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 | Lenawee County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $130,481 | $134,610 | $242,182 |
| Price Trend (Annual %) | 4.9% | 9.4% | 8.2% |
| Median Gross Rent | $964 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lenawee County is about 3% lower than in Michigan. Rent is about 11% 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 Lenawee County, up about 4.9% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Lenawee County rose about 32.0% between 2015 and 2023, from $730 to $964. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Lenawee County.
Buying the median-priced home in Lenawee County costs roughly 11.3 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 Lenawee County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Lenawee County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $130,481 | $134,610 | $242,182 |
| Median Household Income | $66,498 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lenawee County rose about 37.7%, while median household income rose about 32.3% between 2009 and 2023 — 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 | Lenawee County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.8% | 64.1% | 58.2% |
| Rental Rate | 18.9% | 23.8% | 31.3% |
| Vacancy Rate | 11.3% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Lenawee County has a homeownership rate of 69.8%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 11.3%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Lenawee County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1969 | 1972 | 1978 |
| Median Number of Rooms | 6.1 | 5.8 | 5.5 |
The typical housing unit in Lenawee County was built around 1969. 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 Lenawee County, Michigan.
What is the median home price in Lenawee County, Michigan?
The median home price in Lenawee County, Michigan is $130,481, lower than the Michigan average of $134,610.
What is the average home price in Lenawee 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 Lenawee County, Michigan?
The median gross rent in Lenawee County, Michigan is $964 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Lenawee County in 2020?
In 2020, the median gross rent in Lenawee County, Michigan was $795 per month.
What is the price-to-rent ratio in Lenawee County, Michigan?
The price-to-rent ratio in Lenawee County, Michigan is about 11.3, meaning it would take roughly 11.3 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 Lenawee County.
Are home prices or rent rising faster in Lenawee County, Michigan?
Both home prices and rent are rising in Lenawee County, up about 4.9% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lenawee County, Michigan?
69.8% of households in Lenawee County, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Lenawee County, Michigan?
The housing vacancy rate in Lenawee County, Michigan is 11.3%, lower than the Michigan average of 12.2%.