Lansing, Michigan Housing Market Prices
Lansing 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 11% below the Michigan median$123,867
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Median rent 12% below the Michigan median$996
Housing Market Overview
| Metric | Lansing | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $123,867 | $138,713 | $248,835 |
| Price Trend (Annual %) | 9.4% | 8.6% | 7.5% |
| Median Gross Rent | $996 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 3.3% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lansing is about 11% lower than in Michigan. Rent is about 12% 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 Lansing, up about 9.4% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Lansing rose about 34.7% between 2015 and 2024, from $739 to $996. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Lansing.
Buying the median-priced home in Lansing 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 Lansing. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Lansing | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $123,867 | $138,713 | $248,835 |
| Median Household Income | $55,428 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lansing rose about 90.1%, while median household income rose about 38.6% 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 | Lansing | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.4% | 64.6% | 58.5% |
| Rental Rate | 41.0% | 23.6% | 31.2% |
| Vacancy Rate | 7.6% | 11.8% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Lansing has a homeownership rate of 51.4%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 7.6%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Lansing | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1960 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.9 | 5.5 |
The typical housing unit in Lansing was built around 1960. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 11.0 years on average.
Lansing, MI Housing Compared With Nearby Cities
How Lansing, MI compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lansing, MI | 106,034 | $123,867 #1/3 | $996 #3/3 | 55.7% #2/3 |
| Holt, MI | 21,233 | $37,980 | $1,266 | 63.7% |
| East Lansing, MI | 44,400 | $73,853 | $1,122 | 37.4% |
Frequently Asked Questions
Common questions about the housing market in Lansing, Michigan.
What is the median home price in Lansing, Michigan?
The median home price in Lansing, Michigan is $123,867, lower than the Michigan average of $138,713.
What is the average home price in Lansing, Michigan?
The typical home price in Lansing, Michigan, reported as the median sale price, is $123,867. 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 Lansing, Michigan?
The median gross rent in Lansing, Michigan is $996 per month, lower than the Michigan average of $1,129.
What was the median gross rent in Lansing in 2020?
In 2020, the median gross rent in Lansing, Michigan was $850 per month.
What is the price-to-rent ratio in Lansing, Michigan?
The price-to-rent ratio in Lansing, 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 Lansing.
Are home prices or rent rising faster in Lansing, Michigan?
Both home prices and rent are rising in Lansing, up about 9.4% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lansing, Michigan?
51.4% of households in Lansing, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Lansing, Michigan?
The housing vacancy rate in Lansing, Michigan is 7.6%, lower than the Michigan average of 11.8%.
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