The median value of a Michigan owner-occupied home with a mortgage was $159,700 in 2016, according to U.S. Census Bureau estimates.
That’s up from $125,500 in 2012 when the real estate market bottomed out in the wake of the Great Recession.
But it’s still below the peak of $162,500 in 2006, the Census data shows.
Housing-costs estimates are part of the Census Bureau’s annual American Community Survey, and this post explores the Michigan numbers on owner-occupied housing units with a mortgage.
About 70% of Michigan households live in an owner-occupied home or condo, and 61% of those housing units have a mortgage. So this data set involves about 43% of Michigan households.
We’ll start with an interactive map that looks at the median home value by county. Remember this is only for homes and condos with a mortgage that are owner-occupied.
Also, the American Community Survey annual data is limited to communities with at least 65,000 residents. To get data for all 83 counties, this map uses the ACS five-year average for 2012-16.
Median value of homes with a mortgage
You can click on any county to see additional numbers about owner-occupied homes with a mortgage.
Two notes: The median income cited is specifically for households with an owner-occupied home that has a mortgage. Also, median monthly housing costs includes mortgage, taxes, insurance, utilities and any condo or association fees.
Next is an online database that provides the 2016 numbers for the 29 Michigan counties large enough to generate annual ACS data. Since the five-year average covers such a volatile period for home prices, this provides much more accurate numbers on a current home values, at least in the larger counties. (As an example, the median home value in Oakland County is $240,900 in the 2016 estimate compared to $201,600 in the five-year average.)
Once again, the numbers in this database are for households with a owner-occupied home that has a mortgage.
2016 housing costs in 29 counties
If you want, you can create a ranking by clicking on a column header. Click twice for a ranking that starts with the lowest number; click twice for a ranking that starts with the highest number.
Below is a second online database with the ACS five-year 2012-16 average for Michigan cities and townships.
Remember , these numbers cover a period when the market was especially volatile and the medians are likely to be higher now. Also, these are estimates with a margin of error that grows as the population size gets smaller — a particularly important point if the numbers seem off in a small community.
And once again, the numbers are just for owner-occupied homes with a mortgage.
2012-16 estimated housing costs by city/township
If you click on a county name without specifying a community, you can see all the cities and townships in that county ranked by median home value.
Below are some fast facts about the statewide numbers.
Michigan median home values peaked in 2006
This chart shows what happened to home values in Michigan over the past decade, at least in terms of owner-occupied homes with a mortgage.
The values peaked in 2006 at $162,500, dropped to $125,500 by 2012, but have been going up since.
Michigan ranks 39th in median home value
In 2016, Michigan ranked 39th among the 50 states in estimated median home value for owner-occupied homes with a mortgage.
No. 1 was Hawaii at $592,700. Also in the top five: California ($491,100), Massachusetts ($373,300), New Jersey ($335,700) and Colorado ($321,100).
Lowest median home value is Mississippi at $137,200. Also in the bottom five: Arkansas ($139,700), Indiana ($142,900), West Virginia ($144,500) and Oklahoma ($148,900).
The national median was $227,100.
About 0.6% of Michigan owner-occupied homes have a value of $1 million or more
The Census estimates that 0.6% of Michigan owner-occupied homes with a mortgage were worth $1 million or more in 2016, and about 4.2% were worth at least $500,000.
Nationally, 3,1% of owner-occupied homes with a mortgage have a value of least $1 million and 14.8% are worth at least $500,000.
Almost 2 of 3 homes in Michigan have a mortgage
About 61% of owner-occupied homes in Michigan have a mortgage compared to 63% nationally.
Homes without a mortgage tend to have lower home values — the Michigan median is $119,600, about 25% less than the median for homes with a mortgage.
More than three-quarters of homeowners under age 55 have a mortgage
About two-thirds of Michigan homes without a mortgage are owned by people age 60 or older.
Still, 23% of homeowners age 75 and older have a mortgage.
The least and most expensive homes are less likely to have a mortgage
Only 34% of Michigan homes valued at less than $50,000 have a mortgage, and only 52% of homes worth a $1 million or more are mortgaged.
Median property taxes are $2,461 on Michigan homes with a mortgage
In 2016, Michigan’s median property tax were $2,461 on owner-occupied homes with a mortgage and $1,998 on homes without a mortgage.
The U.S. medians are $2,619 on homes with a mortgage and $1,830 for homes that are mortgage-free.
14% of Michigan owner-occupied homes were built since 2000
Some quick facts about the physical characteristics of Michigan owner-occupied homes:
About 36% of Michigan homes were built before 1960; 26% were built between 1960 and 1979, and 38% were built since 1980.
88% of owner-occupied housing units are detached homes vs. a condominium or townhouse.
81% of owner-occupied housing units have at least six rooms.
71% have two or three bedrooms.
78% are heated by gas.
Almost half of Michigan’s owner-occupied homes are occupied by a married couple
Fast facts about the households that live in Michigan’s owner-occupied housing units:
Almost two-thirds are occupied by families, defined as households where at least two people are related.
About 28% of owner-occupied housing units have children under 18.
About 5% of Michigan residents live in a mobile home.
Among Michiganders who live in a housing unit with a mortgage, 52% of households spend less than 20% of their income in housing costs, while 18% of households spend more than 35%.