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 | Ingham County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $131,456 | $134,610 | $242,182 |
| Price Trend (Annual %) | 8.3% | 9.4% | 8.2% |
| Median Gross Rent | $1,058 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ingham County is about 2% lower than in Michigan. Rent is about 2% 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 Ingham County, up about 8.3% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Ingham County rose about 34.9% between 2015 and 2023, from $784 to $1,058. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Ingham County.
Buying the median-priced home in Ingham County costs roughly 10.4 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 Ingham County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Ingham County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $131,456 | $134,610 | $242,182 |
| Median Household Income | $64,424 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ingham County rose about 70.7%, while median household income rose about 41.5% 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 | Ingham County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.2% | 64.1% | 58.2% |
| Rental Rate | 37.5% | 23.8% | 31.3% |
| Vacancy Rate | 7.4% | 12.2% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Ingham County has a homeownership rate of 55.2%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 7.4%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Ingham County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1977 | 1972 | 1978 |
| Median Number of Rooms | 5.5 | 5.8 | 5.5 |
The typical housing unit in Ingham County was built around 1977. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ingham County, Michigan.
What is the median home price in Ingham County, Michigan?
The median home price in Ingham County, Michigan is $131,456, lower than the Michigan average of $134,610.
What is the average home price in Ingham 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 Ingham County, Michigan?
The median gross rent in Ingham County, Michigan is $1,058 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Ingham County in 2020?
In 2020, the median gross rent in Ingham County, Michigan was $906 per month.
What is the price-to-rent ratio in Ingham County, Michigan?
The price-to-rent ratio in Ingham County, Michigan is about 10.4, meaning it would take roughly 10.4 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 Ingham County.
Are home prices or rent rising faster in Ingham County, Michigan?
Both home prices and rent are rising in Ingham County, up about 8.3% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ingham County, Michigan?
55.2% of households in Ingham County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Ingham County, Michigan?
The housing vacancy rate in Ingham County, Michigan is 7.4%, lower than the Michigan average of 12.2%.