The Cheapest and Most Expensive Housing Markets in Michigan

Special Report

Published: March 29, 2024 11:50 am

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Michigan cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Michigan is worth $201,100. But across the 50 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $50,000 to about $443,000.

In any local market, home prices are often a reflection of what residents can afford. In Michigan, many of the least expensive cities for homebuyers are not high-income areas. Of the 50 Michigan cities with available data from the ACS, 32 have a median home value that is less than the statewide median. In all but four of these places, the typical household earns less than the statewide median household income of $68,505. Similarly, most of Michigan’s more expensive housing markets have higher earning populations.

These are the cheapest and most expensive housing markets in Michigan.

50. Flint

Median home value: $43,300
Homes worth over $1 million: 0.1%
Homeownership rate: 54.3%
Median household income: $35,451
Total population: 81,863

49. Saginaw

Median home value: $51,700
Homes worth over $1 million: 0.0%
Homeownership rate: 56.4%
Median household income: $35,521
Total population: 44,316

48. Detroit

Median home value: $66,700
Homes worth over $1 million: 0.5%
Homeownership rate: 48.8%
Median household income: $37,761
Total population: 636,787

47. Inkster

Median home value: $69,000
Homes worth over $1 million: 0.2%
Homeownership rate: 44.5%
Median household income: $38,381
Total population: 25,839

46. Bay City

Median home value: $83,200
Homes worth over $1 million: 0.1%
Homeownership rate: 67.1%
Median household income: $45,026
Total population: 32,664

45. Jackson

Median home value: $88,000
Homes worth over $1 million: 0.0%
Homeownership rate: 54.7%
Median household income: $41,988
Total population: 31,420

44. Muskegon

Median home value: $99,600
Homes worth over $1 million: 0.4%
Homeownership rate: 53.1%
Median household income: $40,900
Total population: 38,286

43. Pontiac

Median home value: $100,100
Homes worth over $1 million: 0.1%
Homeownership rate: 42.3%
Median household income: $40,307
Total population: 61,965

42. Hamtramck

Median home value: $103,100
Homes worth over $1 million: 1.0%
Homeownership rate: 56.9%
Median household income: $39,648
Total population: 27,842

41. Lincoln Park

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Median home value: $109,500
Homes worth over $1 million: 0.4%
Homeownership rate: 70.7%
Median household income: $55,777
Total population: 39,807

40. Lansing

Median home value: $112,200
Homes worth over $1 million: 0.2%
Homeownership rate: 53.3%
Median household income: $50,747
Total population: 112,986

39. Eastpointe

Macomb County Michigan Incorporated and Unincorporated areas Eastpointe Highlighted by Arkyan

Macomb County Michigan Incorporated and Unincorporated areas Eastpointe Highlighted (CC BY-SA 3.0 DEED) by Arkyan

Median home value: $115,100
Homes worth over $1 million: 0.2%
Homeownership rate: 69.1%
Median household income: $57,953
Total population: 34,087

38. Battle Creek

Median home value: $115,600
Homes worth over $1 million: 0.0%
Homeownership rate: 63.8%
Median household income: $49,684
Total population: 52,469

37. Port Huron

Median home value: $121,500
Homes worth over $1 million: 0.2%
Homeownership rate: 61.1%
Median household income: $47,906
Total population: 28,881

36. Burton

UAW Expands Ongoing Strike Against Big Three Automakers

Median home value: $121,700
Homes worth over $1 million: 0.3%
Homeownership rate: 74.0%
Median household income: $55,698
Total population: 29,568

35. Roseville

Police Act On Tip On Whereabouts Of Jimmy Hoffa's Body In Suburban Detroit

Median home value: $129,400
Homes worth over $1 million: 0.3%
Homeownership rate: 63.7%
Median household income: $57,274
Total population: 47,476

34. Taylor

Median home value: $132,300
Homes worth over $1 million: 0.3%
Homeownership rate: 65.0%
Median household income: $59,352
Total population: 62,937

33. Romulus

Detroit Area Food Bank Forgotten Harvest Delivers Around Detroit Area Through Its Mobile Pantry Service

Median home value: $138,500
Homes worth over $1 million: 0.0%
Homeownership rate: 67.0%
Median household income: $63,854
Total population: 25,055

32. Southgate

Median home value: $152,400
Homes worth over $1 million: 0.9%
Homeownership rate: 68.0%
Median household income: $62,792
Total population: 29,948

31. Kalamazoo

Median home value: $152,700
Homes worth over $1 million: 0.6%
Homeownership rate: 43.6%
Median household income: $48,649
Total population: 73,342

