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County in Michigan

Grand Traverse County, Michigan

Grand Traverse County, in Michigan, has 96,166 residents: No. 22 of 83 by population. Grand Traverse County has an FHA limit of $541,287 for one-unit homes. The typical home value here is $339,400. HUD's Fair Market Rent for a 2-bedroom apartment is $1,436 a month; to pay it without spending more than 30% of your income, you need to earn about $27.62 an hour.

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  • Typical home price

    $339,400

    +47% vs. Michigan +2% vs. U.S.

    Half of owner-occupied homes are worth more and half are worth less.

    • Grand Traverse
    • Michigan
    • United States

    Source: U.S. Census Bureau, Average 2020–2024

  • Fair market rent, 2 bedrooms

    $1,436 a month

    +6% vs. Michigan −18% vs. U.S.

    HUD's reference rent for a two-bedroom apartment, with basic utilities.

    • Grand Traverse
    • Michigan
    • United States

    Source: HUD, Fiscal year 2027

  • FHA limit 2026, 1 unit

    $541,287

    FHA national floor limit

    The most you can borrow with an FHA loan for a one-unit home here.

    • Grand Traverse
    • Floor
    • Ceiling

    Source: HUD, 2026 data

  • Property tax

    0.89% of value per year

    −29% vs. Michigan −5% vs. U.S.

    $3,010 a year for the typical owner

    • Grand Traverse
    • Michigan
    • United States

    Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$417,443
2.6% more than 12 months ago
Typical rent
$1,845 a month
4.9% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Data from October 2026

In short

What is housing like in Grand Traverse County today?

The monthly payment on a typical home with FHA would be about $2,801, that is, 41% of the typical household income in Grand Traverse County. For that payment to be 28% of income, a household would need to earn about $120,035 a year; the typical income here is $81,647. Homes here are worth 47% more than the average across Michigan.

Renting is a stretch: 50% of renters put 30% or more of their income toward housing. There are 1 agency with HUD-approved housing counselors who speak Spanish near here.

Sources: U.S. Census Bureau (Average 2020–2024); HUD (Retrieved November 6, 2026).

Only here

What sets Grand Traverse County apart

  1. Among the neighboring counties, Wexford County has the lowest typical home value ($170,400), 50% below the $339,400 in Grand Traverse County.

  2. At $1,288, Grand Traverse County ranks 3rd among the 83 counties in Michigan for the highest typical rent.

  3. Grand Traverse County has the highest typical rent in its area: $1,288, more than any of its 6 neighboring counties; next is Leelanau County ($1,228).

  4. From 2020 to 2025, home prices in Grand Traverse County rose 69% on FHFA's index, faster than in Michigan (52%).

  5. Grand Traverse County has the 5th highest typical home value of the 83 counties in Michigan ($339,400).

Sources: U.S. Census Bureau (Average 2020–2024); FHFA (2025 data).

The homes here

Housing in Grand Traverse County

What homes there are in Grand Traverse County, 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

The detached house is the most common home in Grand Traverse County: 73% of homes, near the figure in Michigan (72%).

Year built

The typical home in Grand Traverse County was built in 1986, 14 years after the typical one in Michigan.

In Grand Traverse County, 65% of homes have 3 bedrooms or more, about the same as in Michigan.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

By price, most homes in Grand Traverse County sit under the FHA limit for this county ($541,287): about 78%.

Monthly rent with utilities

About 61% of rented homes in Grand Traverse County cost less than HUD's 2-bedroom fair market rent for this county ($1,436); the rest cost more.

With a mortgage

$1,566 a month

Michigan: $1,569 a month

Without a mortgage

$579 a month

Michigan: $602 a month

Owners with a mortgage

62%

Michigan: 58%

The typical cost for an owner with a mortgage in Grand Traverse County is $1,566 a month, near the figure in Michigan ($1,569).

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Since 2015–2019, homes in Grand Traverse County gained value faster than in Michigan: 60% against 50%.

The typical rent in Grand Traverse County rose 35% over the same time; in Michigan, it rose 30%.

Here income did not keep up with housing: it rose 28%, while home values changed +60% and rent +35%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureGrand Traverse CountyMichiganUnited States
Rental vacancy 9.6%5.1%5.5%
Homeowner vacancy Unreliable estimate0.8%0.9%
More than one person per room 1.4%1.6%3.4%
People per household 2.342.422.53
Drive alone 71%74%69%
Carpool 9%8%9%
Public transit 1%1%3%
Walk or bike 4%2%3%
Work from home 15%14%15%
Other means 1%1%2%
Typical commute 10 to 19 minutes20 to 29 minutes20 to 29 minutes

There is more rental housing open in Grand Traverse County: 9.6% is empty and offered for rent, against 5.1% in Michigan.

