Walker, Michigan Housing Market Prices
Walker 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 152% above the Michigan median$350,000
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Median rent 6% above the Michigan median$1,201
Housing Market Overview
| Metric | Walker | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $138,713 | $248,835 |
| Price Trend (Annual %) | 4.8% | 8.6% | 7.5% |
| Median Gross Rent | $1,201 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 6.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Walker is about 152% higher than in Michigan. Rent is about 6% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Walker, up about 4.8% and 6.8% a year respectively. Rent is changing faster.
Median rent in Walker rose about 71.8% between 2015 and 2024, from $699 to $1,201. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Walker.
Buying the median-priced home in Walker costs roughly 24.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Walker. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Walker | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $138,713 | $248,835 |
| Median Household Income | $77,523 | $72,977 | $80,455 |
| Price-to-Income Ratio | 4.5 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Walker rose about 144.3%, while median household income rose about 45.1% between 2009 and 2025 — 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 | Walker | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.7% | 64.6% | 58.5% |
| Rental Rate | 33.8% | 23.6% | 31.2% |
| Vacancy Rate | 2.5% | 11.8% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Walker has a homeownership rate of 63.7%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 2.5%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Walker | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1982 | 1972 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Walker was built around 1982. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Walker, MI Housing Compared With Nearby Cities
How Walker, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Walker, MI | 24,855 | $350,000 #1/2 | $1,201 #2/2 | 65.4% #1/2 |
| Grand Rapids, MI | 196,641 | $249,625 | $1,254 | 54.5% |
Frequently Asked Questions
Common questions about the housing market in Walker, Michigan.
What is the median home price in Walker, Michigan?
The median home price in Walker, Michigan is $350,000, higher than the Michigan average of $138,713.
What is the average home price in Walker, Michigan?
The typical home price in Walker, Michigan, reported as the median sale price, is $350,000. 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 Walker, Michigan?
The median gross rent in Walker, Michigan is $1,201 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Walker in 2020?
In 2020, the median gross rent in Walker, Michigan was $867 per month.
What is the price-to-rent ratio in Walker, Michigan?
The price-to-rent ratio in Walker, Michigan is about 24.3, meaning it would take roughly 24.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Walker.
Are home prices or rent rising faster in Walker, Michigan?
Both home prices and rent are rising in Walker, up about 4.8% and 6.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Walker, Michigan?
63.7% of households in Walker, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Walker, Michigan?
The housing vacancy rate in Walker, Michigan is 2.5%, lower than the Michigan average of 11.8%.
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