Ann Arbor, MI
Washtenaw County · Pop. 123,851
Ranked #161 of 243 cities
34Crisis
Median Home Price
🏠$420K
3.0% YoY
Median Rent
🔑$1,600
2.0% YoY
Median Income
💰$62K
Rent Burden
📊32.0%
% of income to rent
Income to Buy
🏦$121K
annual income needed
Income to Rent
📝$64K
annual income needed
Price-to-Income
⚖️6.8x
Homeownership
🏡42.0%
Rent vs. Buy
Buy
$2,235/mo
Est. mortgage (7%, 20% down)
Need $121K/yr income
Rent
$1,600/mo
Median rent
Need $64K/yr income
How Ann Arbor Compares
| Metric | Ann Arbor | Michigan | National |
|---|---|---|---|
| Home Price | $420K | $236K | $410K |
| Rent | $1,600 | $1,101 | $1,500 |
| Income | $62K | $69K | $75K |
| Rent Burden | 32.0% | 30.0% | 30.0% |
Key Takeaways
- • Home prices in Ann Arbor are 2% higher than the national average.
- • Rent is 7% higher than the national average.
- • You need an income of $121K to comfortably buy a home here.
- • The homeownership rate is 42.0%, compared to 65.0% nationally.