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These days, finding an affordable place to live in the Five Lakes area can be challenging. Home prices in Five Lakes are now at a median cost of $215,068, lower than the Michigan average of $250,415.
The average cost of rent is $1,232/mo in Five Lakes, primarily driven by the current value of real estate in the Five Lakes area. In Five Lakes, 3.95% of households rent, and 32.32% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Five Lakes is $6,720 per month. Households that rent pay about 18.33% of their income on rent here. Five Lakes’s most expensive areas are in the eastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Barnes Lake-Millers Lake, MI: equally priced homes
- North Branch, MI: equally priced homes
- Lum, MI: higher priced homes
- Hunters Creek, MI: equally priced homes
- Columbiaville, MI: equally priced homes
- Lapeer, MI: equally priced homes
- Attica, MI: higher priced homes
- Fostoria, MI: less expensive homes
- Otter Lake, MI: less expensive homes
- Burnside, MI: equally priced homes
Cities with Similar Populations
- Dyke, VA: higher priced homes
- Urbandale, MI: higher priced homes
- Truman, MN: less expensive homes
- Clements, MD: higher priced homes
- Colville, KY: higher priced homes
- Trout, LA: less expensive homes
- Tornado, WV: less expensive homes
- Tok, AK: equally priced homes
- Tetonia, ID: higher priced homes
- Daniel, UT: higher priced homes
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