Michigamme, MI—49861
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Michigamme, MI
As of Oct '25, the median home price in Michigamme, MI is $201,000, with a year-over-year change of 6.2%. This indicates that home prices in Michigamme, MI are increasing. According to Zillow, the 1-year price projection is 4.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $201,000 | 6.2% |
| Single Family | $201,000 | 6.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $199,000 | 7.6% |
3 Bed | $277,000 | 5.3% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Michigamme, MI
Michigamme, 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 — Michigamme, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Michigamme, MI is 148. This is a increase of 165.0% 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 | $510,000 | 84.0% |
Listing Count | 9 | 0.0% |
| Listings as % of Homes | N/A | 0.0% |
Days on Market | 148 | 165.0% |
Demographics — Michigamme, MI
As of the latest ACS Survey released in 2023, Michigamme, MI has a population of 534, which has increased by 1.5% over the past 5 years. Michigamme, MI is a less popular place for families, as children make up 6.4% of the population. The area has a moderately educated workforce, with 29.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 534 | 1.5% |
% Under 18 | 6.4% | -31.2% |
% Seniors | 40.1% | 11.1% |
% WFH | 6.9% | 40.8% |
% w/ College Degree | 29.8% | 11.2% |
As of the latest ACS Survey released in 2023, Michigamme, MI is a predominantly white area, with 93.6% of the population identifying as white. The white population has shrunk by 4.6% in the last 5 years. The second most common race or ethnicity in Michigamme, MI is hispanic, making up 1.9% of the population. Foreign-born residents account for 2.1% of the population in Michigamme, MI, and this percentage has increased by 10.5% 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 | 93.6% | -4.6% |
% Black | 0.7% | ∞% |
% Hispanic | 1.9% | 46.2% |
% Asian | 0.0% | N/A |
% Foreign Born | 2.1% | 10.5% |
Mortgage and Risk — Michigamme, MI
Michigamme, MI lacks sufficient mortgage origination data for analysis.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | N/A |
% Conventional Loans | N/A |
% Government Loans | N/A |
% Investor Loans | N/A |
% Second Loans | N/A |
% Cash Out Refinance | N/A |
Loan Activity
No data available
Rentals and Section 8 — Michigamme, MI
Michigamme, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $790 |
| 2 Bedroom | N/A | N/A | $950 |
| 3 Bedroom | N/A | N/A | $1,150 |
| 4 Bedroom | N/A | N/A | $1,620 |
Affordability — Michigamme, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $201,000 |
| Median Household Income | $66,800 |