Hancock, MI—49930
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hancock, MI
As of Oct '25, the median home price in Hancock, MI is $212,000, with a year-over-year change of 4.9%. This indicates that home prices in Hancock, MI are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $212,000 | 4.9% |
| Single Family | $213,000 | 5.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Hancock, MI
As of July '25, Rentcast reports the average rent in Hancock, MI is $1,790, with a year-over-year rent change of 36.6%. Per bedroom, the median rent as of July '25 in Hancock, MI is 2-bedrooms: $2,040, 3-bedrooms: $1,900, 4-bedrooms: $1,240. The most common rental property sizes in Hancock, MI are 3-bedroom and 1-bedroom, accounting for 35.3% and 27.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $1,790 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,580 | $2,040 |
| 3 Bed Rent | $1,850 | $1,900 |
| 4 Bed Rent | $625 | $1,240 |
% of Rental Stock
Property Listings — Hancock, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Hancock, MI is 55. This is a increase of 67.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $325,000 | 19.0% |
Listing Count | 27 | 39.0% |
| Listings as % of Homes | 0.2% | 39.0% |
Days on Market | 55 | 67.0% |
Demographics — Hancock, MI
As of the latest ACS Survey released in 2023, Hancock, MI has a population of 7,200, which has decreased by -1.1% over the past 5 years. Hancock, MI is a moderately popular place for families, as children make up 19.3% of the population. The area has a moderately educated workforce, with 43.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,200 | -1.1% |
% Under 18 | 19.3% | -14.6% |
% Seniors | 18.9% | 2.7% |
% WFH | 15.8% | 378.8% |
% w/ College Degree | 43.5% | 21.5% |
As of the latest ACS Survey released in 2023, Hancock, MI is a predominantly white area, with 94.4% of the population identifying as white. The white population has grown by 1.3% in the last 5 years. The second most common race or ethnicity in Hancock, MI is hispanic, making up 1.5% of the population. Foreign-born residents account for 3.4% of the population in Hancock, MI, and this percentage has decreased by 20.9% 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 | 94.4% | 1.3% |
% Black | 0.7% | 250.0% |
% Hispanic | 1.5% | -34.8% |
% Asian | 1.3% | -13.3% |
% Foreign Born | 3.4% | -20.9% |
Mortgage and Risk — Hancock, MI
According to HUD data as of 2023, there were 86 mortgage originations in Hancock, MI, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Hancock, MI. Investor activity is low, as 2.0% 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 | 86 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 2.0% |
% Second Loans | 10.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Hancock, MI
Hancock, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 171 |
Total Units Section 8 | 77 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $780 |
| 2 Bedroom | -$650 | $1,580 | $930 |
| 3 Bedroom | -$540 | $1,850 | $1,310 |
| 4 Bedroom | $955 | $625 | $1,580 |
Affordability — Hancock, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $212,000 |
| Median Household Income | $67,900 |