Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$253,004+4.8% YoY · prices are rising fast
Market right nowBalanced marketMore homes for sale than last year, 14% have cut their price
Income needed to buy, per year$54,846About 0.9× the local median income ($58,842): affordable for a typical household
Days on market64 daysFaster than a year ago: sellers have the edge
The typical home in Cheboygan County, MI is worth $253,004, up 4.8% from a year ago. That is well above what local incomes have historically supported: fair value is about $223,137, so the area is 13.4% overvalued. It is a balanced market: homes take about 64 days to sell, listings are up 38% from a year ago, 14% of listings have had a price cut. A household needs about $54,846 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $58,842. In the latest IRS figures, 127 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$253,004
Change in 1 year
+4.8%
Overvalued %
+13.4%
Show 6 more
Fair home value
$223,137
Change in 5 years
+19.0%
Home value to income
4.3×
Monthly mortgage payment (20% down)
$1,371
Income needed to afford it
$54,846
Property tax rate
0.89%
Rent and investing
HUD Fair Market Rent, 2 bedrooms
$1,104
Market activity
Listings vs a year ago
+37.5%
Days on market
64
Listings with a price cut
14.5%
Show 3 more
Homes for sale
143
Pending sales per 100 listings
33
Asking price per sq ft
$236
People and jobs
Median household income
$58,842
Population change (1 year)
−0.4%
Unemployment rate
6.1%
Show 4 more
Population
25,793
Income adjusted for cost of living
$66,115
Net moves in (IRS)
+127
Cost of living (US = 100)
89.0
Schools, risk and environment
School rating (1 to 10)
5.4
FEMA hazard risk score (0 to 100)
59.5
Flood risk score
77.9
Show 3 more
Wildfire risk score
25.3
Walkability (1 to 20)
5.5
Road, rail and air noise
55 dB
Questions people ask
Is Cheboygan County, MI overvalued?
Home prices in Cheboygan County, MI are well above what local incomes have historically supported: fair value is about $223,137, so the area is 13.4% overvalued.
Is Cheboygan County, MI a buyer's or seller's market?
Cheboygan County, MI is a balanced market: homes take about 64 days to sell, listings are up 38% from a year ago, 14% of listings have had a price cut.
Are home prices going down in Cheboygan County, MI?
Home values in Cheboygan County, MI are up 4.8% over the last year.
How much do you need to earn to buy a home in Cheboygan County, MI?
A household needs about $54,846 a year to afford the typical home in Cheboygan County, MI at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $58,842.