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 | Oceana County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $119,444 | $134,610 | $242,182 |
| Price Trend (Annual %) | 3.7% | 9.4% | 8.2% |
| Median Gross Rent | $768 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 2.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oceana County is about 11% lower than in Michigan. Rent is about 29% 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 Oceana County, up about 3.7% and 2.2% a year respectively. Home prices are changing faster.
Median rent in Oceana County rose about 15.3% between 2015 and 2023, from $666 to $768. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Oceana County.
Buying the median-priced home in Oceana County costs roughly 13.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Oceana County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Oceana County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $119,444 | $134,610 | $242,182 |
| Median Household Income | $63,073 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.9 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Oceana County fell about 1.6%, while median household income rose about 58.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Oceana County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.8% | 64.1% | 58.2% |
| Rental Rate | 9.7% | 23.8% | 31.3% |
| Vacancy Rate | 34.5% | 12.2% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Oceana County has a homeownership rate of 55.8%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 34.5%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Oceana County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1975 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.8 | 5.5 |
The typical housing unit in Oceana County was built around 1975. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Oceana County, Michigan.
What is the median home price in Oceana County, Michigan?
The median home price in Oceana County, Michigan is $119,444, lower than the Michigan average of $134,610.
What is the average home price in Oceana 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 Oceana County, Michigan?
The median gross rent in Oceana County, Michigan is $768 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Oceana County in 2020?
In 2020, the median gross rent in Oceana County, Michigan was $725 per month.
What is the price-to-rent ratio in Oceana County, Michigan?
The price-to-rent ratio in Oceana County, Michigan is about 13.0, meaning it would take roughly 13.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Oceana County.
Are home prices or rent rising faster in Oceana County, Michigan?
Both home prices and rent are rising in Oceana County, up about 3.7% and 2.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Oceana County, Michigan?
55.8% of households in Oceana County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Oceana County, Michigan?
The housing vacancy rate in Oceana County, Michigan is 34.5%, higher than the Michigan average of 12.2%.