Alger County, Michigan Housing Market
In Alger County, Michigan, the median home value is $176,200, with a median monthly rent of $714. This places Alger County at #1680 nationally out of 3134 counties by median home value, and #43 within Michigan.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $945
- Establishments: 228
- BLS QCEW, 2025
Housing Supply
- Single-family: 32
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 3,687 (avg $64,684)
- Outflow: 3,445 (avg $63,939)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 4 active ZIP codes in Alger County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 49878 | 267.1 | +47.15% | 2025 |
| 2 | 49862 | 243.2 | +23.55% | 2025 |
| 3 | 49885 | 283.5 | +9.50% | 2025 |
| 4 | 49895 | 210.8 | +11.72% | 2022 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Alger County Compares
| Metric | Alger County | Michigan Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $176,200 | $197,292 | $227,706 |
| Median Gross Rent | $714 | $905 | $968 |
| Owner Occupancy Rate | 86.3% | 80.2% | 73.3% |
| Price/Rent Ratio | 20.6 | 17.9 | 18.7 |
Market Analysis
The median home value in Alger County is 10.7% below the Michigan state average and 22.6% below the U.S. national average. The median rent of $714/month is 21.1% below the state average.
With a price-to-rent ratio of 20.6, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Alger County has an owner-occupancy rate of 86.3%, compared to 80.2% in Michigan and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Sebastian County | Arkansas | $176,200 | $886 |
| Madison County | Texas | $176,200 | $851 |
| Sangamon County | Illinois | $176,300 | $983 |
| Hillsdale County | Michigan | $176,100 | $832 |
| Hickory County | Missouri | $176,100 | $648 |
Other Counties in Michigan
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Hillsdale County | $176,100 | $832 | 82.0% |
| Mackinac County | $174,500 | $760 | 77.9% |
| St. Joseph County | $178,300 | $849 | 76.1% |
| Wayne County | $178,500 | $1,132 | 64.8% |
| Mecosta County | $178,900 | $934 | 76.9% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).