Housing Market Overview
Housing market data including home prices, rent costs, affordability metrics, and housing stock characteristics.
$134,610
$1,084
Housing Market Overview
| Metric | Michigan | US Average |
|---|---|---|
| Median Home Price | $134,610 | $242,182 |
| Price Trend (Annual %) | 9.4% | 8.2% |
| Median Gross Rent | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — |
Housing Cost & Rent Trends
Median Home Price Over Time
Michigan
United States
Median Rent Over Time
Michigan
United States
Affordability
On average, housing unit costs 1.9 yearly household incomes in Michigan.
| Metric | Michigan | US Average |
|---|---|---|
| Median Home Price | $134,610 | $242,182 |
| Median Household Income | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.9 | 3.1 |
Home Prices vs Income Over Time
Home Prices
Household Income
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Household Income Growth %
Housing Cost Growth %
Occupancy & Tenure
| Metric | Michigan | US Average |
|---|---|---|
| Homeownership Rate | 64.1% | 58.2% |
| Rental Rate | 23.8% | 31.3% |
| Vacancy Rate | 12.2% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Housing Stock
| Metric | Michigan | US Average |
|---|---|---|
| Average Household Size | 2.43 people | 2.54 people |
| Median Structure Built Year | 1972 | 1978 |
| Median Number of Rooms | 5.8 | 5.5 |