30. Garden City

Median home value: $152,800
Homes worth over $1 million: 0.4%
Homeownership rate: 80.7%
Median household income: $63,630
Total population: 27,203

29. Dearborn Heights

Median home value: $161,200
Homes worth over $1 million: 0.3%
Homeownership rate: 71.8%
Median household income: $58,335
Total population: 62,474

28. Westland

Van Born Road, Westland, Michigan (14180666056) by Ken Lund

Van Born Road, Westland, Michigan (14180666056) (CC BY-SA 2.0) by Ken Lund

Median home value: $164,900
Homes worth over $1 million: 0.2%
Homeownership rate: 60.3%
Median household income: $59,930
Total population: 84,806

27. Allen Park

Median home value: $165,600
Homes worth over $1 million: 0.4%
Homeownership rate: 86.2%
Median household income: $73,792
Total population: 28,395

26. Warren

Median home value: $169,300
Homes worth over $1 million: 0.3%
Homeownership rate: 71.1%
Median household income: $61,633
Total population: 138,588

25. Madison Heights

Median home value: $172,500
Homes worth over $1 million: 0.4%
Homeownership rate: 62.5%
Median household income: $63,224
Total population: 28,521

24. Oak Park

Median home value: $176,900
Homes worth over $1 million: 0.2%
Homeownership rate: 57.9%
Median household income: $61,991
Total population: 29,495

23. Midland

Median home value: $177,600
Homes worth over $1 million: 0.1%
Homeownership rate: 67.0%
Median household income: $71,809
Total population: 42,404

22. Wyoming

Median home value: $180,300
Homes worth over $1 million: 0.4%
Homeownership rate: 66.9%
Median household income: $67,234
Total population: 76,732

21. St. Clair Shores

Great Lakes Yacht Club - Aerial Photo (1965) by GarlandFamily

Great Lakes Yacht Club - Aerial Photo (1965) (CC BY-SA 4.0) by GarlandFamily

Median home value: $181,300
Homes worth over $1 million: 0.3%
Homeownership rate: 83.2%
Median household income: $71,481
Total population: 58,656

20. Dearborn

Median home value: $189,400
Homes worth over $1 million: 0.6%
Homeownership rate: 69.1%
Median household income: $64,600
Total population: 108,414

19. Holt

Holt, Michigan Entrance Sign (CC BY-SA 3.0) by Dj1997

Median home value: $197,400
Homes worth over $1 million: 0.0%
Homeownership rate: 65.7%
Median household income: $83,722
Total population: 25,374

18. Grand Rapids

Median home value: $203,900
Homes worth over $1 million: 0.3%
Homeownership rate: 54.5%
Median household income: $61,634
Total population: 198,096

17. Southfield

Median home value: $212,800
Homes worth over $1 million: 0.4%
Homeownership rate: 51.1%
Median household income: $63,980
Total population: 76,107

16. Holland

Median home value: $212,900
Homes worth over $1 million: 1.4%
Homeownership rate: 66.1%
Median household income: $69,152
Total population: 34,186

15. Portage

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Median home value: $222,600
Homes worth over $1 million: 0.4%
Homeownership rate: 66.0%
Median household income: $74,837
Total population: 48,936

14. Kentwood

Bailey House-Kentwood (CC BY-SA 4.0) by rossograph

Median home value: $227,000
Homes worth over $1 million: 1.2%
Homeownership rate: 59.4%
Median household income: $66,945
Total population: 54,042

13. East Lansing

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Median home value: $240,800
Homes worth over $1 million: 0.1%
Homeownership rate: 39.7%
Median household income: $44,094
Total population: 45,403

12. Sterling Heights

Median home value: $243,400
Homes worth over $1 million: 0.2%
Homeownership rate: 76.0%
Median household income: $75,381
Total population: 133,744

11. Walker

Kent County Michigan Incorporated and Unincorporated areas Walker Highlighted by Arkyan

Kent County Michigan Incorporated and Unincorporated areas Walker Highlighted (CC BY-SA 3.0) by Arkyan

Median home value: $246,000
Homes worth over $1 million: 0.4%
Homeownership rate: 62.2%
Median household income: $72,020
Total population: 25,175

10. Livonia

Median home value: $249,000
Homes worth over $1 million: 0.3%
Homeownership rate: 87.2%
Median household income: $92,458
Total population: 94,928

9. Allendale

Allendale, MI Confederate Monument by Cnctina

Allendale, MI Confederate Monument (CC BY-SA 4.0) by Cnctina

Median home value: $266,500
Homes worth over $1 million: 0.0%
Homeownership rate: 48.9%
Median household income: $64,356
Total population: 25,206

8. Royal Oak

Median home value: $289,800
Homes worth over $1 million: 1.0%
Homeownership rate: 65.4%
Median household income: $92,799
Total population: 58,053

