Monroe County, Michigan Housing Market Prices
Monroe 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 41% above the Michigan median More expensive than 78% of counties in Michigan$194,999
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Median rent 6% below the Michigan median More expensive than 82% of counties in Michigan$1,059
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $194,999 | $138,713 | $248,835 |
| Price Trend (Annual %) | 10.6% | 8.6% | 7.5% |
| Median Gross Rent | $1,059 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 41% higher than in Michigan. Rent is about 6% lower 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 Monroe County, up about 10.6% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 35.2% between 2015 and 2024, from $783 to $1,059. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 15.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Monroe County. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $194,999 | $138,713 | $248,835 |
| Median Household Income | $77,773 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.5 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Monroe County rose about 131.9%, while median household income rose about 30.8% 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 | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.3% | 64.6% | 58.5% |
| Rental Rate | 17.3% | 23.6% | 31.2% |
| Vacancy Rate | 5.4% | 11.8% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Monroe County has a homeownership rate of 77.3%, higher than the Michigan average of 64.6%. Its housing vacancy rate is 5.4%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1974 | 1972 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Monroe County was built around 1974. On average, 2.4 people live in a home with about 6.3 rooms, staying for about 17.0 years on average.
Monroe County, MI Housing Compared With Nearby Counties
Monroe County, MI is the 4th largest of the 6 counties compared here, 155,488 residents against a local median of 369,612. The measure that sets Monroe County, MI apart most is median home price: $194,999, 32% above the local median of $147,858.
Homeownership tells the same story from another angle: 81.7% against a local median of 64.4%, 27% above it. The one measure here that carries a verdict is homeownership, and at 27% above the local median it puts Monroe County, MI at the better end of the local range. The counties themselves spread $298,652 on median home price, so Monroe County, MI sits at one end of an already wide local range rather than apart from it. Monroe County, MI has the 2nd highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Monroe County, MI | 155,488 | $194,999 #2/6 | $1,059 #3/6 | 81.7% #1/6 |
| Lucas County, OH | 427,836 | $115,392 | $934 | 62.0% |
| Wayne County, MI | 1,771,784 | $56,306 | $1,132 | 64.7% |
| Washtenaw County, MI | 369,612 | $354,959 | $1,463 | 61.6% |
| Lenawee County, MI | 98,415 | $152,038 | $986 | 79.6% |
| Wood County, OH | 132,059 | $147,858 | $971 | 64.4% |
Frequently Asked Questions
Common questions about the housing market in Monroe County, Michigan.
What is the median home price in Monroe County, Michigan?
The median home price in Monroe County, Michigan is $194,999, higher than the Michigan average of $138,713.
What is the average home price in Monroe County, Michigan?
The typical home price in Monroe County, Michigan, reported as the median sale price, is $194,999. 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 Monroe County, Michigan?
The median gross rent in Monroe County, Michigan is $1,059 per month, lower than the Michigan average of $1,129.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, Michigan was $869 per month.
What is the price-to-rent ratio in Monroe County, Michigan?
The price-to-rent ratio in Monroe County, Michigan is about 15.3, meaning it would take roughly 15.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Monroe County.
Are home prices or rent rising faster in Monroe County, Michigan?
Both home prices and rent are rising in Monroe County, up about 10.6% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, Michigan?
77.3% of households in Monroe County, Michigan own their home, higher than the Michigan average of 64.6%.
What is the vacancy rate in Monroe County, Michigan?
The housing vacancy rate in Monroe County, Michigan is 5.4%, lower than the Michigan average of 11.8%.
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