Lake County, Michigan Housing Market
In Lake County, Michigan, the median home value is $133,900, with a median monthly rent of $875. This places Lake County at #2450 nationally out of 3134 counties by median home value, and #77 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: $735
- Establishments: 167
- BLS QCEW, 2025
Housing Supply
- Single-family: 30
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 4,426 (avg $54,800)
- Outflow: 3,916 (avg $53,987)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 4 active ZIP codes in Lake County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 49655 | 286.6 | +12.46% | 2025 |
| 2 | 49677 | 239.8 | +17.87% | 2025 |
| 3 | 49601 | 243.1 | +6.47% | 2025 |
| 4 | 49688 | 207.3 | +20.06% | 2024 |
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 Lake County Compares
| Metric | Lake County | Michigan Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $133,900 | $197,292 | $227,706 |
| Median Gross Rent | $875 | $905 | $968 |
| Owner Occupancy Rate | 82.0% | 80.2% | 73.3% |
| Price/Rent Ratio | 12.8 | 17.9 | 18.7 |
Market Analysis
The median home value in Lake County is 32.1% below the Michigan state average and 41.2% below the U.S. national average. The median rent of $875/month is 3.3% below the state average.
With a price-to-rent ratio of 12.8, buying a home in Lake 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.
Lake County has an owner-occupancy rate of 82.0%, 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 |
|---|---|---|---|
| Moultrie County | Illinois | $134,000 | $804 |
| Cass County | Indiana | $133,800 | $783 |
| Mitchell County | Kansas | $133,800 | $604 |
| Greenup County | Kentucky | $134,000 | $860 |
| Clare County | Michigan | $133,800 | $765 |
Other Counties in Michigan
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Clare County | $133,800 | $765 | 86.9% |
| Baraga County | $138,100 | $616 | 78.5% |
| Schoolcraft County | $141,800 | $705 | 86.6% |
| Iosco County | $142,200 | $719 | 82.1% |
| Oscoda County | $125,500 | $681 | 87.2% |
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).