East Lansing, MI 48823 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

East Lansing, MI—48823

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$307,000

5.4% YoY Growth

Household Income

$50,800

13.0% YoY Growth

Days on Market

15.0% Longer YoY

Home Price Forecast

2.0%

Median Rent

$1,350

34.4% YoY Growth

1-Bed Rent

$1,010

10.9% YoY Growth

2-Bed Rent

$1,300

17.4% YoY Growth

3-Bed Rent

$1,700

0.6% YoY Growth

Home Price Trends — East Lansing, MI

As of Dec '25, the median home price in East Lansing, MI is $307,000, with a year-over-year change of 5.4%. This indicates that home prices in East Lansing, MI are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$307,000	5.4%
Single Family	$317,000	4.6%
Condos	$244,000	5.2%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — East Lansing, MI

As of July '25, Rentcast reports the average rent in East Lansing, MI is $1,640, with a year-over-year rent change of 34.4%. Per bedroom, the median rent as of July '25 in East Lansing, MI is studios: $1,140, 1-bedrooms: $1,080, 2-bedrooms: $1,420, 3-bedrooms: $1,790, 4-bedrooms: $2,500. The most common rental property sizes in East Lansing, MI are 2-bedroom and 1-bedroom, accounting for 38.5% and 25.1% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,350	$1,640
Studio Rent	$1,020	$1,140
1 Bed Rent	$1,010	$1,080
2 Bed Rent	$1,300	$1,420
3 Bed Rent	$1,700	$1,790
4 Bed Rent	$2,500	$2,500

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% of Rental Stock

Studio

8.7%

1 Bedroom

25.1%

2 Bedrooms

38.5%

3 Bedrooms

11.0%

4 Bedrooms

14.7%

5+ Bedrooms

1.9%

Property Listings — East Lansing, MI

As of Dec '25, Realtor.com reports that the median days on market for a home in East Lansing, MI is 50. This is a increase of 19.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$319,000	-2.0%
Listing Count	87	13.0%
Listings as % of Homes	0.3%	13.0%
Days on Market	65	15.0%

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Demographics — East Lansing, MI

As of the latest ACS Survey released in 2023, East Lansing, MI has a population of 49,400, which has decreased by -3.6% over the past 5 years. East Lansing, MI is a less popular place for families, as children make up 13.7% of the population. The area has a highly educated workforce, with 63.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.9% reporting working from home.

Metric	Latest Census	YoY % Change
Population	49,400	-3.6%
% Under 18	13.7%	16.1%
% Seniors	13.2%	13.8%
% WFH	18.9%	410.8%
% w/ College Degree	63.8%	-4.6%

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As of the latest ACS Survey released in 2023, East Lansing, MI is a predominantly white area, with 72.6% of the population identifying as white. The white population has shrunk by 0.7% in the last 5 years. The second most common race or ethnicity in East Lansing, MI is asian, making up 8.9% of the population. Foreign-born residents account for 11.7% of the population in East Lansing, MI, and this percentage has decreased by 25.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	72.6%	-0.7%
% Black	6.6%	-2.9%
% Hispanic	6.0%	22.4%
% Asian	8.9%	-27.6%
% Foreign Born	11.7%	-25.0%

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Mortgage and Risk — East Lansing, MI

According to HUD data as of 2023, there were 557 mortgage originations in East Lansing, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in East Lansing, MI. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	557
% Conventional Loans	91.0%
% Government Loans	9.0%
% Investor Loans	3.0%
% Second Loans	1.0%
% Cash Out Refinance	8.0%

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Rentals and Section 8 — East Lansing, MI

As of 2024, the percent of homes in East Lansing, MI under the Section 8 program is 4.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in East Lansing, MI, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	526
Total Units Section 8	526
% Rentals under Section 8	4.4%
% Occupied Section 8	90.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$10	$1,010	$1,020
2 Bedroom	-$30	$1,300	$1,270
3 Bedroom	-$50	$1,700	$1,650
4 Bedroom	-$820	$2,500	$1,680

East Lansing, MI—48823

Key Metrics at a Glance

Home Price Trends — East Lansing, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — East Lansing, MI

% of Rental Stock

Property Listings — East Lansing, MI

Demographics — East Lansing, MI

Race and Ethnicity

Mortgage and Risk — East Lansing, MI

Mortgages

Rentals and Section 8 — East Lansing, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — East Lansing, MI

Home Price to Income Ratio

East Lansing, MI — ZIP Code Boundary Map

Nearby ZIP Codes

East Lansing

East Lansing

Bath, MI

Lansing, MI

Okemos, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	5.2
Median Home Price	$307,000
Median Household Income	$50,800

East Lansing, MI—48823

Key Metrics at a Glance

Home Price Trends — East Lansing, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — East Lansing, MI

% of Rental Stock

Property Listings — East Lansing, MI

Demographics — East Lansing, MI

Race and Ethnicity

Mortgage and Risk — East Lansing, MI

Mortgages

Rentals and Section 8 — East Lansing, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — East Lansing, MI

Home Price to Income Ratio

East Lansing, MI — ZIP Code Boundary Map

Nearby ZIP Codes

East Lansing

East Lansing

Bath, MI

Lansing, MI

Okemos, MI

Frequently Asked Questions

What is the average home price in East Lansing, MI 48823?

How have home prices in East Lansing, MI 48823 changed over the past year?

What is the home price projection for East Lansing, MI 48823?

What are the demographics of East Lansing, MI 48823?

How long does it take homes to sell in East Lansing, MI 48823?

What is the average rent price in East Lansing, MI 48823?