Traverse City
Michigan · Ranked #181 of 373 metros
77Affordable
💡
Housing in Traverse City costs 4.28× the median income, below the national average of 4.5×. The median home price is $334K and median rent is $1,288/month. Traverse City ranks #181 of 373 metros for affordability.
Median Home Price
🏠$334K
Need $99K income
Median Rent
🔑$1,288
Need $52K income
Building Permits
🔨1,232
annual
Median Income
💰$78K
Pop: 175,726
Rent Burden
⚠️15.5%
of renters paying >30%
Homeownership
🏡81.0%
Rent Burden
vs. National Average
Key Facts vs. National Average
| Metric | Traverse City | National |
|---|---|---|
| Price-to-Income Ratio | 4.28x | 6.1x |
| Rent Burden | 15.5% | 31.5% |
| Homeownership Rate | 81.0% | 65.5% |
| YoY Rent Change | 0% | +2.8% |
| Mortgage Denial Rate | 0.0% | 13.5% |
| Eviction Rate | 0.0% | 3.6% |
House Price Index (2000–2025)
FHFA All-Transactions HPI
Since 2019: +84.7%Since 2000: +204.9%
Zillow Market Data
Home Value (ZHVI)
$400K
1yr: +1.6%5yr: +43.9%
Rent (ZORI)
$1,974/mo
1yr: +9.2%
Note: ZORI reflects current listing prices and may differ from the Census ACS median rent shown above, which captures what renters actually pay including below-market and subsidized units.
Redfin Market Activity
Median Sale Price
$415K
Active Inventory
632
Days on Market
93
Sold Above List
13.2%
Price Drops
14.1%