7. Okemos

Okemos Michigan sign (CC BY-SA 3.0) by Dj1997

Median home value: $304,800
Homes worth over $1 million: 0.8%
Homeownership rate: 56.8%
Median household income: $88,298
Total population: 25,549

6. Farmington Hills

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Median home value: $319,000
Homes worth over $1 million: 0.5%
Homeownership rate: 64.3%
Median household income: $101,728
Total population: 83,562

5. Rochester Hills

Median home value: $359,800
Homes worth over $1 million: 1.6%
Homeownership rate: 77.3%
Median household income: $115,968
Total population: 76,041

4. Troy

Median home value: $375,600
Homes worth over $1 million: 1.4%
Homeownership rate: 75.0%
Median household income: $115,639
Total population: 87,170

3. Novi

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Median home value: $380,200
Homes worth over $1 million: 1.0%
Homeownership rate: 67.9%
Median household income: $110,588
Total population: 65,870

2. Ann Arbor

Median home value: $416,500
Homes worth over $1 million: 4.7%
Homeownership rate: 45.0%
Median household income: $78,546
Total population: 122,216

1. Forest Hills

Median home value: $442,800
Homes worth over $1 million: 6.5%
Homeownership rate: 94.7%
Median household income: $150,153
Total population: 28,425

Rank	Places in Michigan with at least 25,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Forest Hills	442,800	94.7	150,153	28,425
2	Ann Arbor	416,500	45.0	78,546	122,216
3	Novi	380,200	67.9	110,588	65,870
4	Troy	375,600	75.0	115,639	87,170
5	Rochester Hills	359,800	77.3	115,968	76,041
6	Farmington Hills	319,000	64.3	101,728	83,562
7	Okemos	304,800	56.8	88,298	25,549
8	Royal Oak	289,800	65.4	92,799	58,053
9	Allendale	266,500	48.9	64,356	25,206
10	Livonia	249,000	87.2	92,458	94,928
11	Walker	246,000	62.2	72,020	25,175
12	Sterling Heights	243,400	76.0	75,381	133,744
13	East Lansing	240,800	39.7	44,094	45,403
14	Kentwood	227,000	59.4	66,945	54,042
15	Portage	222,600	66.0	74,837	48,936
16	Holland	212,900	66.1	69,152	34,186
17	Southfield	212,800	51.1	63,980	76,107
18	Grand Rapids	203,900	54.5	61,634	198,096
19	Holt	197,400	65.7	83,722	25,374
20	Dearborn	189,400	69.1	64,600	108,414
21	St. Clair Shores	181,300	83.2	71,481	58,656
22	Wyoming	180,300	66.9	67,234	76,732
23	Midland	177,600	67.0	71,809	42,404
24	Oak Park	176,900	57.9	61,991	29,495
25	Madison Heights	172,500	62.5	63,224	28,521
26	Warren	169,300	71.1	61,633	138,588
27	Allen Park	165,600	86.2	73,792	28,395
28	Westland	164,900	60.3	59,930	84,806
29	Dearborn Heights	161,200	71.8	58,335	62,474
30	Garden City	152,800	80.7	63,630	27,203
31	Kalamazoo	152,700	43.6	48,649	73,342
32	Southgate	152,400	68.0	62,792	29,948
33	Romulus	138,500	67.0	63,854	25,055
34	Taylor	132,300	65.0	59,352	62,937
35	Roseville	129,400	63.7	57,274	47,476
36	Burton	121,700	74.0	55,698	29,568
37	Port Huron	121,500	61.1	47,906	28,881
38	Battle Creek	115,600	63.8	49,684	52,469
39	Eastpointe	115,100	69.1	57,953	34,087
40	Lansing	112,200	53.3	50,747	112,986
41	Lincoln Park	109,500	70.7	55,777	39,807
42	Hamtramck	103,100	56.9	39,648	27,842
43	Pontiac	100,100	42.3	40,307	61,965
44	Muskegon	99,600	53.1	40,900	38,286
45	Jackson	88,000	54.7	41,988	31,420
46	Bay City	83,200	67.1	45,026	32,664
47	Inkster	69,000	44.5	38,381	25,839
48	Detroit	66,700	48.8	37,761	636,787
49	Saginaw	51,700	56.4	35,521	44,316
50	Flint	43,300	54.3	35,451	81,863

Read more: Special Report, acs, census bureau, cheapest city to buy a home in Michigan, cheapest place to own a home in Michigan, home prices in Michigan, median home value, most affordable housing market in Michigan, most and least expensive Michigan cities, most expensive place to buy a home in Michigan, Housing

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