Gogebic County, Michigan Housing Market
In Gogebic County, Michigan, the median home value is $107,200, with a median monthly rent of $623. This places Gogebic County at #2832 nationally out of 3134 counties by median home value, and #83 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: $904
- Establishments: 375
- BLS QCEW, 2025
Housing Supply
- Single-family: 23
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 6,132 (avg $57,744)
- Outflow: 5,590 (avg $56,733)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 2 active ZIP codes in Gogebic County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 49938 | 230.7 | +7.02% | 2025 |
| 2 | 54540 | 165.3 | +32.94% | 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 Gogebic County Compares
| Metric | Gogebic County | Michigan Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $107,200 | $197,292 | $227,706 |
| Median Gross Rent | $623 | $905 | $968 |
| Owner Occupancy Rate | 81.0% | 80.2% | 73.3% |
| Price/Rent Ratio | 14.3 | 17.9 | 18.7 |
Market Analysis
The median home value in Gogebic County is 45.7% below the Michigan state average and 52.9% below the U.S. national average. The median rent of $623/month is 31.2% below the state average.
With a price-to-rent ratio of 14.3, buying a home in Gogebic County is generally more favorable than renting for those planning to stay long-term. A ratio below 15 typically signals that purchasing is financially advantageous over a multi-year horizon.
Gogebic County has an owner-occupancy rate of 81.0%, 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 |
|---|---|---|---|
| Fulton County | Illinois | $107,200 | $785 |
| Jasper County | Mississippi | $107,100 | $724 |
| Marengo County | Alabama | $107,400 | $716 |
| Dooly County | Georgia | $107,400 | $758 |
| Wayne County | Missouri | $107,400 | $665 |
Other Counties in Michigan
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Iron County | $109,100 | $716 | 84.5% |
| Ontonagon County | $111,700 | $540 | 87.1% |
| Luce County | $112,000 | $675 | 82.6% |
| Oscoda County | $125,500 | $681 | 87.2% |
| Clare County | $133,800 | $765 | 86.9% |
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).