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 | Gogebic County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $209,063 | $134,610 | $242,182 |
| Price Trend (Annual %) | 70.7% | 9.4% | 8.2% |
| Median Gross Rent | $576 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 1.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gogebic County is about 55% higher than in Michigan. Rent is about 47% 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 Gogebic County, up about 70.7% and 1.8% a year respectively. Home prices are changing faster.
Median rent in Gogebic County rose about 9.7% between 2015 and 2023, from $526 to $576. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Gogebic County.
Buying the median-priced home in Gogebic County costs roughly 30.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gogebic County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Gogebic County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $209,063 | $134,610 | $242,182 |
| Median Household Income | $49,737 | $71,353 | $78,145 |
| Price-to-Income Ratio | 4.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gogebic County rose about 429.6%, while median household income rose about 53.2% 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 | Gogebic County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.7% | 64.1% | 58.2% |
| Rental Rate | 13.0% | 23.8% | 31.3% |
| Vacancy Rate | 32.3% | 12.2% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Gogebic County has a homeownership rate of 54.7%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 32.3%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Gogebic County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.99 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1957 | 1972 | 1978 |
| Median Number of Rooms | 5.4 | 5.8 | 5.5 |
The typical housing unit in Gogebic County was built around 1957. On average, 2.0 people live in a home with about 5.4 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gogebic County, Michigan.
What is the median home price in Gogebic County, Michigan?
The median home price in Gogebic County, Michigan is $209,063, higher than the Michigan average of $134,610.
What is the average home price in Gogebic 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 Gogebic County, Michigan?
The median gross rent in Gogebic County, Michigan is $576 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Gogebic County in 2020?
In 2020, the median gross rent in Gogebic County, Michigan was $476 per month.
What is the price-to-rent ratio in Gogebic County, Michigan?
The price-to-rent ratio in Gogebic County, Michigan is about 30.2, meaning it would take roughly 30.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gogebic County.
Are home prices or rent rising faster in Gogebic County, Michigan?
Both home prices and rent are rising in Gogebic County, up about 70.7% and 1.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gogebic County, Michigan?
54.7% of households in Gogebic County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Gogebic County, Michigan?
The housing vacancy rate in Gogebic County, Michigan is 32.3%, higher than the Michigan average of 12.2%.