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 | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,182 | $134,610 | $242,182 |
| Price Trend (Annual %) | 11.2% | 9.4% | 8.2% |
| Median Gross Rent | $1,017 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 36% higher than in Michigan. Rent is about 6% 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 Monroe County, up about 11.2% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 29.9% between 2015 and 2023, from $783 to $1,017. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 15.0 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 10.3.
| Metric | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,182 | $134,610 | $242,182 |
| Median Household Income | $75,329 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County rose about 117.9%, while median household income rose about 31.7% 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 | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.5% | 64.1% | 58.2% |
| Rental Rate | 17.8% | 23.8% | 31.3% |
| Vacancy Rate | 5.7% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Monroe County has a homeownership rate of 76.5%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 5.7%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Monroe County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1973 | 1972 | 1978 |
| Median Number of Rooms | 6.2 | 5.8 | 5.5 |
The typical housing unit in Monroe County was built around 1973. On average, 2.5 people live in a home with about 6.2 rooms, staying for about 17.0 years on average.
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 $183,182, higher than the Michigan average of $134,610.
What is the average home price in Monroe 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 Monroe County, Michigan?
The median gross rent in Monroe County, Michigan is $1,017 per month, lower than the Michigan average of $1,084.
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 15.0, meaning it would take roughly 15.0 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 11.2% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, Michigan?
76.5% of households in Monroe County, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Monroe County, Michigan?
The housing vacancy rate in Monroe County, Michigan is 5.7%, lower than the Michigan average of 12.2%.