Housing in Central Lake

A typical Central Lake home is worth roughly $226,000

Home prices around Central Lake have risen about 107% over the past 5 years.

Typical home value

$226K

▲ 4.5% in a year · MI $266K

Estimate

2-bedroom rent

$1,250

a month, utilities in · HUD

Median tax bill

$1,558

MI $2,904

What kind of housing town is Central Lake?

Read from the numbers below. The page puts what stands out first.

A second-home town26% of homes are seasonal or vacation homes.Your money goes further15% below the Michigan typical home.

★ What stands out · The homes

75% of Central Lake households own their home

Half of Central Lake’s homes were built before 1973.

Owners and renters

Own 75%Rent 25%

Michigan: 73% own.

1973

typical home built · MI 1972

$1,558

median property tax bill · MI $2,904

0.93%

of a home’s value, a year in tax · MI 1.25%

26%

of homes are seasonal or vacation homes

U.S. Census Bureau, American Community Survey 2020-2024.

Affordability

A typical home costs 3.6 years of income

About the same as across Michigan. Try your own numbers below.

You could afford about

$244,000

Typical Central Lake home $226K

That covers a typical Central Lake home, with $18K to spare.

The typical home, each month

$1,360

Loan $1,120Tax $180Insurance $70

A two-bedroom rents for about $1,250 a month here, $110 less than owning.

An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Central Lake’s typical property tax (0.93% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.

Price trend

Home prices up 107% in 5 years

The federal house price index for the ZIP code around Central Lake rose 107% over the past 5 years, faster than across Michigan (52%). Last year prices rose 4.5%. Carrying the Census median home value forward with that index puts the typical Central Lake home at roughly $226,000 today.

Central Lake areaMichigan

+4.5%

past year

+107%

past 5 years

+162%

past 10 years

Estimated value

Carrying the Census median forward with the index puts a typical home at about $226K.

Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Central Lake, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.

Renting

A two-bedroom rents for about $1,250

Renters already here pay a median of $1,008, so moving in tends to cost more than staying put.

Fair Market Rent a month, utilities included

Studio$860

1 bedroom$960

2 bedrooms$1,250

3 bedrooms$1,500

4 bedrooms$1,730

25%

of households rent · MI 27%

renter households

13%

of renters spend 30%+ of income on rent · MI 50%

24%

of the median income, for a two-bedroom

$1,008

median rent paid today · Census

U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Antrim County, MI): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.

Neighbors talk housing

What Central Lake buyers, sellers and renters are saying.

Town Square →

Weigh in

Is Central Lake still affordable for young families?

Your answer becomes a post in Town Square.

Start the conversation

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. The calculator is an estimate, not a loan offer.