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 | Presque Isle County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $49,583 | $134,610 | $242,182 |
| Price Trend (Annual %) | -10.1% | 9.4% | 8.2% |
| Median Gross Rent | $625 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 1.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Presque Isle County is about 63% lower than in Michigan. Rent is about 42% 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 Presque Isle County: home prices fell about 10.1% a year while rent rose about 1.2% a year. That is an unusual pattern worth watching.
Median rent in Presque Isle County rose about 12.0% between 2015 and 2023, from $558 to $625. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Presque Isle County.
Buying the median-priced home in Presque Isle County costs roughly 6.6 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 Presque Isle County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Presque Isle County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $49,583 | $134,610 | $242,182 |
| Median Household Income | $57,145 | $71,353 | $78,145 |
| Price-to-Income Ratio | 0.9 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Presque Isle County fell about 58.2%, while median household income rose about 52.7% 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 | Presque Isle County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.5% | 64.1% | 58.2% |
| Rental Rate | 6.6% | 23.8% | 31.3% |
| Vacancy Rate | 35.9% | 12.2% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Presque Isle County has a homeownership rate of 57.5%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 35.9%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Presque Isle County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.05 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1971 | 1972 | 1978 |
| Median Number of Rooms | 5.4 | 5.8 | 5.5 |
The typical housing unit in Presque Isle County was built around 1971. On average, 2.1 people live in a home with about 5.4 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Presque Isle County, Michigan.
What is the median home price in Presque Isle County, Michigan?
The median home price in Presque Isle County, Michigan is $49,583, lower than the Michigan average of $134,610.
What is the average home price in Presque Isle 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 Presque Isle County, Michigan?
The median gross rent in Presque Isle County, Michigan is $625 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Presque Isle County in 2020?
In 2020, the median gross rent in Presque Isle County, Michigan was $552 per month.
What is the price-to-rent ratio in Presque Isle County, Michigan?
The price-to-rent ratio in Presque Isle County, Michigan is about 6.6, meaning it would take roughly 6.6 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 Presque Isle County.
Are home prices or rent rising faster in Presque Isle County, Michigan?
Home prices and rent are moving in opposite directions in Presque Isle County: home prices fell about 10.1% a year while rent rose about 1.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Presque Isle County, Michigan?
57.5% of households in Presque Isle County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Presque Isle County, Michigan?
The housing vacancy rate in Presque Isle County, Michigan is 35.9%, higher than the Michigan average of 12.2%.