Banks, MI housing market
Home prices around Banks have risen about 107% over the past 5 years.
Home values, sales, trends and how Banks compares with the towns next door — updated as new data is published.
Home prices up 107% in 5 years
The federal house price index for the ZIP codes around Banks rose 107% over the past 5 years, faster than across Michigan (52%). Last year prices rose 26%. Carrying the Census median home value forward with that index puts the typical Banks home at roughly $612,000 today.
Show as a table
| Year | Change that year | Since 2000 | Michigan since 2000 |
|---|---|---|---|
| 2025 | +26% | +191% | +97% |
| 2024 | +8.7% | +131% | +88% |
| 2023 | +2.9% | +113% | +76% |
| 2022 | +34% | +107% | +64% |
| 2021 | +10% | +55% | +45% |
| 2020 | +3.9% | +40% | +30% |
| 2019 | +14% | +35% | +26% |
| 2018 | +7.4% | +18% | +20% |
| 2017 | +4.4% | +10% | +12% |
| 2016 | −1.8% | +5.5% | +5.3% |
| 2015 | +11% | +7.4% | 0% |
| 2014 | −6.7% | −3.6% | −4.7% |
| 2013 | +4.1% | +3.3% | −12% |
| 2012 | −1.9% | −0.8% | −16% |
| 2011 | −1.7% | +1.1% | −16% |
| 2010 | −10% | +2.9% | −12% |
| 2009 | −7.3% | +15% | −5% |
| 2008 | −2.5% | +24% | +3.5% |
| 2007 | −0.1% | +27% | +11% |
| 2006 | −4.7% | +27% | +16% |
| 2005 | +12% | +33% | +18% |
| 2004 | +2.2% | +19% | +14% |
| 2003 | +4.9% | +17% | +10% |
| 2002 | +4.3% | +11% | +8.3% |
| 2001 | +6.8% | +6.8% | +5% |
| 2000 | — | — | — |
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP codes 49729, 49720, 49622, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
Banks and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | Median income |
|---|---|---|---|---|
| Banks | — | +25.8%† | $1,240 | $71,326 |
| South Arm | — | +3.8%† | $1,030 | $84,107 |
| Central Lake | $352K | +4.9% | $1,250 | $69,891 |
| Marion | — | +4.4%† | $1,060 | $99,417 |
| Norwood | — | +4.4%† | $1,060 | $84,375 |
† FHFA price index change, where Zillow has no home value for the town.
3.5 years of income
The typical Banks home costs about 3.5 years of the town's median household income, about the same as across Michigan (3.7).
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,240
HUD's Fair Market Rent for a two-bedroom in Banks is $1,240 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Banks pay a median of $731, so moving in tends to cost more than staying put. A two-bedroom takes about 21% of the town's median household income.
Studio $860 · 4 bedrooms $1,770
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (49622, 49720, 49729; Antrim County, MI), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.