Muskegon, 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
2.85×
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×-0.58
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
23.4%
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%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
5.33%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Michigan
- 4.81%+0.52
- vs U.S.
- 4.35%+0.98
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.19%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Michigan
- -0.03%+0.21
- vs U.S.
- 0.03%+0.16
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
2.73
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+1.05
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
5.1%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Michigan
- 4.9%
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+70.0%
homeValues.yearOverYear
+5.8%
Median home value
$180,900
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $942 | $11,304 | 17.8% |
| 2 BR | $1,236 | $14,832 | 23.4% |
| 3 BR | $1,490 | $17,880 | 28.2% |
Labor market direction
Unemployment
5.1%
Median household income
$63,495
What's being built
Total TTM
480
+73.3% YoY
Single-family
358
2–4 unit
92
5+ unit
30
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Muskegon County | 175,947 | $180,900 | $63,495 | 480 | +73.3% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Muskegon | 175,947 | $63,495 | 2.85× | 5.33% | +70.0% | 2.73 | 5.1% |
| Burlington, NC | 171,779 | $64,445 | — | — | +64.1% | — | 3.4% |
| Bowling Green, KY | 180,624 | $62,437 | — | — | +55.7% | — | 3.4% |
| Abilene, TX | 176,656 | $66,464 | — | — | +53.1% | — | 3.1% |
| Pueblo, CO | 168,135 | $62,250 | — | — | +38.6% | — | 5.3% |
| Blacksburg-Christiansburg, VA | 166,304 | $64,627 | — | — | +52.3% | — | 3.5% |
Where people are moving in from
Net migration
+327
+0.19% of population
| Origin county | Tax returns |
|---|---|
| Ottawa County, MI | 838 |
| Kent County, MI | 600 |
| Newaygo County, MI | 183 |
| Oceana County, MI | 166 |
| Allegan County, MI | 52 |
| Mason County, MI | 48 |
Who lives in Muskegon
- Median age
- 40
- Bachelor's+
- 21.4%
- Owner-occupancy
- 78.3%
- Vacancy rate
- 10.5%
- Rent burdened (30%+)
- 44.6%
- Median household income
- $63,495
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.