Ishpeming, MI 49849 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Ishpeming, MI—49849

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$194,000

8.1% YoY Growth

Household Income

$63,400

23.0% YoY Growth

Days on Market

22.0% Shorter YoY

Home Price Forecast

3.4%

Median Rent

$495

19.9% YoY Growth

1-Bed Rent

$491

43.9% YoY Growth

2-Bed Rent

$1,100

27.9% YoY Growth

3-Bed Rent

N/A

Home Price Trends — Ishpeming, MI

As of May '26, the median home price in Ishpeming, MI is $194,000, with a year-over-year change of 8.1%. This indicates that home prices in Ishpeming, MI are increasing. According to Zillow, the 1-year price projection is 3.4%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$194,000	8.1%
Single Family	$193,000	8.4%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Ishpeming, MI

As of July '25, Rentcast reports the average rent in Ishpeming, MI is $695, with a year-over-year rent change of -19.9%. Per bedroom, the median rent as of July '25 in Ishpeming, MI is studios: $495, 1-bedrooms: $491, 2-bedrooms: $1,100. The most common rental property sizes in Ishpeming, MI are 2-bedroom and 1-bedroom, accounting for 48.5% and 26.2% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$495	$695
Studio Rent	$495	$495
1 Bed Rent	$491	$491
2 Bed Rent	$1,100	$1,100
3 Bed Rent	N/A	N/A
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

6.4%

1 Bedroom

26.2%

2 Bedrooms

48.5%

3 Bedrooms

17.1%

4 Bedrooms

1.2%

5+ Bedrooms

0.6%

Property Listings — Ishpeming, MI

As of May '26, Realtor.com reports that the median days on market for a home in Ishpeming, MI is 15. This is a decrease of -22.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 28.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$242,000	27.0%
Listing Count	29	27.0%
Listings as % of Homes	0.4%	27.0%
Days on Market	15	-22.0%

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Demographics — Ishpeming, MI

As of the latest ACS Survey released in 2023, Ishpeming, MI has a population of 12,200, which has decreased by -2.1% over the past 5 years. Ishpeming, MI is a moderately popular place for families, as children make up 22.7% of the population. The area has a moderately educated workforce, with 26.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	12,200	-2.1%
% Under 18	22.7%	9.7%
% Seniors	18.8%	-6.0%
% WFH	5.4%	125.0%
% w/ College Degree	26.2%	5.2%

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As of the latest ACS Survey released in 2023, Ishpeming, MI is a predominantly white area, with 92.1% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in Ishpeming, MI is hispanic, making up 2.5% of the population. Foreign-born residents account for 1.5% of the population in Ishpeming, MI, and this percentage has increased by 66.7% 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	92.1%	-4.3%
% Black	0.1%	-66.7%
% Hispanic	2.5%	733.3%
% Asian	0.9%	28.6%
% Foreign Born	1.5%	66.7%

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Mortgage and Risk — Ishpeming, MI

According to HUD data as of 2023, there were 170 mortgage originations in Ishpeming, MI, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Ishpeming, MI. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	170
% Conventional Loans	85.0%
% Government Loans	15.0%
% Investor Loans	1.0%
% Second Loans	4.0%
% Cash Out Refinance	13.0%

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Rentals and Section 8 — Ishpeming, MI

Ishpeming, MI lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	260
Total Units Section 8	133
% Rentals under Section 8	N/A
% Occupied Section 8	92.3%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$299	$491	$790
2 Bedroom	-$150	$1,100	$950
3 Bedroom	N/A	N/A	$1,150
4 Bedroom	N/A	N/A	$1,620

Ishpeming, MI—49849

Key Metrics at a Glance

Home Price Trends — Ishpeming, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Ishpeming, MI

% of Rental Stock

Property Listings — Ishpeming, MI

Demographics — Ishpeming, MI

Race and Ethnicity

Mortgage and Risk — Ishpeming, MI

Mortgages

Rentals and Section 8 — Ishpeming, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Ishpeming, MI

Home Price to Income Ratio

Ishpeming, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Negaunee, MI

Champion, MI

Cascade

Floodwood, MI

Gwinn, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.5
Median Home Price	$194,000
Median Household Income	$63,400

Ishpeming, MI—49849

Key Metrics at a Glance

Home Price Trends — Ishpeming, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Ishpeming, MI

% of Rental Stock

Property Listings — Ishpeming, MI

Demographics — Ishpeming, MI

Race and Ethnicity

Mortgage and Risk — Ishpeming, MI

Mortgages

Rentals and Section 8 — Ishpeming, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Ishpeming, MI

Home Price to Income Ratio

Ishpeming, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Negaunee, MI

Champion, MI

Cascade

Floodwood, MI

Gwinn, MI

Frequently Asked Questions

What is the average home price in Ishpeming, MI 49849?

How have home prices in Ishpeming, MI 49849 changed over the past year?

What is the home price projection for Ishpeming, MI 49849?

What are the demographics of Ishpeming, MI 49849?

How long does it take homes to sell in Ishpeming, MI 49849?

What is the average rent price in Ishpeming, MI 49849?