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 | Clare County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $88,799 | $134,610 | $242,182 |
| Price Trend (Annual %) | 12.3% | 9.4% | 8.2% |
| Median Gross Rent | $742 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clare County is about 34% 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
Both home prices and rent are rising in Clare County, up about 12.3% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Clare County rose about 24.7% between 2015 and 2023, from $595 to $742. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Clare County.
Buying the median-priced home in Clare County costs roughly 10.0 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 Clare County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Clare County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $88,799 | $134,610 | $242,182 |
| Median Household Income | $49,816 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clare County rose about 50.8%, while median household income rose about 42.5% 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 | Clare County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.7% | 64.1% | 58.2% |
| Rental Rate | 7.6% | 23.8% | 31.3% |
| Vacancy Rate | 44.7% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Clare County has a homeownership rate of 47.7%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 44.7%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Clare County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1977 | 1972 | 1978 |
| Median Number of Rooms | 5.0 | 5.8 | 5.5 |
The typical housing unit in Clare County was built around 1977. On average, 2.5 people live in a home with about 5.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clare County, Michigan.
What is the median home price in Clare County, Michigan?
The median home price in Clare County, Michigan is $88,799, lower than the Michigan average of $134,610.
What is the average home price in Clare 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 Clare County, Michigan?
The median gross rent in Clare County, Michigan is $742 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Clare County in 2020?
In 2020, the median gross rent in Clare County, Michigan was $660 per month.
What is the price-to-rent ratio in Clare County, Michigan?
The price-to-rent ratio in Clare County, Michigan is about 10.0, meaning it would take roughly 10.0 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 Clare County.
Are home prices or rent rising faster in Clare County, Michigan?
Both home prices and rent are rising in Clare County, up about 12.3% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clare County, Michigan?
47.7% of households in Clare County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Clare County, Michigan?
The housing vacancy rate in Clare County, Michigan is 44.7%, higher than the Michigan average of 12.2%.