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City · 15,593 residents · Grand Traverse County, Michigan

Traverse City , Michigan

In Traverse City, a typical home is worth $415,400 and typical rent is $995 a month. Compared with all of Grand Traverse County, typical rent is 23% lower, the typical home value is 22% higher, and the share of households that own their home is 14 points lower.

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  • Typical home value

    $415,400

    22% above the county

    79% above Michigan

    • Traverse City
    • Grand Traverse
    • Michigan

  • Typical rent

    $995a month

    23% below the county

    12% below Michigan

    • Traverse City
    • Grand Traverse
    • Michigan

  • Typical household income

    $74,087a year

    9% below the county

    About the same as Michigan

    • Traverse City
    • Grand Traverse
    • Michigan

  • Households that own their home

    64%

    14 points below the county

    10 points below Michigan

    • Traverse City
    • Grand Traverse
    • Michigan

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

Market now, with Zillow data

Zillow data
Typical home value
$444,107
2.1% more than 12 months ago
Typical rent
$1,850 a month
4.4% more than 12 months ago

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

Traverse City is in Grand Traverse 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 Grand Traverse County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Traverse City apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Houghton Lake, the typical home value is $126,200: 70% less than in Traverse City ($415,400).

  2. Nearby, in Manistee, the typical rent is $768: 23% less than in Traverse City ($995).

  3. 64% of households in Traverse City own their home, against 77% in Grand Traverse County.

  4. The typical rent in Traverse City is $995 a month, 23% less than in Grand Traverse County as a whole ($1,288).

  5. The typical home in Traverse City is worth $415,400, 22% more than in Grand Traverse County as a whole ($339,400).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Traverse City

What homes there are in Traverse City, 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 houses are the majority in Traverse City (63%), but less so than in Grand Traverse County (73%).

Year built

Homes in Traverse City are older: the typical year built is 1964; in Grand Traverse County, 1986.

There are fewer big homes in Traverse City than in Grand Traverse County: 51% have 3 bedrooms or more, against 65%.

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
Monthly rent with utilities

By rent, most homes in Traverse City cost less than HUD's 2-bedroom fair market rent ($1,436): about 73%.

With a mortgage

$1,817 a month

Grand Traverse County: $1,566 a month

Without a mortgage

$648 a month

Grand Traverse County: $579 a month

Owners with a mortgage

60%

Grand Traverse County: 62%

The typical cost for an owner with a mortgage in Traverse City is $1,817 a month, more than in Grand Traverse County ($1,566); without one, $648.

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

The typical home value in Traverse City rose 56% since 2015–2019, less than in Grand Traverse County (60%).

Since 2015–2019, the typical rent in Traverse City did not change clearly, according to the Census.

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

MeasureTraverse CityGrand Traverse CountyMichiganUnited States
Rental vacancy Unreliable estimate9.6%5.1%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimate1.4%1.6%3.4%
People per household 2.062.342.422.53
Drive alone 58%71%74%69%
Carpool 7%9%8%9%
Public transit Unreliable estimate1%1%3%
Walk or bike 12%4%2%3%
Work from home 19%15%14%15%
Other means Unreliable estimate1%1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Traverse City has 2.06 people, fewer than in Grand Traverse County (2.34).

In Traverse City, 12% of workers walk or bike to work; in Grand Traverse County, 4%.

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 for a home in Traverse City?

A typical home costs more than the typical income allows

We start with a typical home in Traverse City, worth $415,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 57% of the typical household income in Traverse City, which is $74,087 a year. For that payment to be 28% of income, a household would need to earn about $150,326 a year.

The calculator's FHA and conventional loan limits are those of all of Grand Traverse County.

Your numbers

Local data
$

Starts at the typical home value in Traverse City. 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 $14,539 (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

$3,508

at 7.18% · 30 years

Loan amount
$407,876
Total interest
$586,838
Paid off in
November 2056

Includes $7,015 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,729 a month

  • Tight

    $1,729 to $2,223 a month

  • Hard

    more than $2,223 a month

    Your payment · 57%

Compared with the typical household income in Traverse City ($74,087 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,508
Principal & interest$2,763
Property tax$388
Home insurance$173
FHA mortgage insurance (MIP)$184

You need at least $14,539 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.

