Gibraltar, Michigan Real Estate & Housing Market

Gibraltar, MI Listings

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Gibraltar Housing Information

Index	Gibraltar	Michigan	National
Median home price	$111,700	$127,800	$184,700
Median rent asked	$895	$799	$949
Avg. people per household	2.4	2.5	2.6
Owner occupied households	79.2%	70.8%	63.6%
Renter occupied households	20.8%	29.2%	36.4%

Above is a snapshot look at the real estate market in Gibraltar, MI. In Gibraltar, MI, the median house price is $111,700, making the price 13% lower than that the average for Michigan. Therefore, the affordability of Gibraltar, MI area real estate is more affordable than the real estate in other areas of Michigan. In addition, Gibraltar, MI has a median rent price of $895; this price is 12% higher than that the average rental price for Michigan. 79.2% of residents in Gibraltar, MI are homeowners, and the average amount of people who reside in each home is 2.4. Gibraltar, MI has a wide array of real estate options available, ranging from cost-friendly condos to high-end luxury homes. We filter listings by number of bathrooms and bedrooms, price and area to simplify the search process for Gibraltar, MI real estate for sale.

Gibraltar Home Affordability

When looking for real estate in Gibraltar, MI, nothing is more important than affordability. There are several methods to calculate the affordability of a home, but perhaps the best way is the home price to median household income ratio. In Gibraltar, MI, the median price of a home is $111,700 and $64,016 is the median household income. This means that the home price to income ratio is 1.7x, a ratio that is 31% lower than the average in Michigan. The median home price is divided by the median home income to calculate the home affordability ratio. Homes in Gibraltar, MI will be more financially accessable if the ratio has a lower than average home price to home income. These are not the only aspects to look at when determining the affordability of a home. A home affordability calculator offers a much more exact overview of the true affordability of a property. Use the calculator below to better determine how much you can pay for real estate in Gibraltar, MI.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
River Rouge, MI	7,609	$35,600	81%
Ecorse, MI	9,270	$39,600	79%
West Monroe, MI	3,355	$42,000	77%
Inkster, MI	24,738	$45,000	76%
Melvindale, MI	10,437	$57,600	69%
Gibraltar, MI	4,547	$111,700	40%

Cities with similar population

City, State	Population	Home Price	National Avg.
Madisonville, TX	4,546	$90,100	51%
Niskayuna, NY	4,548	$213,400	16%
Windom, MN	4,545	$94,200	49%
Portola Valley, CA	4,550	$2,000,001	983%
Arabi, LA	4,542	$134,300	27%
Gibraltar, MI	4,547	$111,700	40%

Source: The Gibraltar, MI housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).