Saranac, MI—48881
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Saranac, MI
As of Oct '25, the median home price in Saranac, MI is $280,000, with a year-over-year change of 3.7%. This indicates that home prices in Saranac, MI are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $280,000 | 3.7% |
| Single Family | $282,000 | 4.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $238,000 | 4.4% |
3 Bed | $285,000 | 4.0% |
4 Bed | $335,000 | 3.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Saranac, MI
As of July '25, Rentcast reports the average rent in Saranac, MI is $825, with a year-over-year rent change of 32.0%. Per bedroom, the median rent as of July '25 in Saranac, MI is 1-bedrooms: $825. The most common rental property sizes in Saranac, MI are 1-bedroom and 2-bedroom, accounting for 47.8% and 23.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $825 | $825 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $825 | $825 |
| 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 — Saranac, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Saranac, MI is 26. This is a increase of 8.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $387,000 | 39.0% |
Listing Count | 14 | -28.0% |
| Listings as % of Homes | 0.1% | -28.0% |
Days on Market | 26 | 8.0% |
Demographics — Saranac, MI
As of the latest ACS Survey released in 2023, Saranac, MI has a population of 5,360, which has decreased by -8.8% over the past 5 years. Saranac, MI is a moderately popular place for families, as children make up 22.6% of the population. The area has a poorly educated workforce, with 23.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,360 | -8.8% |
% Under 18 | 22.6% | 7.1% |
% Seniors | 16.2% | -0.6% |
% WFH | 15.7% | 130.9% |
% w/ College Degree | 23.5% | 14.1% |
As of the latest ACS Survey released in 2023, Saranac, MI is a predominantly white area, with 88.8% of the population identifying as white. The white population has shrunk by 5.5% in the last 5 years. The second most common race or ethnicity in Saranac, MI is hispanic, making up 4.7% of the population. Foreign-born residents account for 0.8% of the population in Saranac, MI, and this percentage has increased by 14.3% 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 | 88.8% | -5.5% |
% Black | 1.1% | 450.0% |
% Hispanic | 4.7% | 4.4% |
% Asian | 0.3% | 50.0% |
% Foreign Born | 0.8% | 14.3% |
Mortgage and Risk — Saranac, MI
According to HUD data as of 2023, there were 114 mortgage originations in Saranac, MI, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Saranac, MI. Investor activity is low, as 0.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 114 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Saranac, MI
Saranac, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 155 |
Total Units Section 8 | 66 |
% Rentals under Section 8 | 17.2% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$65 | $825 | $760 |
| 2 Bedroom | N/A | N/A | $1,000 |
| 3 Bedroom | N/A | N/A | $1,240 |
| 4 Bedroom | N/A | N/A | $1,520 |
Affordability — Saranac, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $280,000 |
| Median Household Income | $76,900 |