Ann Arbor, MI
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
4.05×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Michigan
- 2.86×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
22.8%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Michigan
- 22.0%
- vs U.S.
- 23.3%-0.5
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.66%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Michigan
- 4.81%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.57%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Michigan
- -0.03%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
3.88
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Michigan
- 1.68+2.21
- vs U.S.
- 3.52+0.36
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.7%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Michigan
- 4.9%-1.2
- vs U.S.
- 3.9%-0.2
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+43.5%
homeValues.yearOverYear
+3.0%
Median home value
$353,000
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,387 | $16,644 | 19.1% |
| 2 BR | $1,656 | $19,872 | 22.8% |
| 3 BR | $1,986 | $23,832 | 27.3% |
Labor market direction
Unemployment
3.7%
Median household income
$87,156
What's being built
Total TTM
1,438
+45.6% YoY
Single-family
548
2–4 unit
23
5+ unit
867
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Washtenaw County | 370,231 | $353,000 | $87,156 | 1,438 | +45.5% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Ann Arbor | 370,231 | $87,156 | 4.05× | 3.66% | +43.5% | 3.88 | 3.7% |
| Naples-Marco Island, FL | 380,221 | $86,173 | — | — | +64.1% | — | 4.6% |
| Fort Collins, CO | 359,363 | $91,364 | — | — | +40.6% | — | 3.4% |
| Trenton-Princeton, NJ | 383,732 | $96,333 | — | — | +69.2% | — | 4.5% |
| Anchorage, AK | 399,335 | $95,918 | — | — | +41.1% | — | 4.3% |
| Greeley, CO | 331,466 | $93,287 | — | — | +36.9% | — | 4.0% |
Where people are moving in from
Net migration
-2,092
-0.57% of population
| Origin county | Tax returns |
|---|---|
| Wayne County, MI | 2,240 |
| Oakland County, MI | 1,007 |
| Livingston County, MI | 456 |
| Cook County, IL | 311 |
| Lenawee County, MI | 244 |
| Ingham County, MI | 228 |
Who lives in Ann Arbor
- Median age
- 35
- Bachelor's+
- 58.1%
- Owner-occupancy
- 61.6%
- Vacancy rate
- 5.6%
- Rent burdened (30%+)
- 51.1%
- Median household income
- $87,156
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.