Michigan Housing Market Prices
Michigan Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 44% below the US median Cheaper than 82% of states in US$138,713
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Median rent 20% below the US median$1,129
Median Home Price Map: Counties in Michigan
Housing Market Overview
| Metric | Michigan | US Average |
|---|---|---|
| Median Home Price | $138,713 | $248,835 |
| Price Trend (Annual %) | 8.6% | 7.5% |
| Median Gross Rent | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Michigan is about 44% lower than in US. Rent is about 20% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Michigan, up about 8.6% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Michigan rose about 44.2% between 2015 and 2024, from $783 to $1,129. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Michigan.
Buying the median-priced home in Michigan costs roughly 10.2 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 Michigan. The price-to-rent ratio in US is about 14.7.
| Metric | Michigan | US Average |
|---|---|---|
| Median Home Price | $138,713 | $248,835 |
| Median Household Income | $72,977 | $80,455 |
| Price-to-Income Ratio | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Michigan rose about 99.2%, while median household income rose about 46.2% between 2009 and 2025 — 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 | Michigan | US Average |
|---|---|---|
| Homeownership Rate | 64.6% | 58.5% |
| Rental Rate | 23.6% | 31.2% |
| Vacancy Rate | 11.8% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Michigan has a homeownership rate of 64.6%, higher than the US average of 58.5%. Its housing vacancy rate is 11.8%, compared with 10.2% in US.
Housing Stock
| Metric | Michigan | US Average |
|---|---|---|
| Average Household Size | 2.42 people | 2.53 people |
| Median Structure Built Year | 1972 | 1978 |
| Median Number of Rooms | 5.9 | 5.5 |
The typical housing unit in Michigan was built around 1972. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Michigan Housing Compared With Nearby States
Michigan is the 3rd largest of the 6 states compared here, 10,068,405 residents against a local median of 6,845,048. Nothing separates Michigan sharply from the states around it. Each measure below lands within 15% of the local median, close enough that the differences are within what survey sampling alone would produce.
The largest of those small differences is homeownership, 8% above the local median at 73.2% against 67.8%. Michigan has the highest homeownership of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Michigan | 10,068,405 | $138,713 #5/6 | $1,129 #2/6 | 73.2% #1/6 |
| Wisconsin | 5,910,864 | $170,479 | $1,087 | 67.8% |
| Indiana | 6,845,048 | $142,738 | $1,062 | 70.6% |
| Ohio | 11,799,428 | $139,044 | $1,033 | 67.2% |
| Illinois | 12,692,444 | $149,936 | $1,274 | 67.1% |
| Kentucky | 4,533,530 | $118,017 | $967 | 68.3% |
Frequently Asked Questions
Common questions about the housing market in Michigan.
What is the median home price in Michigan?
The median home price in Michigan is $138,713, lower than the US average of $248,835.
What is the average home price in Michigan?
The typical home price in Michigan, reported as the median sale price, is $138,713. 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 Michigan?
The median gross rent in Michigan is $1,129 per month, lower than the US average of $1,407.
What was the median gross rent in Michigan in 2020?
In 2020, the median gross rent in Michigan was $891 per month.
What is the price-to-rent ratio in Michigan?
The price-to-rent ratio in Michigan is about 10.2, meaning it would take roughly 10.2 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 Michigan.
Are home prices or rent rising faster in Michigan?
Both home prices and rent are rising in Michigan, up about 8.6% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Michigan?
64.6% of households in Michigan own their home, higher than the US average of 58.5%.
What is the vacancy rate in Michigan?
The housing vacancy rate in Michigan is 11.8%, higher than the US average of 10.2%.
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