The city and its county

Traverse City and Grand Traverse County

Traverse City is in Grand Traverse 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).

Traverse City's own numbers

Typical home value
$415,400
Typical monthly rent
$995
Typical yearly household income
$74,087
Households that own their home
64%
Effective property tax rate
1.12%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Grand Traverse County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,436
Price change over 5 years (FHFA)
+69%
Homes in a high flood-risk zone
0.9%

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 Grand Traverse County.

Everything about Grand Traverse County

Buying

Buying a home in Traverse City

A typical home in Traverse City is worth $415,400: 22% above the county and 79% above Michigan. With the typical household income in Traverse City ($74,087 a year), a typical home costs 5.6 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.

  • Traverse City 5.6 years
  • Grand Traverse 4.2 years
  • Michigan 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Grand Traverse County

According to FHFA’s house price index, home prices in Grand Traverse County rose 128% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Grand Traverse County.

Period County Michigan U.S.
Last year (2025) +4.4% +4.7% +2.9%
5 years (2020–2025) +69% +52% +47%
10 years (2015–2025) +128% +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

Traverse City next to Grand Traverse 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
  • Traverse City $415,400
  • Grand Traverse $339,400
  • Michigan $231,600
  • United States $332,700
Typical monthly rent
  • Traverse City $995
  • Grand Traverse $1,288
  • Michigan $1,129
  • United States $1,413
Typical yearly household income
  • Traverse City $74,087
  • Grand Traverse $81,647
  • Michigan $72,875
  • United States $80,734
See the full table
Traverse City next to Grand Traverse County and Michigan
Measure Traverse City Grand Traverse County Michigan U.S.
Typical home value $415,400 $339,400 $231,600 $332,700
Typical monthly rent $995 $1,288 $1,129 $1,413
Typical yearly household income $74,087 $81,647 $72,875 $80,734
Households that own their home 64% 77% 73% 65%
Typical yearly property tax $4,671 $3,010 $2,904 $3,119
Effective property tax rate 1.12% 0.89% 1.25% 0.94%
Renters with high rent for their income 50% 50% 50% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Grand Traverse 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 Traverse City

For a typical $415,400 home in Traverse City, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Traverse City's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,508a month

    Least cash to close
    Down payment
    $14,539
    Cash to close
    $27,001
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $184

  • Conventional, 5% down $3,431a month

    Down payment
    $20,770
    Cash to close
    $33,232
    Rate
    7.18%
    Mortgage insurance
    PMI · $197

  • Conventional, 20% down, no PMI $2,812a month

    Down payment
    $83,080
    Cash to close
    $95,542
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,196a month

    Down payment
    $62,310
    Cash to close
    $74,772
    Rate
    8.18%
    Mortgage insurance
    None

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.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Traverse City and for Grand Traverse County.

Property tax

Effective rate in Traverse City

1.12%of the home’s value each year

$4,671 a year for the typical owner in Traverse City.

  • Traverse City 1.12%
  • Grand Traverse 0.89%
  • Michigan 1.25%

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

Exemptions and deadlines in Michigan

Flood risk in Grand Traverse County

FEMA does not publish these numbers by city: they are for all of Grand Traverse County.

Homes in the high-risk zone
0.9%
377
Of those, with NFIP insurance
23%
County Michigan U.S.
Homes in the high-risk zone 0.9% 1.6% 3.5%
Of those, with NFIP insurance 23% 18% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Traverse City

Typical rent in Traverse City is $995 a month: 23% below the county. In Traverse City, 50% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Grand Traverse County, by unit size. To pay the 2-bedroom one ($1,436 a month) without spending more than 30% of your income, you would need to earn $27.62 an hour working full time.

HUD fair market rent for all of Grand Traverse County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
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

By ZIP code

Fair market rent by ZIP code in Traverse City

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Traverse City has 2 ZIP codes with their own.

