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 | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,747 | $134,610 | $242,182 |
| Price Trend (Annual %) | 0.7% | 9.4% | 8.2% |
| Median Gross Rent | $862 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake County is about 56% lower than in Michigan. Rent is about 20% 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 Lake County, up about 0.7% and 6.2% a year respectively. Rent is changing faster.
Median rent in Lake County rose about 53.5% between 2015 and 2023, from $562 to $862. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Lake County.
Buying the median-priced home in Lake County costs roughly 5.7 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 10.3.
| Metric | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,747 | $134,610 | $242,182 |
| Median Household Income | $49,694 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lake County fell about 14.2%, while median household income rose about 62.5% between 2009 and 2023 — income grew faster than the home price.
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 | 29.8% | 64.1% | 58.2% |
| Rental Rate | 6.9% | 23.8% | 31.3% |
| Vacancy Rate | 63.3% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Lake County has a homeownership rate of 29.8%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 63.3%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Lake County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1977 | 1972 | 1978 |
| Median Number of Rooms | 4.3 | 5.8 | 5.5 |
The typical housing unit in Lake County was built around 1977. On average, 2.5 people live in a home with about 4.3 rooms, staying for about 17.0 years on average.
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 $58,747, lower than the Michigan average of $134,610.
What is the average home price in Lake 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 Lake County, Michigan?
The median gross rent in Lake County, Michigan is $862 per month, lower than the Michigan average of $1,084.
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 5.7, meaning it would take roughly 5.7 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 0.7% and 6.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Lake County, Michigan?
29.8% of households in Lake County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Lake County, Michigan?
The housing vacancy rate in Lake County, Michigan is 63.3%, higher than the Michigan average of 12.2%.