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.
Housing Market Overview
| Metric | Garden City | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $29,828 | $134,610 | $242,182 |
| Price Trend (Annual %) | -1.6% | 9.4% | 8.2% |
| Median Gross Rent | $990 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 0.0% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garden City is about 78% lower than in Michigan. Rent is about 9% 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 falling in Garden City, down about 1.6% and 0.0% a year respectively. Home prices are changing faster.
Median rent in Garden City rose about 2.9% between 2015 and 2023, from $962 to $990. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Garden City.
Buying the median-priced home in Garden City costs roughly 2.5 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 Garden City. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Garden City | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $29,828 | $134,610 | $242,182 |
| Median Household Income | $65,817 | $71,353 | $78,145 |
| Price-to-Income Ratio | 0.5 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garden City fell about 52.2%, while median household income rose about 19.5% 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 | Garden City | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.6% | 64.1% | 58.2% |
| Rental Rate | 20.1% | 23.8% | 31.3% |
| Vacancy Rate | 3.3% | 12.2% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Garden City has a homeownership rate of 76.6%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 3.3%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Garden City | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1958 | 1972 | 1978 |
| Median Number of Rooms | 5.4 | 5.8 | 5.5 |
The typical housing unit in Garden City was built around 1958. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garden City, Michigan.
What is the median home price in Garden City, Michigan?
The median home price in Garden City, Michigan is $29,828, lower than the Michigan average of $134,610.
What is the average home price in Garden City, 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 Garden City, Michigan?
The median gross rent in Garden City, Michigan is $990 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Garden City in 2020?
In 2020, the median gross rent in Garden City, Michigan was $966 per month.
What is the price-to-rent ratio in Garden City, Michigan?
The price-to-rent ratio in Garden City, Michigan is about 2.5, meaning it would take roughly 2.5 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 Garden City.
Are home prices or rent rising faster in Garden City, Michigan?
Both home prices and rent are falling in Garden City, down about 1.6% and 0.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Garden City, Michigan?
76.6% of households in Garden City, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Garden City, Michigan?
The housing vacancy rate in Garden City, Michigan is 3.3%, lower than the Michigan average of 12.2%.