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These days, finding an affordable place to live in the Traverse City area can be challenging. Home prices in Traverse City are now at a median cost of $371,710, higher than the Michigan average of $250,415.
The average cost of rent is $1,387/mo in Traverse City, primarily driven by the current value of real estate in the Traverse City area. In Traverse City, 25.30% of households rent, and 41.07% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Traverse City is $7,297 per month. Households that rent pay about 19.00% of their income on rent here. Traverse City’s most expensive areas are in the northeastern regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Greilickville, MI: higher priced homes
- Acme, MI: less expensive homes
- Grawn, MI: less expensive homes
- Bates, MI: equally priced homes
- Solon, MI: equally priced homes
- Mayfield, MI: less expensive homes
- Glen Haven, MI: higher priced homes
- Monroe Center, MI: less expensive homes
- Yuba, MI: higher priced homes
- Williamsburg, MI: equally priced homes
Cities with Similar Populations
- Woodlawn Park, KY: less expensive homes
- Yuma, TN: less expensive homes
- Worthington, MA: equally priced homes
- Yuma, AZ: less expensive homes
- Yum Yum, TN: less expensive homes
- Yukon, OK: less expensive homes
- Woodlawn, LA: less expensive homes
- Worth, NY: less expensive homes
- Yuba, WI: less expensive homes
- Yauhannah, SC: less expensive homes
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