In Alma, a typical home is worth $115,900 and typical rent is $836 a month. Compared with all of Gratiot County, the typical home value is 21% lower, typical household income is 16% lower, and the share of households that own their home is 13 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $141,487 to $164,679.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Alma is in Gratiot County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Gratiot County. See the county
What this place has that others do not, from public data, most unusual first.
1
66% of households in Alma own their home, against 79% in Gratiot County.
2
The typical home in Alma is worth $115,900,21% less than in Gratiot County as a whole ($147,500).
3
The typical household income in Alma is $53,307,16% less than in Gratiot County as a whole ($63,556).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Alma
What homes there are in Alma, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Alma
Gratiot County
Michigan
United States
Kind of home: Alma and its comparisons
Measure
Alma
Gratiot County
Michigan
United States
Detached house
67%
77%
72%
61%
Attached house
Unreliable estimate
2%
5%
6%
Building of 2 to 4
8%
4%
5%
8%
Apartments (5 or more)
Unreliable estimate
7%
13%
19%
Mobile home
Unreliable estimate
10%
5%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Detached houses are the majority in Alma (67%), but less so than in Gratiot County (77%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Alma
Gratiot County
Michigan
United States
Year built: Alma and its comparisons
Measure
Alma
Gratiot County
Michigan
United States
Before 1960
45%
42%
36%
26%
1960–1979
31%
27%
26%
24%
1980–1999
16%
21%
22%
25%
2000–2009
Unreliable estimate
8%
10%
14%
2010 or later
Unreliable estimate
3%
6%
11%
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100K43%
$100K–$200K40%
$200K–$300K13%
$300K–$500KUnreliable
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Alma and its comparisons
Measure
Alma
Under $100K
43%
$100K–$200K
40%
$200K–$300K
13%
$300K–$500K
Unreliable estimate
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable
$1M or more
Unreliable
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99953%
$1,000–$1,499Unreliable
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Alma and its comparisons
Measure
Alma
Under $500
Unreliable estimate
$500–$999
53%
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable
With a mortgage
$1,168 a month
Gratiot County: $1,248 a month
Without a mortgage
$526 a month
Gratiot County: $534 a month
Owners with a mortgage
61%
Gratiot County: 54%
The typical cost for an owner with a mortgage in Alma is $1,168 a month, less than in Gratiot County ($1,248); without one, $526.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Alma+37%
Gratiot County+55%
Michigan+50%
United States+53%
Typical rent
Alma+28%
Gratiot County+21%
Michigan+30%
United States+33%
Typical household income
Alma+46%
Gratiot County+33%
Michigan+28%
United States+29%
Change since 2015–2019: Alma and its comparisons
Measure
Alma
Gratiot County
Michigan
United States
Typical home value
+37%
+55%
+50%
+53%
Typical rent
+28%
+21%
+30%
+33%
Typical household income
+46%
+33%
+28%
+29%
The typical home value in Alma rose 37% since 2015–2019, less than in Gratiot County (55%).
Rents in Alma rose faster than in Gratiot County: 28% since 2015–2019, against 21%.
The typical household income in Alma rose 46%: more than home values (+37%) and rent (+28%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Alma and its comparisons
Measure
Alma
Gratiot County
Michigan
United States
Rental vacancy
Unreliable estimate
Unreliable estimate
5.1%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.8%
0.9%
More than one person per room
Unreliable estimate
1.5%
1.6%
3.4%
People per household
2.21
2.40
2.42
2.53
Drive alone
72%
80%
74%
69%
Carpool
Unreliable estimate
7%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
11%
5%
2%
3%
Work from home
11%
8%
14%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
On average, a household in Alma has 2.21 people, fewer than in Gratiot County (2.40).
Many here get to work on foot or by bike: 11%, more than in Gratiot County (5%).
Do the math
What would you pay each month for a home in Alma?
A typical home is within reach of the typical income
We start with a typical home in Alma, worth $115,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 23% of the typical household income in Alma, which is $53,307 a year.
The calculator's FHA and conventional loan limits are those of all of Gratiot County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Alma. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $4,057 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,037
at 7.18% · 30 years
Loan amount
$113,800
Total interest
$163,732
Paid off in
November 2056
Includes $1,957 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,244 a month
Your payment · 23%
Tight
$1,244 to $1,599 a month
Hard
more than $1,599 a month
Compared with the typical household income in Alma ($53,307 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$771
Property tax
$166
Home insurance
$48
FHA mortgage insurance (MIP)
$51
You need at least $4,057 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,037; principal and interest $771.
The city and its county
Alma and Gratiot County
Alma is in Gratiot County, Michigan. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Alma
Map of Gratiot County, Michigan, with Alma marked. Around it, the neighboring counties.
Alma
Gratiot County
Other cities with a page
Alma's own numbers
Typical home value
$115,900
Typical monthly rent
$836
Typical yearly household income
$53,307
Households that own their home
66%
Effective property tax rate
1.72%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Gratiot County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,018
Price change over 5 years (FHFA)
+58%
Homes in a high flood-risk zone
1.6%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Gratiot County.
A typical home in Alma is worth $115,900: 21% below the county and 50% below Michigan. With the typical household income in Alma ($53,307 a year), a typical home costs 2.2 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Alma2.2 years
Gratiot2.3 years
Michigan3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Gratiot County
According to FHFA’s house price index, home prices in Gratiot County rose 94% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Gratiot County.
