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 | Keweenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $80,000 | $134,610 | $242,182 |
| Price Trend (Annual %) | 46.5% | 9.4% | 8.2% |
| Median Gross Rent | $679 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Keweenaw County is about 41% lower than in Michigan. Rent is about 37% 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 Keweenaw County, up about 46.5% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Keweenaw County rose about 20.7% between 2015 and 2023, from $562 to $679. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Keweenaw County.
Buying the median-priced home in Keweenaw County costs roughly 9.8 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 Keweenaw County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Keweenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $80,000 | $134,610 | $242,182 |
| Median Household Income | $54,888 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.5 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Keweenaw County rose about 63.3%, while median household income rose about 52.2% 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 | Keweenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.6% | 64.1% | 58.2% |
| Rental Rate | 3.9% | 23.8% | 31.3% |
| Vacancy Rate | 52.4% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Keweenaw County has a homeownership rate of 43.6%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 52.4%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Keweenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.92 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1958 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.8 | 5.5 |
The typical housing unit in Keweenaw County was built around 1958. On average, 1.9 people live in a home with about 5.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Keweenaw County, Michigan.
What is the median home price in Keweenaw County, Michigan?
The median home price in Keweenaw County, Michigan is $80,000, lower than the Michigan average of $134,610.
What is the average home price in Keweenaw 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 Keweenaw County, Michigan?
The median gross rent in Keweenaw County, Michigan is $679 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Keweenaw County in 2020?
In 2020, the median gross rent in Keweenaw County, Michigan was $562 per month.
What is the price-to-rent ratio in Keweenaw County, Michigan?
The price-to-rent ratio in Keweenaw County, Michigan is about 9.8, meaning it would take roughly 9.8 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 Keweenaw County.
Are home prices or rent rising faster in Keweenaw County, Michigan?
Both home prices and rent are rising in Keweenaw County, up about 46.5% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Keweenaw County, Michigan?
43.6% of households in Keweenaw County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Keweenaw County, Michigan?
The housing vacancy rate in Keweenaw County, Michigan is 52.4%, higher than the Michigan average of 12.2%.