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 | Hillsdale County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $101,562 | $134,610 | $242,182 |
| Price Trend (Annual %) | -0.7% | 9.4% | 8.2% |
| Median Gross Rent | $801 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hillsdale County is about 25% lower than in Michigan. Rent is about 26% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Hillsdale County: home prices fell about 0.7% a year while rent rose about 2.4% a year. That is an unusual pattern worth watching.
Median rent in Hillsdale County rose about 22.4% between 2015 and 2023, from $654 to $801. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Hillsdale County.
Buying the median-priced home in Hillsdale County costs roughly 10.6 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 Hillsdale County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Hillsdale County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $101,562 | $134,610 | $242,182 |
| Median Household Income | $60,768 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.7 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hillsdale County rose about 10.2%, while median household income rose about 41.9% 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 | Hillsdale County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.3% | 64.1% | 58.2% |
| Rental Rate | 15.8% | 23.8% | 31.3% |
| Vacancy Rate | 16.9% | 12.2% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Hillsdale County has a homeownership rate of 67.3%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 16.9%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Hillsdale County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1966 | 1972 | 1978 |
| Median Number of Rooms | 6.1 | 5.8 | 5.5 |
The typical housing unit in Hillsdale County was built around 1966. On average, 2.5 people live in a home with about 6.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hillsdale County, Michigan.
What is the median home price in Hillsdale County, Michigan?
The median home price in Hillsdale County, Michigan is $101,562, lower than the Michigan average of $134,610.
What is the average home price in Hillsdale 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 Hillsdale County, Michigan?
The median gross rent in Hillsdale County, Michigan is $801 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Hillsdale County in 2020?
In 2020, the median gross rent in Hillsdale County, Michigan was $704 per month.
What is the price-to-rent ratio in Hillsdale County, Michigan?
The price-to-rent ratio in Hillsdale County, Michigan is about 10.6, meaning it would take roughly 10.6 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 Hillsdale County.
Are home prices or rent rising faster in Hillsdale County, Michigan?
Home prices and rent are moving in opposite directions in Hillsdale County: home prices fell about 0.7% a year while rent rose about 2.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Hillsdale County, Michigan?
67.3% of households in Hillsdale County, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Hillsdale County, Michigan?
The housing vacancy rate in Hillsdale County, Michigan is 16.9%, higher than the Michigan average of 12.2%.