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  1. Home
  2. /Browse ZIP Codes
  3. /Michigan
  4. /Buchanan, MI - 49107

Buchanan, MI—49107

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$246,000
6.2% YoY Growth
Household Income
$65,100
34.1% YoY Growth
Days on Market
54
17.0% Longer YoY
Home Price Forecast
2.4%
Median Rent
$1,400
10.3% YoY Growth
1-Bed Rent
$795
13.1% YoY Growth
2-Bed Rent
$1,400
10.2% YoY Growth
3-Bed Rent
$1,400
7.6% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Buchanan, MI

As of May '26, the median home price in Buchanan, MI is $246,000, with a year-over-year change of 6.2%. This indicates that home prices in Buchanan, MI are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$246,0006.2%
Single Family $244,0007.5%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$182,0005.2%
    3 Bed
    		$255,0007.1%
    4 Bed
    		$308,0006.2%
    5 Bed $394,5309.2%
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    % of Housing Stock

    Studio
    0.2%
    1 Bedroom
    9.9%
    2 Bedrooms
    22.8%
    3 Bedrooms
    47.4%
    4 Bedrooms
    15.9%
    5+ Bedrooms
    3.8%

    Rental Trends — Buchanan, MI

    As of July '25, Rentcast reports the average rent in Buchanan, MI is $1,310, with a year-over-year rent change of -10.3%. Per bedroom, the median rent as of July '25 in Buchanan, MI is 1-bedrooms: $780, 2-bedrooms: $1,400, 3-bedrooms: $1,450, 4-bedrooms: $1,850. The most common rental property sizes in Buchanan, MI are 1-bedroom and 2-bedroom, accounting for 37.2% and 30.2% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,400$1,310
    Studio Rent N/AN/A
    1 Bed Rent $795$780
    2 Bed Rent $1,400$1,400
    3 Bed Rent $1,400$1,450
    4 Bed Rent $1,300$1,850
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    % of Rental Stock

    Studio
    0.5%
    1 Bedroom
    37.2%
    2 Bedrooms
    30.2%
    3 Bedrooms
    22.3%
    4 Bedrooms
    9.9%

    Property Listings — Buchanan, MI

    As of May '26, Realtor.com reports that the median days on market for a home in Buchanan, MI is 54. This is a increase of 17.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$345,000-20.0%
    Listing Count
    		3740.0%
    Listings as % of Homes0.4%40.0%
    Days on Market
    		5417.0%
    Loading chart...

    Demographics — Buchanan, MI

    As of the latest ACS Survey released in 2023, Buchanan, MI has a population of 10,400, which has remained stable by 0.1% over the past 5 years. Buchanan, MI is a moderately popular place for families, as children make up 19.5% of the population. The area has a poorly educated workforce, with 20.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.3% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		10,4000.1%
    % Under 18
    		19.5%-15.9%
    % Seniors
    		22.3%26.7%
    % WFH
    		11.3%197.4%
    % w/ College Degree
    		20.7%14.4%
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    As of the latest ACS Survey released in 2023, Buchanan, MI is a predominantly white area, with 86.1% of the population identifying as white. The white population has grown by 2.3% in the last 5 years. The second most common race or ethnicity in Buchanan, MI is hispanic, making up 3.4% of the population. Foreign-born residents account for 1.7% of the population in Buchanan, MI, and this percentage has increased by 13.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		86.1%2.3%
    % Black
    		2.2%-74.1%
    % Hispanic
    		3.4%21.4%
    % Asian
    		0.3%200.0%
    % Foreign Born
    		1.7%13.3%
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    Mortgage and Risk — Buchanan, MI

    According to HUD data as of 2023, there were 231 mortgage originations in Buchanan, MI, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Buchanan, MI. Investor activity is low, as 0.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		231
    % Conventional Loans
    		86.0%
    % Government Loans
    		14.0%
    % Investor Loans
    		0.0%
    % Second Loans
    		5.0%
    % Cash Out Refinance
    		15.0%
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    Rentals and Section 8 — Buchanan, MI

    As of 2024, the percent of homes in Buchanan, MI under the Section 8 program is 15.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Buchanan, MI, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		135
    Total Units Section 8
    		135
    % Rentals under Section 8
    		15.0%
    % Occupied Section 8
    		94.1%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$25$795$770
    2 Bedroom-$390$1,400$1,010
    3 Bedroom-$100$1,400$1,300
    4 Bedroom$40$1,300$1,340

    Affordability — Buchanan, MI

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.4
    Median Home Price$246,000
    Median Household Income$65,100

    Buchanan, MI — ZIP Code Boundary Map

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    Frequently Asked Questions