Rents are 5% below what Traverse City's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,923 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Traverse City, MI is majority owner-occupied, has a large retiree population, 47.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Traverse City, MI has changed in 5 years
The median rent in Traverse City, MI stood at $1,577 in 2022 and currently runs about $1,923, reflecting a 21.9% increase over the period. Median household income rose from $64,033 to $74,087 between 2021 and 2024, a 15.7% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.2% since 2021, moving from about 15,263 residents to roughly 15,593. Renters now make up 36.3% of households, compared with 39.3% five years ago. Taken together, the five-year picture in Traverse City, MI reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
Discussions about Traverse City
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Can you afford rent in Traverse City on your salary?
At $1,923/mo, how Traverse City rent compares to typical pay (30% rule).
Traverse City rent by bedroom count
Median rent for each apartment size in Traverse City. Click any size for full breakdown.
Tips for renters in Traverse City
Last updated: August 17, 2026
The median rent in Traverse City is $1,923/mo as of August 2026. A studio apartment averages $1,030/mo while a 2-bedroom runs $1,265/mo. One-bedroom apartments average $1,070/mo and 3-bedroom units go for $1,555/mo.
At 31% of local median household income ($74,087/yr), Traverse City ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.3% over the past year.
Frequently asked questions
Is Traverse City an affordable city for renters?
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Is rent going up or down in Traverse City?
Which Traverse City neighborhoods have the lowest rent?
How does Traverse City rent compare to other cities in Michigan?
Which nearby cities are cheaper to rent in than Traverse City?
What percentage of Traverse City residents rent vs. own?
How does Traverse City rent compare to the national average?
At $1,923/mo, rent takes ~31% of Traverse City's median household income ($74,087/yr). The standard benchmark is 30%.
How does this area stack up?
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Estimated from ZIP-level data
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