Luce County, Michigan Housing Market
In Luce County, Michigan, the median home value is $112,000, with a median monthly rent of $675. This places Luce County at #2768 nationally out of 3134 counties by median home value, and #80 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: $702
- Establishments: 159
- BLS QCEW, 2025
Migration Patterns
- Inflow: 2,141 (avg $57,070)
- Outflow: 2,046 (avg $57,805)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 1 active ZIP codes in Luce County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 49868 | 184.0 | +4.05% | 2025 |
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 Luce County Compares
| Metric | Luce County | Michigan Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $112,000 | $197,292 | $227,706 |
| Median Gross Rent | $675 | $905 | $968 |
| Owner Occupancy Rate | 82.6% | 80.2% | 73.3% |
| Price/Rent Ratio | 13.8 | 17.9 | 18.7 |
Market Analysis
The median home value in Luce County is 43.2% below the Michigan state average and 50.8% below the U.S. national average. The median rent of $675/month is 25.4% below the state average.
With a price-to-rent ratio of 13.8, buying a home in Luce 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.
Luce County has an owner-occupancy rate of 82.6%, 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 |
|---|---|---|---|
| Richland County | Illinois | $112,000 | $805 |
| Pike County | Kentucky | $112,000 | $858 |
| Hampton County | South Carolina | $112,000 | $843 |
| Knox County | Illinois | $111,900 | $788 |
| New Madrid County | Missouri | $111,800 | $729 |
Other Counties in Michigan
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Ontonagon County | $111,700 | $540 | 87.1% |
| Iron County | $109,100 | $716 | 84.5% |
| Gogebic County | $107,200 | $623 | 81.0% |
| 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).