Lake City, MI—49651
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake City, MI
As of Oct '25, the median home price in Lake City, MI is $210,000, with a year-over-year change of -0.4%. This indicates that home prices in Lake City, 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 | $210,000 | -0.4% |
| Single Family | $210,000 | 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 | $182,000 | 1.1% |
3 Bed | $247,000 | 2.9% |
4 Bed | $314,000 | 3.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lake City, MI
Lake City, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Lake City, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake City, MI is 73. This is a increase of 5.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $247,000 | -7.0% |
Listing Count | 30 | -17.0% |
| Listings as % of Homes | 0.4% | -17.0% |
Days on Market | 73 | 5.0% |
Demographics — Lake City, MI
As of the latest ACS Survey released in 2023, Lake City, MI has a population of 7,540, which has decreased by -4.4% over the past 5 years. Lake City, MI is a moderately popular place for families, as children make up 18.5% of the population. The area has a poorly educated workforce, with 19.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,540 | -4.4% |
% Under 18 | 18.5% | -13.1% |
% Seniors | 22.7% | -0.9% |
% WFH | 3.8% | -22.4% |
% w/ College Degree | 19.3% | 44.0% |
As of the latest ACS Survey released in 2023, Lake City, MI is a predominantly white area, with 92.7% of the population identifying as white. The white population has shrunk by 1.2% in the last 5 years. The second most common race or ethnicity in Lake City, MI is hispanic, making up 1.4% of the population. Foreign-born residents account for 1.0% of the population in Lake City, MI, and this percentage has increased by 11.1% 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 | 92.7% | -1.2% |
% Black | 0.5% | -28.6% |
% Hispanic | 1.4% | -6.7% |
% Asian | 0.4% | 33.3% |
% Foreign Born | 1.0% | 11.1% |
Mortgage and Risk — Lake City, MI
According to HUD data as of 2023, there were 132 mortgage originations in Lake City, MI, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Lake City, MI. Investor activity is low, as 0.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 132 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 0.0% |
% Second Loans | 18.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Lake City, MI
Lake City, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 32 |
Total Units Section 8 | 32 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $730 |
| 2 Bedroom | N/A | N/A | $960 |
| 3 Bedroom | N/A | N/A | $1,170 |
| 4 Bedroom | N/A | N/A | $1,270 |
Affordability — Lake City, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $210,000 |
| Median Household Income | $61,500 |