More than one person per room: that is how 1.4% of households in Grand Traverse County live, near the figure in Michigan (1.6%).

Much as in Michigan, a household in Grand Traverse County has 2.34 people on average.

In Grand Traverse County, 71% of workers drive alone to work; in Michigan, 74%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month in Grand Traverse County?

A typical home costs more than the typical income allows

We start with a typical home of $339,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 41% of the typical household income here, which is $81,647 a year. For that payment to be 28% of income, a household would need to earn about $120,035 a year.

Your numbers

Local data
$

Starts at the typical home value in Grand Traverse County. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $11,879 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,801

at 7.18% · 30 years

Loan amount
$333,253
Total interest
$479,472
Paid off in
November 2056

Includes $5,732 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,905 a month

  • Tight

    $1,905 to $2,449 a month

  • Hard

    more than $2,449 a month

    Your payment · 41%

Compared with the typical household income in Grand Traverse County ($81,647 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,801
Principal & interest$2,258
Property tax$252
Home insurance$141
FHA mortgage insurance (MIP)$150

You need at least $11,879 for the down payment, plus closing costs.

Next step

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.

Buying a home

Buying a home in Grand Traverse County

Here you'll see how prices have changed, how Grand Traverse County compares with Michigan and the country, and what you'd pay each month with four kinds of loans.

How have home prices changed?

According to the FHFA House Price Index, home prices in Grand Traverse County rose 128% in the 10 years through 2025. FHFA's index follows the price of the same homes over the years.

Period Here Michigan United States
In 2025 +4.4% +4.7% +2.9%
5 years (2020–2025) +69% +52% +47%
10 years (2015–2025) +128% +97% +85%
See each year's change

The index follows the prices of the same homes over time (sales and appraisals on loans bought or guaranteed by Fannie Mae and Freddie Mac). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Grand Traverse County compared with Michigan and the United States

Home value, rent and household income, side by side. "Typical" is the median: half are above it and half below.

Typical home value
  • Grand Traverse $339,400
  • Michigan $231,600
  • United States $332,700
Typical rent a month
  • Grand Traverse $1,288
  • Michigan $1,129
  • United States $1,413
Typical household income a year
  • Grand Traverse $81,647
  • Michigan $72,875
  • United States $80,734
See the full table
Grand Traverse compared with Michigan and the United States
MeasureHereMichiganU.S.
Residents96,16610,077,761334,922,499
Typical home value$339,400$231,600$332,700
Typical household income$81,647$72,875$80,734
Typical rent$1,288$1,129$1,413
Fair Market Rent (2 bedrooms)$1,436$1,361$1,750
Hourly wage to rent a 2-bedroom$27.62$26.17$33.65
Typical property tax$3,010$2,904$3,119
Effective tax rate0.89%1.25%0.94%
Households that own their home77%73%65%
Renters spending 30% or more on rent50%50%51%
FHA limit (1 unit)*$541,287$541,287$541,287

FHA limit: Michigan shows the median of its counties; the United States, the national floor. Download CSV

Four ways to pay for a typical home in Grand Traverse County

For a typical $339,400 home at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, the county's property tax, an example homeowners insurance and mortgage insurance when it applies.

Loan Monthly payment Down payment Loan amount Rate Mortgage insurance Cash to close Minimum score
FHA, 3.5% down $2,801 $11,879 $333,253 7.18% FHA MIP · $150 $22,061 580
Conventional, 5% down $2,739 $16,970 $322,430 7.18% PMI · $161 $27,152 620*
Conventional, 20% down, no PMI $2,233 $67,880 $271,520 7.18% None $78,062 620*
ITIN, 15% down (example) $2,546 $50,910 $288,490 8.18% None $61,092 Set by the lender
  • 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.

How much house can I afford? Closing costs

Loan limits

FHA loans in Grand Traverse County use the national floor limit: it isn't a high-cost area. If the loan you need is above these amounts, it doesn't fit FHA or it becomes a "jumbo" loan.

VA loans. If you have full VA entitlement, VA doesn't cap the loan amount. If you've used part of your entitlement, the calculation uses the county limit ($832,750 for one unit). VA loan limits (va.gov)

USDA loans. They're for homes in eligible rural areas and households with incomes within USDA's limit. Check whether the address and your income qualify on the official site. USDA eligibility (usda.gov)

Home type FHA limit Conforming limit
1 unit $541,287 $832,750
2 units $693,050 $1,066,250
3 units $837,700 $1,288,800
4 units $1,041,125 $1,601,750

Source: HUD, 2026 data · Source: FHFA, 2026 data

Taxes and risks

Property tax and flooding in Grand Traverse County

Two costs that change a lot from place to place and that a house payment does include: property tax and, in risk zones, flood insurance.

