa County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,742 | $134,610 | $242,182 |
| Median Household Income | $61,245 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.3 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Chippewa County rose about 85.4%, while median household income rose about 52.8% 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 | Chippewa County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.3% | 64.1% | 58.2% |
| Rental Rate | 17.9% | 23.8% | 31.3% |
| Vacancy Rate | 31.8% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Chippewa County has a homeownership rate of 50.3%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 31.8%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Chippewa County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1973 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.8 | 5.5 |
The typical housing unit in Chippewa County was built around 1973. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chippewa County, Michigan.
What is the median home price in Chippewa County, Michigan?
The median home price in Chippewa County, Michigan is $142,742, higher than the Michigan average of $134,610.
What is the average home price in Chippewa 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 Chippewa County, Michigan?
The median gross rent in Chippewa County, Michigan is $792 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Chippewa County in 2020?
In 2020, the median gross rent in Chippewa County, Michigan was $699 per month.
What is the price-to-rent ratio in Chippewa County, Michigan?
The price-to-rent ratio in Chippewa County, Michigan is about 15.0, meaning it would take roughly 15.0 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 Chippewa County.
Are home prices or rent rising faster in Chippewa County, Michigan?
Both home prices and rent are rising in Chippewa County, up about 8.9% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chippewa County, Michigan?
50.3% of households in Chippewa County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Chippewa County, Michigan?
The housing vacancy rate in Chippewa County, Michigan is 31.8%, higher than the Michigan average of 12.2%.