Market Indicators

Annual rent cost$11,400/year

Price-to-rent ratio19x (Neutral)

Monthly mortgage est. (30y 7%)$1,133/mo

Housing Market in Michigan

The median home value in Michigan is $213,000, with a homeownership rate of 72.3%. The median monthly rent is $950, giving an annual rent cost of $11,400.

The price-to-rent ratio of 19x is in the neutral range for Michigan, though personal financial circumstances always vary.

Major Cities in Michigan

Detroit
Grand Rapids
Warren
Ann Arbor
Lansing

Data Source

Data from the US Census Bureau ACS and HUD, public domain datasets updated annually.

Frequently Asked Questions

What is median home value?▾

Median home value is the middle price of owner-occupied homes — half are worth more, half less. It's based on owner-reported estimates from the Census ACS survey, not actual sale prices. For actual transaction prices, Zillow and the Federal Housing Finance Agency (FHFA) track sale prices more directly.

Should I buy or rent in Michigan?▾

With a price-to-rent ratio of 19x in Michigan, both options are fairly balanced financially. The decision depends on your mobility needs, down payment availability, and local market conditions.

Is the housing market data current?▾

The data shown is from the US Census Bureau American Community Survey (ACS) 2022 5-year estimates. While not real-time, these are the most comprehensive and reliable housing statistics by state. For current market conditions, check Zillow, Redfin, or the National Association of Realtors for recent sale data.

What is a good price-to-rent ratio?▾

A price-to-rent ratio below 15 generally favors buying, between 15-20 is neutral, and above 20 favors renting. However, local market conditions, mortgage rates, property taxes, and maintenance costs all affect the true break-even analysis. Low ratios mean you can cover your mortgage costs with rental income more easily.