Housing
Home prices and rent in Traverse City
Median home values, rents and incomes from the U.S. Census Bureau, compared with Michigan and the U.S.
Census geography: Traverse City city, Michigan. These survey estimates are not current listing prices.
Traverse City vs. Michigan and the U.S.
| Traverse City | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $415,400 | $231,600 | $332,700 |
| Median rent (monthly) | $995 | $1,129 | $1,413 |
| Median household income | $74,087 | $72,875 | $80,734 |
| Homes owned by occupants | 64% | 73% | 65% |
| Median year built | 1964 | 1972 | 1980 |
Ten years of change
| 2014 | 2019 | 2024 | |
|---|---|---|---|
| Median home value | $173,300 | $266,100 | $415,400 |
| Median rent (monthly) | $832 | $905 | $995 |
| Median household income | $47,836 | $57,076 | $74,087 |
Fair Market Rents (HUD, fiscal year 2027)
Grand Traverse County, MI HUD Metro FMR Area · Grand Traverse County. HUD's payment benchmarks for housing programs: typical gross rent (rent plus utilities) for a recent mover, not a listing or an asking rent.
Large figures are the metro-area Fair Market Rent.
Income limits (HUD, fiscal year 2026)
Area median family income: $113,900. Households at or under these incomes can qualify for many housing programs; check each program's own rules.
| Household size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Low income (80%) | $63,800 | $72,900 | $82,000 | $91,100 | $98,400 | $105,700 | $113,000 | $120,300 |
| Very low income (50%) | $39,900 | $45,600 | $51,300 | $56,950 | $61,550 | $66,100 | $70,650 | $75,200 |
| Extremely low income (30%) | $23,950 | $27,350 | $30,750 | $34,150 | $38,680 | $44,360 | $50,040 | $55,720 |
Source: U.S. Department of Housing and Urban Development, Fair Market Rents and Income Limits, checked October 9, 2026.
Questions
What is the median home value in Traverse City?
$415,400, according to the Census Bureau’s 2024 American Community Survey (5-year estimates), compared with $231,600 in Michigan and $332,700 nationally.
How much is rent in Traverse City?
Median gross rent (rent plus utilities) is $995 a month, versus $1,129 statewide.
How much have home values risen in Traverse City?
The median home value went from $173,300 in 2014 to $415,400 in 2024 (+140%).
What is fair market rent in Traverse City?
HUD's fiscal year 2027 Fair Market Rent for the Grand Traverse County, MI HUD Metro FMR Area is $1,181 for a studio, $1,188 for one bedroom and $1,436 for two bedrooms. These are HUD program benchmarks, not asking rents.
Are these current market prices?
No. They are survey medians from the Census Bureau, based on a five-year survey period, so they lag today’s listings. They are the most consistent way to compare places and track change over time.
U.S. Census Bureau, American Community Survey 5-year estimates (2014, 2019, 2024), Traverse City city, Michigan. Values are estimates with margins of error.