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 | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $313,636 | $134,610 | $242,182 |
| Price Trend (Annual %) | 1.1% | 9.4% | 8.2% |
| Median Gross Rent | $1,222 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Leelanau County is about 133% higher than in Michigan. Rent is about 13% higher 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 Leelanau County, up about 1.1% and 5.2% a year respectively. Rent is changing faster.
Median rent in Leelanau County rose about 51.8% between 2015 and 2023, from $805 to $1,222. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Leelanau County.
Buying the median-priced home in Leelanau County costs roughly 21.4 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 10.3.
| Metric | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $313,636 | $134,610 | $242,182 |
| Median Household Income | $93,500 | $71,353 | $78,145 |
| Price-to-Income Ratio | 3.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Leelanau County rose about 16.3%, while median household income rose about 64.6% 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 | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.7% | 64.1% | 58.2% |
| Rental Rate | 5.7% | 23.8% | 31.3% |
| Vacancy Rate | 39.6% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Leelanau County has a homeownership rate of 54.7%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 39.6%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Leelanau County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1985 | 1972 | 1978 |
| Median Number of Rooms | 6.1 | 5.8 | 5.5 |
The typical housing unit in Leelanau County was built around 1985. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 17.0 years on average.
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 $313,636, higher than the Michigan average of $134,610.
What is the average home price in Leelanau 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 Leelanau County, Michigan?
The median gross rent in Leelanau County, Michigan is $1,222 per month, higher than the Michigan average of $1,084.
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 21.4, meaning it would take roughly 21.4 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 1.1% and 5.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Leelanau County, Michigan?
54.7% of households in Leelanau County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Leelanau County, Michigan?
The housing vacancy rate in Leelanau County, Michigan is 39.6%, higher than the Michigan average of 12.2%.