For 2 bedrooms it runs from $1,430 in 49686 to $1,450 in 49684.

1 of the 2 is above the fair market rent for Grand Traverse County ($1,436).

  • 49684 $1,450$1,850
  • 49686 $1,430$1,880

2 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Traverse City 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 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Traverse City

HUD lists 20 buildings with rents for lower incomes in Traverse City. These are the largest.

  • Village Glen Apts (traverse City) 2937 Glen Dr, Traverse City 49686 120 homes, 119 low-income · 2 bd: 82 · 3 bd: 38 · In service since 2006 · For families
  • Woda Boardman Lake 2790 Boardman Lake Dr, Traverse City 49684 112 low-income homes · 1 bd: 46 · 2 bd: 50 · 3 bd: 12 · 4 bd: 4 · In service since 2015 · For older adults, people with disabilities, families, people experiencing homelessness
  • Bay Hill 600 Bay Hill Dr, Traverse City 49684 150 homes, 90 low-income · 1 bd: 28 · 2 bd: 100 · 3 bd: 22 · In service since 2015 · For families
  • Brookside Commons North Long Lake Road, Traverse City 49685 72 low-income homes · 1 bd: 16 · 2 bd: 36 · 3 bd: 20 · In service since 2015 · For older adults, people with disabilities, families, people experiencing homelessness
  • Aspen Hills 1291 Oak Terrace Dr, Traverse City 49686 70 low-income homes · For older adults (231) 947-5704

See all 22 buildings in Grand Traverse County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Traverse City

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.

There is 1 HUD-approved agency with an office in Grand Traverse County; none says it serves in Spanish.

Two women and a girl laugh together at the bus stop.

HUD counseling is free or low-cost

Assistance programs in Traverse City

No down payment, repair or rent-help program on our list is for Traverse City or Grand Traverse County. The ones below are statewide in Michigan: they work in Traverse City the same as in the rest of the state.

Which programs do I qualify for? All programs in Michigan

  • MI 10K DPA Loan

    Statewide in Michigan

    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).

    Deferred

    See the program Official page

  • Mortgage Credit Certificate (MCC)

    Statewide in Michigan

    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).

    Tax credit

    See the program Official page

Housing counselors near Traverse City

The HUD-approved agencies closest to the center of Traverse City, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Northwest Michigan Community Action Agency, Inc

    3963 3 Mile Rd N, Traverse City · 2 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 9 more
    (231) 947-3780

  • Northwest Michigan Communty Action Agency , Inc

    1640 Marty Paul St, Cadillac · 35 miles away

    Also serves in American Sign Language (ASL).

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 9 more
    (231) 947-3780

  • Northern Homes Community Development Corporation

    900 Emmet St, Petoskey · 53 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (231) 582-6244

Every agency in Grand Traverse County All counseling agencies in Michigan

Help in Spanish near Traverse City

None of the 3 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.

Housing authorities of Traverse City

HUD’s record names them for Traverse City or Grand Traverse County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

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

All housing agencies in Michigan Source: HUD

Cities

Nearby cities

The cities closest to Traverse City, with the typical home value.

Everything about Grand Traverse County Housing in Michigan

Neighboring counties

If Grand Traverse County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Traverse City.

All guides
Three generations of a family gather on the porch of their home.

Questions

Housing questions about Traverse City

Short answers with the numbers for Traverse City and all of Grand Traverse 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 Traverse City?

The typical home value in Traverse City is $415,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Grand Traverse County it is $339,400.

How much does it cost to rent in Traverse City?

Typical rent in Traverse City is $995 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Grand Traverse County is $1,436.

What is the FHA loan limit in Traverse City?

Traverse City uses the FHA limit for all of Grand Traverse 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 Traverse City?

The typical homeowner in Traverse City pays $4,671 a year, according to the U.S. Census Bureau. That is 1.12% of the home’s value; in Grand Traverse County, the rate is 0.89%.

Where can I find free help to buy or rent in Traverse City?

There is 1 HUD-approved counseling agency with an office in Grand Traverse County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).