Leelanau County, Michigan Housing Market Prices
Leelanau 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 113% above the Michigan median More expensive than 91% of counties in Michigan$294,921
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Median rent 9% above the Michigan median More expensive than 94% of counties in Michigan$1,227
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,921 | $138,713 | $248,835 |
| Price Trend (Annual %) | 0.2% | 8.6% | 7.5% |
| Median Gross Rent | $1,227 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Leelanau County is about 113% higher than in Michigan. Rent is about 9% higher 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 Leelanau County, up about 0.2% and 4.6% a year respectively. Rent is changing faster.
Median rent in Leelanau County rose about 52.3% between 2015 and 2024, from $805 to $1,227. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Leelanau County.
Buying the median-priced home in Leelanau County costs roughly 20.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Leelanau County. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,921 | $138,713 | $248,835 |
| Median Household Income | $99,683 | $72,977 | $80,455 |
| Price-to-Income Ratio | 3.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Leelanau County rose about 9.4%, while median household income rose about 54.6% between 2009 and 2025 — 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 | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.1% | 64.6% | 58.5% |
| Rental Rate | 5.1% | 23.6% | 31.2% |
| Vacancy Rate | 38.8% | 11.8% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Leelanau County has a homeownership rate of 56.1%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 38.8%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1984 | 1972 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Leelanau County was built around 1984. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Leelanau County, MI Housing Compared With Nearby Counties
Leelanau County, MI is typical in size for this group, 22,734 residents against a local median of 25,729, so the measures below are close to a like for like comparison. Leelanau County, MI's median rent, at $1,227, runs 33% above the $925 typical of the counties around it.
The counties themselves spread $447 on median rent, so Leelanau County, MI sits at one end of an already wide local range rather than apart from it. Leelanau County, MI has the 2nd highest median rent of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Leelanau County, MI | 22,734 | $294,921 #3/5 | $1,227 #2/5 | 91.6% #1/5 |
| Grand Traverse County, MI | 96,166 | $124,999 | $1,288 | 77.2% |
| Charlevoix County, MI | 26,108 | $326,041 | $949 | 83.5% |
| Manistee County, MI | 25,350 | $272,572 | $841 | 85.8% |
| Antrim County, MI | 24,127 | $369,999 | $902 | 86.4% |
Frequently Asked Questions
Common questions about the housing market in Leelanau County, Michigan.
What is the median home price in Leelanau County, Michigan?
The median home price in Leelanau County, Michigan is $294,921, higher than the Michigan average of $138,713.
What is the average home price in Leelanau County, Michigan?
The typical home price in Leelanau County, Michigan, reported as the median sale price, is $294,921. 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 Leelanau County, Michigan?
The median gross rent in Leelanau County, Michigan is $1,227 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Leelanau County in 2020?
In 2020, the median gross rent in Leelanau County, Michigan was $961 per month.
What is the price-to-rent ratio in Leelanau County, Michigan?
The price-to-rent ratio in Leelanau County, Michigan is about 20.0, meaning it would take roughly 20.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Leelanau County.
Are home prices or rent rising faster in Leelanau County, Michigan?
Both home prices and rent are rising in Leelanau County, up about 0.2% and 4.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Leelanau County, Michigan?
56.1% of households in Leelanau County, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Leelanau County, Michigan?
The housing vacancy rate in Leelanau County, Michigan is 38.8%, higher than the Michigan average of 11.8%.
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