Home Price Key
Affordable
Average
Expensive
These days, finding an affordable place to live in the Michigan area can be challenging. Home prices in Michigan are now at a median cost of $196,062, lower than the the United States average of $313,691.
The average cost of rent is $1,036/mo in Michigan, primarily driven by the current value of real estate in the Michigan area. While nearly 41.45% of residents own their homes outright in Michigan, 26.25% rent.
Housing affordability isn’t just about home prices, though. The average household income in Michigan is $5,986 per month. Households that rent pay about 17.31% of their income on rent here. Michigan's most expensive areas are in the eastern regions, while the cheapest areas are in the northeastern parts of the state.
Nearby States
- Ohio: equally priced homes
- Indiana: less expensive homes
- Wisconsin: higher priced homes
- Illinois: higher priced homes
- West Virginia: less expensive homes
- Pennsylvania: higher priced homes
- Iowa: equally priced homes
- Minnesota: higher priced homes
- New York: higher priced homes
- District of Columbia: higher priced homes
States with Similar Populations
- District of Columbia: higher priced homes
- Florida: higher priced homes
- Massachusetts: higher priced homes
- Connecticut: higher priced homes
- New Jersey: higher priced homes
- New York: higher priced homes
- New Mexico: equally priced homes
- North Carolina: higher priced homes
- North Dakota: higher priced homes
- Ohio: equally priced homes
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