Wyoming, Michigan Housing Market Prices
Wyoming 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 18% above the Michigan median$163,065
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Median rent 6% above the Michigan median$1,196
Housing Market Overview
| Metric | Wyoming | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,065 | $138,713 | $248,835 |
| Price Trend (Annual %) | 25.6% | 8.6% | 7.5% |
| Median Gross Rent | $1,196 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wyoming is about 18% 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 Wyoming, up about 25.6% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Wyoming rose about 62.6% between 2015 and 2024, from $735 to $1,196. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Wyoming.
Buying the median-priced home in Wyoming costs roughly 11.4 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 Wyoming. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Wyoming | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $163,065 | $138,713 | $248,835 |
| Median Household Income | $73,270 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Wyoming rose about 272.9%, while median household income rose about 52.5% 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 | Wyoming | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.1% | 64.6% | 58.5% |
| Rental Rate | 31.4% | 23.6% | 31.2% |
| Vacancy Rate | 4.5% | 11.8% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Wyoming has a homeownership rate of 64.1%, about the same as the Michigan average of 64.6%. Its housing vacancy rate is 4.5%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Wyoming | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1969 | 1972 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Wyoming was built around 1969. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 12.0 years on average.
Wyoming, MI Housing Compared With Nearby Cities
How Wyoming, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Wyoming, MI | 77,126 | $163,065 #2/2 | $1,196 #2/2 | 67.2% #1/2 |
| Grand Rapids, MI | 196,641 | $249,625 | $1,254 | 54.5% |
Frequently Asked Questions
Common questions about the housing market in Wyoming, Michigan.
What is the median home price in Wyoming, Michigan?
The median home price in Wyoming, Michigan is $163,065, higher than the Michigan average of $138,713.
What is the average home price in Wyoming, Michigan?
The typical home price in Wyoming, Michigan, reported as the median sale price, is $163,065. 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 Wyoming, Michigan?
The median gross rent in Wyoming, Michigan is $1,196 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Wyoming in 2020?
In 2020, the median gross rent in Wyoming, Michigan was $911 per month.
What is the price-to-rent ratio in Wyoming, Michigan?
The price-to-rent ratio in Wyoming, Michigan is about 11.4, meaning it would take roughly 11.4 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 Wyoming.
Are home prices or rent rising faster in Wyoming, Michigan?
Both home prices and rent are rising in Wyoming, up about 25.6% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wyoming, Michigan?
64.1% of households in Wyoming, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Wyoming, Michigan?
The housing vacancy rate in Wyoming, Michigan is 4.5%, lower than the Michigan average of 11.8%.
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