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 | Montmorency County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $250,000 | $134,610 | $242,182 |
| Price Trend (Annual %) | 21.9% | 9.4% | 8.2% |
| Median Gross Rent | $811 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montmorency County is about 86% higher than in Michigan. Rent is about 25% 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 Montmorency County, up about 21.9% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Montmorency County rose about 42.2% between 2015 and 2023, from $570 to $811. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 5.2 yearly household incomes in Montmorency County.
Buying the median-priced home in Montmorency County costs roughly 25.7 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 Montmorency County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Montmorency County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $250,000 | $134,610 | $242,182 |
| Median Household Income | $47,745 | $71,353 | $78,145 |
| Price-to-Income Ratio | 5.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montmorency County rose about 199.8%, while median household income rose about 38.5% 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 | Montmorency County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.8% | 64.1% | 58.2% |
| Rental Rate | 6.6% | 23.8% | 31.3% |
| Vacancy Rate | 46.6% | 12.2% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Montmorency County has a homeownership rate of 46.8%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 46.6%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Montmorency County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.94 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1975 | 1972 | 1978 |
| Median Number of Rooms | 4.9 | 5.8 | 5.5 |
The typical housing unit in Montmorency County was built around 1975. On average, 1.9 people live in a home with about 4.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Montmorency County, Michigan.
What is the median home price in Montmorency County, Michigan?
The median home price in Montmorency County, Michigan is $250,000, higher than the Michigan average of $134,610.
What is the average home price in Montmorency 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 Montmorency County, Michigan?
The median gross rent in Montmorency County, Michigan is $811 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Montmorency County in 2020?
In 2020, the median gross rent in Montmorency County, Michigan was $700 per month.
What is the price-to-rent ratio in Montmorency County, Michigan?
The price-to-rent ratio in Montmorency County, Michigan is about 25.7, meaning it would take roughly 25.7 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 Montmorency County.
Are home prices or rent rising faster in Montmorency County, Michigan?
Both home prices and rent are rising in Montmorency County, up about 21.9% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Montmorency County, Michigan?
46.8% of households in Montmorency County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Montmorency County, Michigan?
The housing vacancy rate in Montmorency County, Michigan is 46.6%, higher than the Michigan average of 12.2%.