Cheboygan County, Michigan Housing Market
In Cheboygan County, Michigan, the median home value is $192,500, with a median monthly rent of $773. This places Cheboygan County at #1488 nationally out of 3134 counties by median home value, and #33 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: $966
- Establishments: 784
- BLS QCEW, 2025
Housing Supply
- Single-family: 74
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 11,673 (avg $73,325)
- Outflow: 10,781 (avg $73,137)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 9 active ZIP codes in Cheboygan County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 49749 | 272.1 | +13.62% | 2025 |
| 2 | 49765 | 216.5 | +8.76% | 2025 |
| 3 | 49721 | 227.6 | +4.82% | 2025 |
| 4 | 49799 | 286.6 | +8.71% | 2025 |
| 5 | 49706 | 270.2 | +10.16% | 2025 |
| 6 | 49755 | 227.1 | — | 2024 |
| 7 | 49718 | 162.4 | -14.36% | 2022 |
| 8 | 49716 | 168.1 | -9.22% | 2021 |
| 9 | 49769 | 185.8 | +24.16% | 2021 |
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 Cheboygan County Compares
| Metric | Cheboygan County | Michigan Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $192,500 | $197,292 | $227,706 |
| Median Gross Rent | $773 | $905 | $968 |
| Owner Occupancy Rate | 85.6% | 80.2% | 73.3% |
| Price/Rent Ratio | 20.8 | 17.9 | 18.7 |
Market Analysis
The median home value in Cheboygan County is 2.4% below the Michigan state average and 15.5% below the U.S. national average. The median rent of $773/month is 14.6% below the state average.
With a price-to-rent ratio of 20.8, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Cheboygan County has an owner-occupancy rate of 85.6%, 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 |
|---|---|---|---|
| Schoharie County | New York | $192,500 | $909 |
| Goliad County | Texas | $192,500 | $754 |
| Kankakee County | Illinois | $192,600 | $1,097 |
| Clinton County | Illinois | $192,400 | $912 |
| Miller County | Missouri | $192,600 | $763 |
Other Counties in Michigan
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Jackson County | $193,700 | $985 | 75.0% |
| Oceana County | $190,100 | $759 | 84.5% |
| Midland County | $195,400 | $1,016 | 78.1% |
| Kalkaska County | $188,900 | $853 | 88.2% |
| Lenawee County | $196,800 | $987 | 79.6% |
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).