Luce County, Michigan Housing Market Prices
Luce 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 27% above the Michigan median More expensive than 70% of counties in Michigan$176,389
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Median rent 40% below the Michigan median Among the top 5 cheapest counties in Michigan$674
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Luce County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,389 | $138,713 | $248,835 |
| Price Trend (Annual %) | 33.7% | 8.6% | 7.5% |
| Median Gross Rent | $674 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 1.4% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Luce County is about 27% higher than in Michigan. Rent is about 40% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2020
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Luce County, up about 33.7% and 1.4% a year respectively. Home prices are changing faster.
Median rent in Luce County rose about 11.4% between 2015 and 2024, from $606 to $674. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Luce County.
Buying the median-priced home in Luce County costs roughly 21.8 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 Luce County. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Luce County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,389 | $138,713 | $248,835 |
| Median Household Income | $55,506 | $72,977 | $80,455 |
| Price-to-Income Ratio | 3.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2020, the median home price in Luce County rose about 140.0%, while median household income rose about 47.4% 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 | Luce County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.8% | 64.6% | 58.5% |
| Rental Rate | 10.5% | 23.6% | 31.2% |
| Vacancy Rate | 39.6% | 11.8% | 10.2% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Luce County has a homeownership rate of 49.8%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 39.6%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Luce County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1976 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.9 | 5.5 |
The typical housing unit in Luce County was built around 1976. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 19.0 years on average.
Luce County, MI Housing Compared With Nearby Counties
How Luce County, MI compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Luce County, MI | 6,271 | $176,389 #3/3 | $674 #3/3 | 82.6% #2/3 |
| Chippewa County, MI | 36,295 | $178,274 | $796 | 75.0% |
| Charlevoix County, MI | 26,108 | $326,041 | $949 | 83.5% |
Frequently Asked Questions
Common questions about the housing market in Luce County, Michigan.
What is the median home price in Luce County, Michigan?
The median home price in Luce County, Michigan is $176,389, higher than the Michigan average of $138,713.
What is the average home price in Luce County, Michigan?
The typical home price in Luce County, Michigan, reported as the median sale price, is $176,389. 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 Luce County, Michigan?
The median gross rent in Luce County, Michigan is $674 per month, lower than the Michigan average of $1,129.
What was the median gross rent in Luce County in 2020?
In 2020, the median gross rent in Luce County, Michigan was $738 per month.
What is the price-to-rent ratio in Luce County, Michigan?
The price-to-rent ratio in Luce County, Michigan is about 21.8, meaning it would take roughly 21.8 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 Luce County.
Are home prices or rent rising faster in Luce County, Michigan?
Both home prices and rent are rising in Luce County, up about 33.7% and 1.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Luce County, Michigan?
49.8% of households in Luce County, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Luce County, Michigan?
The housing vacancy rate in Luce County, Michigan is 39.6%, higher than the Michigan average of 11.8%.
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