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 | Otsego County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,763 | $134,610 | $242,182 |
| Price Trend (Annual %) | -1.1% | 9.4% | 8.2% |
| Median Gross Rent | $880 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Otsego County is about 1% higher than in Michigan. Rent is about 19% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Otsego County: home prices fell about 1.1% a year while rent rose about 2.6% a year. That is an unusual pattern worth watching.
Median rent in Otsego County rose about 25.4% between 2015 and 2023, from $701 to $880. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Otsego County.
Buying the median-priced home in Otsego County costs roughly 12.9 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 Otsego County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Otsego County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,763 | $134,610 | $242,182 |
| Median Household Income | $65,901 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Otsego County fell about 10.0%, while median household income rose about 47.1% 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 | Otsego County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.6% | 64.1% | 58.2% |
| Rental Rate | 16.2% | 23.8% | 31.3% |
| Vacancy Rate | 26.2% | 12.2% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Otsego County has a homeownership rate of 57.6%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 26.2%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Otsego County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1983 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.8 | 5.5 |
The typical housing unit in Otsego County was built around 1983. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Otsego County, Michigan.
What is the median home price in Otsego County, Michigan?
The median home price in Otsego County, Michigan is $135,763, higher than the Michigan average of $134,610.
What is the average home price in Otsego 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 Otsego County, Michigan?
The median gross rent in Otsego County, Michigan is $880 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Otsego County in 2020?
In 2020, the median gross rent in Otsego County, Michigan was $767 per month.
What is the price-to-rent ratio in Otsego County, Michigan?
The price-to-rent ratio in Otsego County, Michigan is about 12.9, meaning it would take roughly 12.9 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 Otsego County.
Are home prices or rent rising faster in Otsego County, Michigan?
Home prices and rent are moving in opposite directions in Otsego County: home prices fell about 1.1% a year while rent rose about 2.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Otsego County, Michigan?
57.6% of households in Otsego County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Otsego County, Michigan?
The housing vacancy rate in Otsego County, Michigan is 26.2%, higher than the Michigan average of 12.2%.