Lake County, Michigan Housing Market Prices
Lake County 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 21% below the Michigan median Cheaper than 72% of counties in Michigan$109,376
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Median rent 23% below the Michigan median$874
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $109,376 | $138,713 | $248,835 |
| Price Trend (Annual %) | 11.4% | 8.6% | 7.5% |
| Median Gross Rent | $874 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 5.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake County is about 21% lower than in Michigan. Rent is about 23% lower than the Michigan 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 Lake County, up about 11.4% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Lake County rose about 55.7% between 2015 and 2024, from $562 to $874. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Lake County.
Buying the median-priced home in Lake 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 Lake County. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $109,376 | $138,713 | $248,835 |
| Median Household Income | $50,997 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lake County rose about 59.7%, while median household income rose about 47.6% 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 | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 31.6% | 64.6% | 58.5% |
| Rental Rate | 6.9% | 23.6% | 31.2% |
| Vacancy Rate | 61.4% | 11.8% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Lake County has a homeownership rate of 31.6%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 61.4%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1977 | 1972 | 1978 |
| Median Number of Rooms | 4.3 | 5.9 | 5.5 |
The typical housing unit in Lake County was built around 1977. On average, 2.4 people live in a home with about 4.3 rooms, staying for about 17.0 years on average.
Lake County, MI Housing Compared With Nearby Counties
Lake County, MI is the smallest of the 5 counties compared here, 11,301 residents against a local median of 33,296. Lake County, MI's median home price, at $109,376, runs 25% below the $146,591 typical of the counties around it.
The counties themselves spread $196,102 on median home price, so Lake County, MI sits at one end of an already wide local range rather than apart from it. Lake County, MI has the 4th highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lake County, MI | 11,301 | $109,376 #4/5 | $874 #3/5 | 82.0% #4/5 |
| Newaygo County, MI | 50,792 | $175,000 | $904 | 86.5% |
| Osceola County, MI | 23,226 | $76,471 | $807 | 83.7% |
| Mecosta County, MI | 41,242 | $118,181 | $934 | 76.9% |
| Manistee County, MI | 25,350 | $272,572 | $841 | 85.8% |
Frequently Asked Questions
Common questions about the housing market in Lake County, Michigan.
What is the median home price in Lake County, Michigan?
The median home price in Lake County, Michigan is $109,376, lower than the Michigan average of $138,713.
What is the average home price in Lake County, Michigan?
The typical home price in Lake County, Michigan, reported as the median sale price, is $109,376. 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 Lake County, Michigan?
The median gross rent in Lake County, Michigan is $874 per month, lower than the Michigan average of $1,129.
What was the median gross rent in Lake County in 2020?
In 2020, the median gross rent in Lake County, Michigan was $646 per month.
What is the price-to-rent ratio in Lake County, Michigan?
The price-to-rent ratio in Lake 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 Lake County.
Are home prices or rent rising faster in Lake County, Michigan?
Both home prices and rent are rising in Lake County, up about 11.4% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake County, Michigan?
31.6% of households in Lake County, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Lake County, Michigan?
The housing vacancy rate in Lake County, Michigan is 61.4%, higher than the Michigan average of 11.8%.
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