Leelanau County, Michigan Housing Market
In Leelanau County, Michigan, the median home value is $458,400, with a median monthly rent of $1,228. This places Leelanau County at #182 nationally out of 3134 counties by median home value, and #1 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: $955
- Establishments: 840
- BLS QCEW, 2025
Housing Supply
- Single-family: 159
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 10,963 (avg $132,736)
- Outflow: 10,119 (avg $126,723)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 6 active ZIP codes in Leelanau County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 49664 | 289.9 | +22.27% | 2025 |
| 2 | 49670 | 301.0 | -16.93% | 2025 |
| 3 | 49621 | 315.0 | +20.99% | 2025 |
| 4 | 49682 | 302.1 | +5.76% | 2025 |
| 5 | 49654 | 301.2 | — | 2023 |
| 6 | 49653 | 243.3 | +28.25% | 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 Leelanau County Compares
| Metric | Leelanau County | Michigan Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $458,400 | $197,292 | $227,706 |
| Median Gross Rent | $1,228 | $905 | $968 |
| Owner Occupancy Rate | 91.6% | 80.2% | 73.3% |
| Price/Rent Ratio | 31.1 | 17.9 | 18.7 |
Market Analysis
The median home value in Leelanau County is 132.3% above the Michigan state average and 101.3% above the U.S. national average. The median rent of $1,228/month is 35.7% above the state average.
With a price-to-rent ratio of 31.1, Leelanau County is a strongly rent-favored market. Home prices are high relative to rents, meaning renting is typically far cheaper than owning in the near term.
Leelanau County has an owner-occupancy rate of 91.6%, 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 |
|---|---|---|---|
| Fulton County | Georgia | $458,800 | $1,732 |
| Passaic County | New Jersey | $459,500 | $1,621 |
| Orange County | North Carolina | $459,500 | $1,496 |
| Calaveras County | California | $457,200 | $1,625 |
| Calvert County | Maryland | $460,200 | $1,759 |
Other Counties in Michigan
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Washtenaw County | $374,100 | $1,463 | 61.6% |
| Livingston County | $356,800 | $1,287 | 86.9% |
| Oakland County | $343,600 | $1,376 | 72.7% |
| Grand Traverse County | $339,400 | $1,288 | 77.2% |
| Ottawa County | $323,400 | $1,211 | 79.3% |
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).