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 | Shiawassee County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,375 | $134,610 | $242,182 |
| Price Trend (Annual %) | 7.8% | 9.4% | 8.2% |
| Median Gross Rent | $875 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Shiawassee County is about the same as 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
Both home prices and rent are rising in Shiawassee County, up about 7.8% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Shiawassee County rose about 30.0% between 2015 and 2023, from $673 to $875. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Shiawassee County.
Buying the median-priced home in Shiawassee County costs roughly 12.8 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 Shiawassee County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Shiawassee County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,375 | $134,610 | $242,182 |
| Median Household Income | $65,434 | $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 Shiawassee County rose about 69.0%, while median household income rose about 41.6% 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 | Shiawassee County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.4% | 64.1% | 58.2% |
| Rental Rate | 18.9% | 23.8% | 31.3% |
| Vacancy Rate | 8.8% | 12.2% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Shiawassee County has a homeownership rate of 72.4%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 8.8%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Shiawassee County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1971 | 1972 | 1978 |
| Median Number of Rooms | 6.1 | 5.8 | 5.5 |
The typical housing unit in Shiawassee County was built around 1971. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Shiawassee County, Michigan.
What is the median home price in Shiawassee County, Michigan?
The median home price in Shiawassee County, Michigan is $134,375, about the same as the Michigan average.
What is the average home price in Shiawassee 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 Shiawassee County, Michigan?
The median gross rent in Shiawassee County, Michigan is $875 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Shiawassee County in 2020?
In 2020, the median gross rent in Shiawassee County, Michigan was $741 per month.
What is the price-to-rent ratio in Shiawassee County, Michigan?
The price-to-rent ratio in Shiawassee County, Michigan is about 12.8, meaning it would take roughly 12.8 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 Shiawassee County.
Are home prices or rent rising faster in Shiawassee County, Michigan?
Both home prices and rent are rising in Shiawassee County, up about 7.8% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Shiawassee County, Michigan?
72.4% of households in Shiawassee County, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Shiawassee County, Michigan?
The housing vacancy rate in Shiawassee County, Michigan is 8.8%, lower than the Michigan average of 12.2%.