Property tax

In Grand Traverse County, the typical owner pays $3,010 a year: about 0.89% of the home's value. That is less than the rest of Michigan and less than the national average.

  • Grand Traverse 0.89%
  • Michigan 1.25%
  • United States 0.94%

What Michigan publishes Principal Residence Exemption (PRE) from school operating tax (Michigan Legislature (Michigan Compiled Laws))

Exemptions and deadlines in Michigan

Is there a flood risk?

According to FEMA, in Grand Traverse County 0.9% of homes (377) are in a high-risk flood zone. Of those homes, 23% have NFIP flood insurance.

  • A high-risk zone (Special Flood Hazard Area) has a 1% or greater chance of flooding each year. (44 CFR 59.1)
  • If the home is in that zone and the loan comes from a regulated lender, federal law requires flood insurance for the life of the loan, in communities that take part in the NFIP. (42 U.S.C. 4012a)
  • Most homeowners insurance does not cover flood damage. (FEMA, FloodSmart)

Source: FEMA, As of August 3, 2026

Look up your address on FEMA’s map

Owning a home here

Owning a home in Grand Traverse County

The natural hazards FEMA measures in Grand Traverse County, a maintenance plan for your climate and what the trades earn in your area.

Risks to your home

FEMA, National Risk Index 1.20.0 (December 2025)

In Grand Traverse County, FEMA rates the natural hazard risk as relatively low.

FEMA builds that rating from three parts: expected loss, social vulnerability and community resilience.

The loss FEMA expects each year in Grand Traverse County from all natural hazards is $31.2 million, counting buildings, people and crops.

The hazard that would do the most damage to homes and buildings here is inland flooding: about $10.5 million a year.

Loss FEMA expects each year to homes and buildings, by hazard
  1. Inland floodingRelatively low $10.5 million a year
  2. TornadoRelatively low $439,119 a year
  3. Winter weatherVery high $18,295 a year
  4. WildfireVery low $15,859 a year
  5. EarthquakeVery low $15,573 a year

What it means for your home

The ratings are FEMA's own. FEMA says its data is meant for planning and does not replace a local study. Drought is not shown: FEMA counts its loss in crops only.

National Risk Index, version 1.20.0 (December 2025), retrieved November 6, 2026

FEMA notice: This product uses the Federal Emergency Management Agency's National Risk Index dataset API or downloadable datasets but is not endorsed by FEMA. The Federal Government or FEMA cannot vouch for the data or analyses derived from these data after the data have been retrieved from the Agency's website(s).

Climate and upkeep

Department of Energy (PNNL), 2021 IECC zones

Grand Traverse County is climate zone 6A in the home energy code (IECC): cold.

The zone's number says how hot or cold it gets; the letter says how humid: A is moist, B is dry and C is marine.

  • Spring

    • Book the air conditioner's check-up before the heat: ENERGY STAR advises checking the cooling system in the spring, because contractors get busy once summer comes. ENERGY STAR (EPA)
    • Clean and repair the roof gutters. EPA

  • Summer

    • Seal the air ducts that run through the attic, crawlspace, basement or garage with duct mastic or foil tape, then wrap them in insulation. ENERGY STAR (EPA)
    • Check that the ground slopes away from the house, so water does not collect around the foundation. EPA

  • Fall

    • Book the heating check-up in the fall. If it runs on gas or oil, the technician should check the connections: faulty ones are a fire hazard. ENERGY STAR (EPA)
    • Seal air leaks and add insulation in the attic: ENERGY STAR says it lowers the chance of ice dams on the roof in snowy climates. ENERGY STAR (EPA)

  • Winter

    • Get the house ready for the cold with insulation, caulking and weather stripping, and learn how to keep pipes from freezing. Ready.gov (FEMA)
    • Put clear plastic film over the windows: it is inexpensive, cuts drafts, helps the house feel warmer in winter and reduces moisture on the glass. ENERGY STAR (EPA)

All year

  • Check the air filter every month, especially in heavy-use months. If it looks dirty, change it; change it at least every 3 months. ENERGY STAR (EPA)
  • Test the smoke alarms every month and replace their batteries at least once a year. USFA (FEMA)

Each task comes from the official page beside it. The spring air-conditioning and fall heating check-ups are the timing ENERGY STAR advises; the rest is a suggested order.

