Shepherd, MI housing market
The typical Shepherd home is worth about $224,000, up 8.6% in a year, 16% below the Michigan typical home.
Home values, sales, trends and how Shepherd compares with the towns next door — updated as new data is published.
Shepherd at a glance
Only 3 sales in May 2026: in a market this size, monthly medians swing a lot, so the typical value above is the steadier guide.
Typical home value, 2016–2026
Show as a table
| January | Shepherd | Michigan |
|---|---|---|
| 2017 | $120,000 | $144,000 |
| 2018 | $123,000 | $155,000 |
| 2019 | $128,000 | $165,000 |
| 2020 | $141,000 | $175,000 |
| 2021 | $159,000 | $194,000 |
| 2022 | $179,000 | $217,000 |
| 2023 | $191,000 | $230,000 |
| 2024 | $197,000 | $241,000 |
| 2025 | $206,000 | $253,000 |
| 2026 | $216,000 | $262,000 |
| August 2026 | $224,000 | $266,000 |
3.2 years of income
The typical Shepherd home costs about 3.2 years of the town's median household income, less than across Michigan (3.7 years).
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,030
HUD's Fair Market Rent for a two-bedroom in Shepherd is $1,030 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Shepherd pay a median of $789, so moving in tends to cost more than staying put. A two-bedroom takes about 18% of the town's median household income.
Studio $810 · 4 bedrooms $1,380
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (48883; Midland, MI MSA), 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, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.