Housing in Michigan State is relatively cheaper than the rest of the United States, with a median value of $218,700 compared to the US median value of $338,100. Yet, the one-year appreciation rate of Michigan's housing market stands at 6.53%, which is slightly lower than the national rate of 8.27%. Despite this disparity, the lower cost of housing in Michigan can be attractive for those looking to purchase a home in the area.
The median home cost in Michigan is $218,700. Home appreciation the last 10 years has been 108.8%. Home Appreciation in Michigan is up 13.6%.
Average Age of Homes
- The median age of Michigan real estate is 47 years old
The Rental Market in Michigan
- Renters make up 24.0% of the Michigan population
- 1.2% of houses and apartments in Michigan, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.