Climate zones by county, 2021 IECC

What the trades charge here

BLS, wages for May 2025

TradeTypical hourly wage8 in 10 earn between
Electricians$29.64$17.87 and $43.87
Plumbers, pipefitters and steamfitters$30.34$20.16 and $45.86
Heating, air conditioning and refrigeration mechanics$29.13$18.76 and $43.97
Roofers$24.38$20.74 and $28.97
Carpenters$28.47$21.01 and $34.00
Painters, construction and maintenance$25.00$18.67 and $30.92
Maintenance and repair workers, general$22.52$16.76 and $32.08

According to BLS, an electrician earns about $29.64 an hour in the Traverse City, MI area; a plumber, about $30.34.

These are workers' hourly wages, not the price of a job.

Need help paying for a repair?

Renting

Renting in Grand Traverse County

The typical rent in Grand Traverse County is $1,288 a month. HUD also publishes a “fair market rent” by unit size: it's the one programs like Section 8 use.

50% of renter households in Grand Traverse County spend 30% or more of their income on housing. 23% spend half or more.

Fair market rent by size

To pay the fair market rent without spending more than 30% of income, working full time (40 hours a week).

Size Fair rent a month Hourly wage Income needed per year
Studio $1,181 $22.71 $47,240
1 bedroom $1,188 $22.85 $47,520
2 bedrooms $1,436 $27.62 $57,440
3 bedrooms $1,883 $36.21 $75,320
4 bedrooms $1,928 $37.08 $77,120

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

Free help in Grand Traverse County

Programs and counseling in Grand Traverse County

There is 1 HUD-approved housing counseling agency in Grand Traverse County. They can help you get ready to buy, with your credit, with rent, or if you've fallen behind on payments.

Official programs for the down payment and loans for buyers. Check which ones you might qualify for with your income and your county.

A father and mother walk their son by the hand down the sidewalk.

HUD counseling is free or low-cost

Michigan down payment programs

  1. MI 10K DPA Loan

    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

    The source does not say whether you must be a first-time buyer. Run by Michigan State Housing Development Authority (MSHDA).

    Deferred Verified November 5, 2026

  2. Mortgage Credit Certificate (MCC)

    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

    First-time buyers only. Run by Michigan State Housing Development Authority (MSHDA).

    Tax credit Verified November 5, 2026

Which programs do I qualify for? See all Michigan programs

Help in Spanish in Grand Traverse County

None of the 1 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Public housing agencies

They run public housing and Section 8 vouchers (Housing Choice Vouchers) in this county.

  • Traverse City Housing Commission Public housing and Section 8 vouchers (231) 282-9152

Free legal help

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.

Find legal aid (lsc.gov)

Housing counseling nearby

These agencies have an office in Grand Traverse County. The full list is on the Michigan counselors page. Official HUD list. Confirm hours and fees with the agency before you go.

  • Northwest Michigan Community Action Agency, Inc

    3963 3 Mile Rd N, Traverse City

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 9 more
    (231) 947-3780
See every agency in Michigan

Places

Cities in Grand Traverse County

This site has no city pages of Grand Traverse County. The neighboring counties are below.

See all 1 cities of Grand Traverse County

Nearby counties

Each row compares its typical value, typical rent and FHA limit with Grand Traverse County.

Read next

Guides that help here

We picked them by this county's numbers: what weighs most here is what's worth understanding first.

Frequently asked questions

What is the FHA loan limit in Grand Traverse County in 2026?

Grand Traverse County has an FHA limit of $541,287 for a one-unit home. For 2 units it's $693,050, for 3 it's $837,700 and for 4 it's $1,041,125. It's the national floor limit.

What is the conforming loan limit in Grand Traverse County?

Grand Traverse County has a conforming limit of $832,750 for one-unit conventional loans in 2026. A bigger loan is a “jumbo” loan.

How much does a typical home cost in Grand Traverse County?

The typical home value in Grand Traverse County is $339,400 (Average 2020–2024, U.S. Census). Across Michigan it's $231,600.

How much does it cost to rent in Grand Traverse County?

Grand Traverse County has a typical rent of $1,288 a month (Average 2020–2024, U.S. Census). HUD's fair market rent for a 2-bedroom apartment is $1,436 (Fiscal year 2027).

How much do you need to earn to rent a 2-bedroom apartment in Grand Traverse County?

About $27.62 an hour working full time (2,080 hours a year), or $57,440 a year, so the fair market rent of $1,436 stays under 30% of income.

Sources: American Community Survey (Average 2020–2024); FHA mortgage limits (2026 data); Conforming loan limits (2026 data); Fair Market Rents (Fiscal year 2027); Income Limits (Fiscal year 2026); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (As of November 5, 2026); FHFA House Price Index (2025 data); Homes with flood insurance (As of August 3, 2026); National Risk Index (2025 data); IECC climate zones by county (2021 data); Occupational Employment and Wage Statistics (2025 data); Census Bureau cartographic boundary files (2024 data).