FHFA House Price Index
560.2
2025 · FHFA all-transactions index
Median value of owner-occupied homes
$254,200
2024 · Census American Community Survey 1-year estimates
Rent of primary residence index (Detroit–Warren–Dearborn)
356.6
2025 · BLS CPI-U
Total housing units
4,669,109
2024 · Census American Community Survey 1-year estimates
New private housing units authorized
23,607
2025 · Census Building Permits Survey
Homeownership rate (CPS/HVS)
74.0%
2025 · Census Housing Vacancy Survey
Housing price level vs U.S. (RPP rents)
82.3
2024 · BEA Regional Price Parities
Rental vacancy rate
8.0%
2025 · Census Housing Vacancy Survey
Historical data
Pick an indicator to see its long-run evolution.
Median home value
1950–2023$237,000▲ 2533%
Census / Zillow ZHVI, nominal dollars.
Home Prices
Sale prices and trends.
FHFA House Price Index
560.2
2025 · FHFA all-transactions index
Median sale price
$260,000
5-year change
+42%
FHFA House Price Index
1975–2025560.2▲ 801%
FHFA all-transactions index, annual average of quarters. Source: FHFA via FRED (MISTHPI).
| Indicator | Michigan | U.S. |
|---|---|---|
| Median sale price (USD) | 260000 | 412000 |
- •Detroit's median sale price has more than tripled since the 2011 bottom, though it remains among the lowest for a big city.
Median Home Value
Typical value of owner-occupied homes.
Median value of owner-occupied homes
$254,200
2024 · Census American Community Survey 1-year estimates
Median home value
$237,000
Rank
36th in the U.S.
5-year change
+40%
Median value of owner-occupied homes
2008–2024$254,200▲ 68%
Census American Community Survey 1-year estimates, B25077 (2020 not released).
| Indicator | Michigan | U.S. |
|---|---|---|
| Median home value (USD) | 237000 | 359000 |
- •Michigan home values are about $120,000 below the national median.
Rent Prices
Cost of renting.
Rent of primary residence index (Detroit–Warren–Dearborn)
356.6
2025 · BLS CPI-U
Median gross rent
$1,080
Renter households
26.6%
Rent-burdened renters
45%
Rent of primary residence index (Detroit–Warren–Dearborn)
2006–2025356.6▲ 78%
BLS CPI-U, Detroit–Warren–Dearborn, annual average (CUURS23BSEHA).
| Indicator | Michigan | U.S. |
|---|---|---|
| Median gross rent (USD/mo) | 1080 | 1406 |
- •Grand Rapids has had one of the fastest rent increases of any midsize Midwest metro since 2020.
Housing Inventory
Total housing stock.
Total housing units
4,669,109
2024 · Census American Community Survey 1-year estimates
Vacant housing units
11.5%
2024 · Census American Community Survey 1-year estimates
Single-family share
73%
Built since 2000
15%
Total housing units
2008–20244,669,109▲ 3%
Census American Community Survey 1-year estimates, B25001 (2020 not released).
Vacant housing units
2008–202411.5%
Census American Community Survey 1-year estimates, B25002 (2020 not released).
| Indicator | Michigan | U.S. |
|---|---|---|
| Total housing units (M) | 4.6 | 145.3 |
- •Nearly half of Michigan's homes were built before 1970, one of the oldest housing stocks in the U.S.
Building Permits
New residential construction.
New private housing units authorized
23,607
2025 · Census Building Permits Survey
Permits per 1,000
2.0
Trend
Well below demand
New private housing units authorized
1988–202523,607▼ 49%
Census Building Permits Survey, sum of 12 months (FRED MIBPPRIV).
| Indicator | Michigan | U.S. |
|---|---|---|
| Permits per 1,000 residents | 2.0 | 4.4 |
- •Michigan issues about a quarter as many housing permits per resident as North Carolina.
Homeownership Rate
Share of owner-occupied homes.
Homeownership rate (CPS/HVS)
74.0%
2025 · Census Housing Vacancy Survey
Homeownership rate
73.4%
Rank
8th in the U.S.
Renter households
26.6%
Homeownership rate (CPS/HVS)
1984–202574%
Census Housing Vacancy Survey, annual (FRED MIHOWN).
| Indicator | Michigan | U.S. |
|---|---|---|
| Homeownership rate (%) | 73.4 | 65.7 |
- •Michigan has one of the highest homeownership rates in the country, helped by cheap single-family housing.
Housing Affordability
Home cost relative to income.
Housing price level vs U.S. (RPP rents)
82.3
2024 · BEA Regional Price Parities
Home value-to-income ratio
3.4
Median home value
$237,000
Median household income
$69,200
Housing price level vs U.S. (RPP rents)
2008–202482.3▼ 6%
BEA Regional Price Parities, housing services (SARPP line 3).
| Indicator | Michigan | U.S. |
|---|---|---|
| Housing price level vs U.S. (RPP rents)2024, BEA Regional Price Parities | 82.3 | 100 |
| Home value-to-income ratio | 3.4 | 4.7 |
- •Michigan is one of the few large states where a median home still costs under 3.5 times median income.
Vacancy Rate
Share of unoccupied units.
Rental vacancy rate
8.0%
2025 · Census Housing Vacancy Survey
Homeowner vacancy rate
0.8%
2025 · Census Housing Vacancy Survey
Overall vacancy
11.9%
Rental vacancy
5.8%
Homeowner vacancy
0.9%
Rental vacancy rate
1986–20258%
Census Housing Vacancy Survey, annual (FRED MIRVAC).
Homeowner vacancy rate
1986–20250.8%
Census Housing Vacancy Survey, annual (FRED MIHVAC).
| Indicator | Michigan | U.S. |
|---|---|---|
| Overall vacancy rate (%) | 11.9 | 10.6 |
- •Much of Michigan's vacancy is seasonal: over 260,000 units are vacation homes in the north and along the lakes.
More figures
Median home value
$237,000
Median monthly rent
$1,080
2023
Homeownership rate
73.4%
Top 10 in the U.S.
Total housing units
4.6 M
Vacancy rate
11.9%
Building permits
≈ 20,500
2023
Effective property tax
1.32%
Homes built before 1970
48%