Buchanan, MI—49107
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Buchanan, MI
As of Oct '25, the median home price in Buchanan, MI is $224,000, with a year-over-year change of -0.4%. This indicates that home prices in Buchanan, MI are flat. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $224,000 | -0.4% |
| Single Family | $221,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $168,000 | 1.2% |
3 Bed | $232,000 | 0.0% |
4 Bed | $288,000 | 1.8% |
| 5 Bed | $362,000 | 0.3% |
% of Housing Stock
Rental Trends — Buchanan, MI
As of July '25, Rentcast reports the average rent in Buchanan, MI is $1,310, with a year-over-year rent change of -10.3%. Per bedroom, the median rent as of July '25 in Buchanan, MI is 1-bedrooms: $780, 2-bedrooms: $1,400, 3-bedrooms: $1,450, 4-bedrooms: $1,850. The most common rental property sizes in Buchanan, MI are 1-bedroom and 2-bedroom, accounting for 37.2% and 30.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,310 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $795 | $780 |
| 2 Bed Rent | $1,400 | $1,400 |
| 3 Bed Rent | $1,400 | $1,450 |
| 4 Bed Rent | $1,300 | $1,850 |
% of Rental Stock
Property Listings — Buchanan, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Buchanan, MI is 51. This is a increase of 33.0% 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 43.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $361,000 | 29.0% |
Listing Count | 46 | 25.0% |
| Listings as % of Homes | 0.4% | 25.0% |
Days on Market | 51 | 33.0% |
Demographics — Buchanan, MI
As of the latest ACS Survey released in 2023, Buchanan, MI has a population of 10,400, which has remained stable by 0.1% over the past 5 years. Buchanan, MI is a moderately popular place for families, as children make up 19.5% of the population. The area has a poorly educated workforce, with 20.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,400 | 0.1% |
% Under 18 | 19.5% | -15.9% |
% Seniors | 22.3% | 26.7% |
% WFH | 11.3% | 197.4% |
% w/ College Degree | 20.7% | 14.4% |
As of the latest ACS Survey released in 2023, Buchanan, MI is a predominantly white area, with 86.1% of the population identifying as white. The white population has grown by 2.3% in the last 5 years. The second most common race or ethnicity in Buchanan, MI is hispanic, making up 3.4% of the population. Foreign-born residents account for 1.7% of the population in Buchanan, MI, and this percentage has increased by 13.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 86.1% | 2.3% |
% Black | 2.2% | -74.1% |
% Hispanic | 3.4% | 21.4% |
% Asian | 0.3% | 200.0% |
% Foreign Born | 1.7% | 13.3% |
Mortgage and Risk — Buchanan, MI
According to HUD data as of 2023, there were 231 mortgage originations in Buchanan, MI, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Buchanan, MI. Investor activity is low, as 0.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 231 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 0.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Buchanan, MI
As of 2024, the percent of homes in Buchanan, MI under the Section 8 program is 15.0%. 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. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Buchanan, MI, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 135 |
Total Units Section 8 | 135 |
% Rentals under Section 8 | 15.0% |
% Occupied Section 8 | 94.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$25 | $795 | $770 |
| 2 Bedroom | -$390 | $1,400 | $1,010 |
| 3 Bedroom | -$100 | $1,400 | $1,300 |
| 4 Bedroom | $40 | $1,300 | $1,340 |
Affordability — Buchanan, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $224,000 |
| Median Household Income | $65,100 |