Midland, 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.
affordable
Price to income
2.38×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Michigan
- 2.86×-0.48
- vs U.S.
- 3.43×-1.05
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
18.5%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Michigan
- 22.0%-3.5
- vs U.S.
- 23.3%-4.8
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
5.05%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Michigan
- 4.81%+0.24
- vs U.S.
- 4.35%+0.70
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.04%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Michigan
- -0.03%+0.07
- vs U.S.
- 0.03%+0.02
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
1.45
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
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.6%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Michigan
- 4.9%-0.3
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+59.3%
homeValues.yearOverYear
+7.3%
Median home value
$184,300
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $925 | $11,100 | 14.3% |
| 2 BR | $1,193 | $14,316 | 18.5% |
| 3 BR | $1,518 | $18,216 | 23.5% |
Labor market direction
Unemployment
4.6%
Median household income
$77,538
What's being built
Total TTM
121
Single-family
107
2–4 unit
14
5+ unit
0
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Midland County | 83,503 | $184,300 | $77,538 | 121 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Midland | 83,503 | $77,538 | 2.38× | 5.05% | +59.3% | 1.45 | 4.6% |
| Columbus, IN | 82,371 | $80,365 | — | — | +49.3% | — | 2.6% |
| Casper, WY | 79,506 | $71,247 | — | — | +39.0% | — | 3.7% |
| Corvallis, OR | 95,615 | $76,011 | — | — | +42.1% | — | 4.4% |
| Great Falls, MT | 84,423 | $66,203 | — | — | +63.6% | — | 3.7% |
| Grand Island, NE | 76,726 | $67,397 | — | — | +55.9% | — | 3.2% |
Where people are moving in from
Net migration
+36
+0.04% of population
| Origin county | Tax returns |
|---|---|
| Bay County, MI | 333 |
| Saginaw County, MI | 290 |
| Isabella County, MI | 169 |
| Gladwin County, MI | 134 |
| Oakland County, MI | 72 |
| Clare County, MI | 62 |
Who lives in Midland
- Median age
- 42
- Bachelor's+
- 36.3%
- Owner-occupancy
- 78.2%
- Vacancy rate
- 6.6%
- Rent burdened (30%+)
- 47.3%
- Median household income
- $77,538
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.