Okemos, Michigan Housing Market Prices
Okemos 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 22% above the Michigan median$168,664
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Median rent 17% above the Michigan median$1,326
Housing Market Overview
| Metric | Okemos | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,664 | $138,713 | $248,835 |
| Price Trend (Annual %) | -6.6% | 8.6% | 7.5% |
| Median Gross Rent | $1,326 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Okemos is about 22% higher than in Michigan. Rent is about 17% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Okemos: home prices fell about 6.6% a year while rent rose about 4.7% a year. That is an unusual pattern worth watching.
Median rent in Okemos rose about 48.0% between 2015 and 2024, from $896 to $1,326. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Okemos.
Buying the median-priced home in Okemos costs roughly 10.6 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 Okemos. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Okemos | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,664 | $138,713 | $248,835 |
| Median Household Income | $94,605 | $72,977 | $80,455 |
| Price-to-Income Ratio | 1.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Okemos fell about 42.6%, while median household income rose about 26.6% between 2009 and 2025 — 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 | Okemos | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.1% | 64.6% | 58.5% |
| Rental Rate | 40.6% | 23.6% | 31.2% |
| Vacancy Rate | 9.2% | 11.8% | 10.2% |
| Median Tenure (years) | 10.0 | 16.0 | 15.0 |
| Median Year Moved In | 2016 | 2010 | 2011 |
Okemos has a homeownership rate of 50.1%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 9.2%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Okemos | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1986 | 1972 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Okemos was built around 1986. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 10.0 years on average.
Okemos, MI Housing Compared With Nearby Cities
How Okemos, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Okemos, MI | 26,794 | $168,664 #1/2 | $1,326 #1/2 | 55.2% #1/2 |
| East Lansing, MI | 44,400 | $73,853 | $1,122 | 37.4% |
Frequently Asked Questions
Common questions about the housing market in Okemos, Michigan.
What is the median home price in Okemos, Michigan?
The median home price in Okemos, Michigan is $168,664, higher than the Michigan average of $138,713.
What is the average home price in Okemos, Michigan?
The typical home price in Okemos, Michigan, reported as the median sale price, is $168,664. 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 Okemos, Michigan?
The median gross rent in Okemos, Michigan is $1,326 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Okemos in 2020?
In 2020, the median gross rent in Okemos, Michigan was $1,074 per month.
What is the price-to-rent ratio in Okemos, Michigan?
The price-to-rent ratio in Okemos, Michigan is about 10.6, meaning it would take roughly 10.6 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 Okemos.
Are home prices or rent rising faster in Okemos, Michigan?
Home prices and rent are moving in opposite directions in Okemos: home prices fell about 6.6% a year while rent rose about 4.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Okemos, Michigan?
50.1% of households in Okemos, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Okemos, Michigan?
The housing vacancy rate in Okemos, Michigan is 9.2%, lower than the Michigan average of 11.8%.
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