Lake Odessa, MI 48849 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Lake Odessa, MI—48849

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$246,000

7.0% YoY Growth

Household Income

$79,400

47.4% YoY Growth

Days on Market

11.0% Shorter YoY

Home Price Forecast

3.0%

Median Rent

$1,300

8.3% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$1,300

8.3% YoY Growth

3-Bed Rent

N/A

Home Price Trends — Lake Odessa, MI

As of Dec '25, the median home price in Lake Odessa, MI is $246,000, with a year-over-year change of 7.0%. This indicates that home prices in Lake Odessa, MI are increasing. According to Zillow, the 1-year price projection is 3.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$246,000	7.0%
Single Family	$246,000	7.4%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Lake Odessa, MI

As of July '25, Rentcast reports the average rent in Lake Odessa, MI is $1,300, with a year-over-year rent change of 8.3%. Per bedroom, the median rent as of July '25 in Lake Odessa, MI is 2-bedrooms: $1,300. The most common rental property sizes in Lake Odessa, MI are 3-bedroom and 2-bedroom, accounting for 40.4% and 23.1% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,300	$1,300
Studio Rent	N/A	N/A
1 Bed Rent	N/A	N/A
2 Bed Rent	$1,300	$1,300
3 Bed Rent	N/A	N/A
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

6.9%

1 Bedroom

22.4%

2 Bedrooms

23.1%

3 Bedrooms

40.4%

4 Bedrooms

4.7%

5+ Bedrooms

2.5%

Property Listings — Lake Odessa, MI

As of Dec '25, Realtor.com reports that the median days on market for a home in Lake Odessa, MI is 54. This is a increase of 26.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$330,000	11.0%
Listing Count	9	-24.0%
Listings as % of Homes	0.4%	-24.0%
Days on Market	26	-11.0%

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Demographics — Lake Odessa, MI

As of the latest ACS Survey released in 2023, Lake Odessa, MI has a population of 5,800, which has decreased by -3.2% over the past 5 years. Lake Odessa, MI is a moderately popular place for families, as children make up 22.9% of the population. The area has a poorly educated workforce, with 17.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	5,800	-3.2%
% Under 18	22.9%	-9.5%
% Seniors	16.7%	4.4%
% WFH	10.4%	188.9%
% w/ College Degree	17.8%	11.2%

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As of the latest ACS Survey released in 2023, Lake Odessa, MI is a predominantly white area, with 90.2% of the population identifying as white. The white population has grown by 2.5% in the last 5 years. The second most common race or ethnicity in Lake Odessa, MI is hispanic, making up 2.3% of the population. Foreign-born residents account for 1.2% of the population in Lake Odessa, MI, and this percentage has decreased by 29.4% 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	90.2%	2.5%
% Black	1.6%	-33.3%
% Hispanic	2.3%	-68.9%
% Asian	0.5%	-28.6%
% Foreign Born	1.2%	-29.4%

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Mortgage and Risk — Lake Odessa, MI

According to HUD data as of 2023, there were 98 mortgage originations in Lake Odessa, MI, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Lake Odessa, MI. Investor activity is low, as 2.0% of loans were by investors. 23.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	98
% Conventional Loans	78.0%
% Government Loans	22.0%
% Investor Loans	2.0%
% Second Loans	4.0%
% Cash Out Refinance	23.0%

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Rentals and Section 8 — Lake Odessa, MI

Lake Odessa, MI lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	62
Total Units Section 8	62
% Rentals under Section 8	23.1%
% Occupied Section 8	89.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	N/A	N/A	$820
2 Bedroom	-$220	$1,300	$1,080
3 Bedroom	N/A	N/A	$1,340
4 Bedroom	N/A	N/A	$1,620

Lake Odessa, MI—48849

Key Metrics at a Glance

Home Price Trends — Lake Odessa, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Lake Odessa, MI

% of Rental Stock

Property Listings — Lake Odessa, MI

Demographics — Lake Odessa, MI

Race and Ethnicity

Mortgage and Risk — Lake Odessa, MI

Mortgages

Rentals and Section 8 — Lake Odessa, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Lake Odessa, MI

Home Price to Income Ratio

Lake Odessa, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Woodland, MI

Clarksville, MI

Saranac, MI

Sunfield, MI

Freeport, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.6
Median Home Price	$246,000
Median Household Income	$79,400

Lake Odessa, MI—48849

Key Metrics at a Glance

Home Price Trends — Lake Odessa, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Lake Odessa, MI

% of Rental Stock

Property Listings — Lake Odessa, MI

Demographics — Lake Odessa, MI

Race and Ethnicity

Mortgage and Risk — Lake Odessa, MI

Mortgages

Rentals and Section 8 — Lake Odessa, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Lake Odessa, MI

Home Price to Income Ratio

Lake Odessa, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Woodland, MI

Clarksville, MI

Saranac, MI

Sunfield, MI

Freeport, MI

Frequently Asked Questions

What is the average home price in Lake Odessa, MI 48849?

How have home prices in Lake Odessa, MI 48849 changed over the past year?

What is the home price projection for Lake Odessa, MI 48849?

What are the demographics of Lake Odessa, MI 48849?

How long does it take homes to sell in Lake Odessa, MI 48849?

What is the average rent price in Lake Odessa, MI 48849?