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 | Manistee County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $237,025 | $134,610 | $242,182 |
| Price Trend (Annual %) | 12.2% | 9.4% | 8.2% |
| Median Gross Rent | $820 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Manistee County is about 76% higher than in Michigan. Rent is about 24% 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 Manistee County, up about 12.2% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Manistee County rose about 24.6% between 2015 and 2023, from $658 to $820. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Manistee County.
Buying the median-priced home in Manistee County costs roughly 24.1 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 Manistee County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Manistee County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $237,025 | $134,610 | $242,182 |
| Median Household Income | $61,304 | $71,353 | $78,145 |
| Price-to-Income Ratio | 3.9 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Manistee County rose about 182.5%, while median household income rose about 53.3% 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 | Manistee County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.7% | 64.1% | 58.2% |
| Rental Rate | 9.3% | 23.8% | 31.3% |
| Vacancy Rate | 34.0% | 12.2% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Manistee County has a homeownership rate of 56.7%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 34.0%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Manistee County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1969 | 1972 | 1978 |
| Median Number of Rooms | 5.4 | 5.8 | 5.5 |
The typical housing unit in Manistee County was built around 1969. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Manistee County, Michigan.
What is the median home price in Manistee County, Michigan?
The median home price in Manistee County, Michigan is $237,025, higher than the Michigan average of $134,610.
What is the average home price in Manistee 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 Manistee County, Michigan?
The median gross rent in Manistee County, Michigan is $820 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Manistee County in 2020?
In 2020, the median gross rent in Manistee County, Michigan was $727 per month.
What is the price-to-rent ratio in Manistee County, Michigan?
The price-to-rent ratio in Manistee County, Michigan is about 24.1, meaning it would take roughly 24.1 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 Manistee County.
Are home prices or rent rising faster in Manistee County, Michigan?
Both home prices and rent are rising in Manistee County, up about 12.2% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Manistee County, Michigan?
56.7% of households in Manistee County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Manistee County, Michigan?
The housing vacancy rate in Manistee County, Michigan is 34.0%, higher than the Michigan average of 12.2%.