Yearly change in FHFA’s price index in Gratiot County, 2016 to 2025
2016: +0.3% +0.3% 2016
2017: +5.9% +5.9% 2017
2018: +5.9% +5.9% 2018
2019: +5.5% +5.5% 2019
2020: +3.6% +3.6% 2020
2021: +14.9% +14.9% 2021
2022: +12.6% +12.6% 2022
2023: +8.2% +8.2% 2023
2024: +8.1% +8.1% 2024
2025: +4.2% +4.2% 2025
Change in FHFA’s price index in Gratiot County, Michigan and the United States
Period
County
Michigan
U.S.
Last year (2025)
+4.2%
+4.7%
+2.9%
5 years (2020–2025)
+58%
+52%
+47%
10 years (2015–2025)
+94%
+97%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Alma next to Gratiot County, Michigan and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Alma$115,900
Gratiot$147,500
Michigan$231,600
United States$332,700
Typical monthly rent
Alma$836
Gratiot$834
Michigan$1,129
United States$1,413
Typical yearly household income
Alma$53,307
Gratiot$63,556
Michigan$72,875
United States$80,734
See the full table
Alma next to Gratiot County and Michigan
Measure
Alma
Gratiot County
Michigan
U.S.
Typical home value
$115,900 ▼21% below the county
$147,500
$231,600
$332,700
Typical monthly rent
$836
$834
$1,129
$1,413
Typical yearly household income
$53,307 ▼16% below the county
$63,556
$72,875
$80,734
Households that own their home
66% ▼13 points below the county
79%
73%
65%
Typical yearly property tax
$1,991 ▲9% above the county
$1,826
$2,904
$3,119
Effective property tax rate
1.72% ▲0.48 points above the county
1.24%
1.25%
0.94%
Renters with high rent for their income
51% ▲4 points above the county
47%
50%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Gratiot County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Alma
For a typical $115,900 home in Alma, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Alma's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,037a month
Least cash to close
Down payment
$4,057
Cash to close
$7,534
Rate
7.18%
Mortgage insurance
FHA MIP · $51
Conventional, 5% down$1,015a month
Down payment
$5,795
Cash to close
$9,272
Rate
7.18%
Mortgage insurance
PMI · $55
Conventional, 20% down, no PMI$843a month
Down payment
$23,180
Cash to close
$26,657
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$950a month
Down payment
$17,385
Cash to close
$20,862
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Alma
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,037
$4,057
$113,801
7.18%
FHA MIP · $51
$7,534
580
Conventional, 5% down
$1,015
$5,795
$110,105
7.18%
PMI · $55
$9,272
620*
Conventional, 20% down, no PMI
$843
$23,180
$92,720
7.18%
None
$26,657
620*
ITIN, 15% down (example)
$950
$17,385
$98,515
8.18%
None
$20,862
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Alma is $836 a month: about the same as the county. In Alma, 51% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Gratiot County, by unit size. To pay the 2-bedroom one ($1,018 a month) without spending more than 30% of your income, you would need to earn $19.58 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Gratiot County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$726
$13.96
$29,040
1 bedroom
$778
$14.96
$31,120
2 bedrooms
$1,018
$19.58
$40,720
3 bedrooms
$1,344
$25.85
$53,760
4 bedrooms
$1,454
$27.96
$58,160
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Alma
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Alma is in ZIP code 48801.
For 2 bedrooms it is $1,020: $2 more than the fair market rent for Gratiot County ($1,018).
Fair market rent by ZIP code and size in Alma, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
48801
$790
$800
$1,020
$1,350
$1,460
ZIP code2 bd3 bd
48801 $1,020$1,350
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Alma when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 8 buildings with rents for lower incomes in Alma. These are the largest.
Pine Villa425 E Warwick Dr, Alma 48801111 low-income homes · For older adults(989) 463-5666
Heather CT/Hampton PK400 E Warwick Dr, Alma 4880194 low-income homes · Run by Alma Housing Commission · Average payment: $572 a month · Average wait: 104 months(989) 463-4200
Countryside Apts1330 Charles Ave, Alma 4880148 homes, 47 low-income · 1 bd: 8 · 2 bd: 24 · 3 bd: 16 · In service since 2000
Pine Winds II1050 Bridge Ave, Alma 4880140 low-income homes · For families(989) 463-2586
Countryside Three1346 Charles Ave, Alma 4880148 homes, 37 low-income · 1 bd: 8 · 2 bd: 24 · 3 bd: 16 · In service since 2003
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Gratiot County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Alma or Gratiot County. The ones below are statewide in Michigan: they work in Alma the same as in the rest of the state.
Michigan state agency loan of up to $10,000, with no interest and no monthly payments, for the down payment, closing costs and prepaid expenses; it goes with MSHDA's MI Home Loan mortgage and is repaid in certain cases, such as when you pay off the first mortgage, sell or refinance the home, or no longer live in it.Offered by Michigan State Housing Development Authority (MSHDA).
Michigan state authority certificate that lets you take 20% of the interest you pay each year on your mortgage off your federal taxes, for the life of the loan; you apply with an approved lender before you buy.Offered by Michigan State Housing Development Authority (MSHDA).
No legal help resource on our list is for Alma or Gratiot County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Alma and all of Gratiot County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Alma?
The typical home value in Alma is $115,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Gratiot County it is $147,500.
How much does it cost to rent in Alma?
Typical rent in Alma is $836 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Gratiot County is $1,018.
What is the FHA loan limit in Alma?
Alma uses the FHA limit for all of Gratiot County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Alma?
The typical homeowner in Alma pays $1,991 a year, according to the U.S. Census Bureau. That is 1.72% of the home’s value; in Gratiot County, the rate is 1.24%.
Where can I find free help to buy or rent in Alma?
We found no HUD-approved counseling agencies with an office in Gratiot County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
