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 | Ontonagon County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $64,161 | $134,610 | $242,182 |
| Price Trend (Annual %) | 20.5% | 9.4% | 8.2% |
| Median Gross Rent | $570 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ontonagon County is about 52% lower than in Michigan. Rent is about 47% 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 Ontonagon County, up about 20.5% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Ontonagon County rose about 38.8% between 2015 and 2023, from $411 to $570. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Ontonagon County.
Buying the median-priced home in Ontonagon County costs roughly 9.4 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 Ontonagon County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Ontonagon County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $64,161 | $134,610 | $242,182 |
| Median Household Income | $51,685 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ontonagon County rose about 61.9%, while median household income rose about 51.9% 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 | Ontonagon County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.4% | 64.1% | 58.2% |
| Rental Rate | 7.2% | 23.8% | 31.3% |
| Vacancy Rate | 43.3% | 12.2% | 10.6% |
| Median Tenure (years) | 20.0 | 16.0 | 15.0 |
| Median Year Moved In | 2006 | 2010 | 2011 |
Ontonagon County has a homeownership rate of 49.4%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 43.3%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Ontonagon County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.94 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1960 | 1972 | 1978 |
| Median Number of Rooms | 5.2 | 5.8 | 5.5 |
The typical housing unit in Ontonagon County was built around 1960. On average, 1.9 people live in a home with about 5.2 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ontonagon County, Michigan.
What is the median home price in Ontonagon County, Michigan?
The median home price in Ontonagon County, Michigan is $64,161, lower than the Michigan average of $134,610.
What is the average home price in Ontonagon 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 Ontonagon County, Michigan?
The median gross rent in Ontonagon County, Michigan is $570 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Ontonagon County in 2020?
In 2020, the median gross rent in Ontonagon County, Michigan was $549 per month.
What is the price-to-rent ratio in Ontonagon County, Michigan?
The price-to-rent ratio in Ontonagon County, Michigan is about 9.4, meaning it would take roughly 9.4 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 Ontonagon County.
Are home prices or rent rising faster in Ontonagon County, Michigan?
Both home prices and rent are rising in Ontonagon County, up about 20.5% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ontonagon County, Michigan?
49.4% of households in Ontonagon County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Ontonagon County, Michigan?
The housing vacancy rate in Ontonagon County, Michigan is 43.3%, higher than the Michigan average of 12.2%.