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 | Washtenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,140 | $134,610 | $242,182 |
| Price Trend (Annual %) | 10.0% | 9.4% | 8.2% |
| Median Gross Rent | $1,398 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Washtenaw County is about 98% higher than in Michigan. Rent is about 29% higher 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 Washtenaw County, up about 10.0% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Washtenaw County rose about 46.8% between 2015 and 2023, from $952 to $1,398. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Washtenaw County.
Buying the median-priced home in Washtenaw County costs roughly 15.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Washtenaw County. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Washtenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $267,140 | $134,610 | $242,182 |
| Median Household Income | $87,591 | $71,353 | $78,145 |
| Price-to-Income Ratio | 3.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Washtenaw County rose about 97.7%, while median household income rose about 49.8% 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 | Washtenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.2% | 64.1% | 58.2% |
| Rental Rate | 36.2% | 23.8% | 31.3% |
| Vacancy Rate | 5.6% | 12.2% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Washtenaw County has a homeownership rate of 58.2%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 5.6%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Washtenaw County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1979 | 1972 | 1978 |
| Median Number of Rooms | 5.7 | 5.8 | 5.5 |
The typical housing unit in Washtenaw County was built around 1979. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Washtenaw County, Michigan.
What is the median home price in Washtenaw County, Michigan?
The median home price in Washtenaw County, Michigan is $267,140, higher than the Michigan average of $134,610.
What is the average home price in Washtenaw 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 Washtenaw County, Michigan?
The median gross rent in Washtenaw County, Michigan is $1,398 per month, higher than the Michigan average of $1,084.
What was the median gross rent in Washtenaw County in 2020?
In 2020, the median gross rent in Washtenaw County, Michigan was $1,159 per month.
What is the price-to-rent ratio in Washtenaw County, Michigan?
The price-to-rent ratio in Washtenaw County, Michigan is about 15.9, meaning it would take roughly 15.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Washtenaw County.
Are home prices or rent rising faster in Washtenaw County, Michigan?
Both home prices and rent are rising in Washtenaw County, up about 10.0% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Washtenaw County, Michigan?
58.2% of households in Washtenaw County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Washtenaw County, Michigan?
The housing vacancy rate in Washtenaw County, Michigan is 5.6%, lower than the Michigan average of 12.2%.