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 | Gratiot County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,541 | $134,610 | $242,182 |
| Price Trend (Annual %) | 1.0% | 9.4% | 8.2% |
| Median Gross Rent | $808 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gratiot County is about 38% lower than in Michigan. Rent is about 25% 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 Gratiot County, up about 1.0% and 3.8% a year respectively. Rent is changing faster.
Median rent in Gratiot County rose about 33.1% between 2015 and 2023, from $607 to $808. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Gratiot County.
Buying the median-priced home in Gratiot County costs roughly 8.6 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 Gratiot County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Gratiot County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,541 | $134,610 | $242,182 |
| Median Household Income | $61,212 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gratiot County fell about 37.9%, while median household income rose about 47.1% 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 | Gratiot County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.3% | 64.1% | 58.2% |
| Rental Rate | 19.1% | 23.8% | 31.3% |
| Vacancy Rate | 9.6% | 12.2% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Gratiot County has a homeownership rate of 71.3%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 9.6%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Gratiot County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1967 | 1972 | 1978 |
| Median Number of Rooms | 6.2 | 5.8 | 5.5 |
The typical housing unit in Gratiot County was built around 1967. On average, 2.4 people live in a home with about 6.2 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gratiot County, Michigan.
What is the median home price in Gratiot County, Michigan?
The median home price in Gratiot County, Michigan is $83,541, lower than the Michigan average of $134,610.
What is the average home price in Gratiot 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 Gratiot County, Michigan?
The median gross rent in Gratiot County, Michigan is $808 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Gratiot County in 2020?
In 2020, the median gross rent in Gratiot County, Michigan was $687 per month.
What is the price-to-rent ratio in Gratiot County, Michigan?
The price-to-rent ratio in Gratiot County, Michigan is about 8.6, meaning it would take roughly 8.6 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 Gratiot County.
Are home prices or rent rising faster in Gratiot County, Michigan?
Both home prices and rent are rising in Gratiot County, up about 1.0% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Gratiot County, Michigan?
71.3% of households in Gratiot County, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Gratiot County, Michigan?
The housing vacancy rate in Gratiot County, Michigan is 9.6%, lower than the Michigan average of 12.2%.