ZIP Code · MI

ZIP 49686

Part of Traverse City, MI

Pop. 25,492·Grand Traverse County·22nd most expensive ZIP in Michigan

Median rent (all units)

$1,945/mo

Year-over-Year

+5.0%

Month-over-Month

+0.8%

vs US Median

+$13

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 49686 · $1,945

More expensive than 58% of US ZIP codes · National median $1,932/mo

Rent check

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,150

1 BR

$1,150

2 BR

$1,370

3 BR

$1,760

4 BR+

$1,810

Research median

$1,370/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of Michigan

Rent in ZIP 49686 changed +5.0% over the year to September 2026. Across the 134 Michigan ZIP codes Zillow tracks, the typical change was +4.4%.

Recent direction

Rent rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($71,609) is $1,790 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,760); a 4-bedroom is $1,810.

From Zillow's monthly rent index (ZORI) for ZIP 49686. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$23,340/yr

At $1,945/mo median

Location

CityTraverse City

StateMI

CountyGrand Traverse County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 5.0% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+5.0% YoY, +0.8% MoM), not inventory.

Demographics

Who lives here

ZIP 49686 (Traverse City, MI) is majority owner-occupied, has a large retiree population, 46.3% of residents hold a bachelor's degree or higher.

Population

25,492

Median income

$71,609

Median age

47.5

Renters

27.5%

Age distribution

15.4%

20.6%

22.5%

14.9%

26.6%

Under 1815.4%

18–3420.6%

35–5422.5%

55–6414.9%

65+26.6%

Gender

49.9%

50.1%

Male49.9%

Female50.1%

Race & ethnicity

90.2%

White90.2%

Black0.6%

Hispanic4.5%

Asian0.7%

Other3.9%

Education (25+)

18.9%

30.8%

46.3%

No HS diploma4%

HS diploma18.9%

Some college30.8%

Bachelor's+46.3%

Housing tenure

72.5%

27.5%

Owner72.5%

Renter27.5%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 49686 in Traverse City, MI has changed in 5 years

Income

$64,334 → $71,609

up 11.3%

Population

24,714 → 25,492

up 3.1%

Renter share

27.8% → 27.5%

-0.3 pts

Bachelor's+

45.6% → 46.3%

+0.7 pts

Median age

46.6 → 47.5

+0.9 yrs

On the earnings side, the typical household in ZIP 49686 in Traverse City, MI now reports about $71,609, up from $64,334 in 2021. Census counts show ZIP 49686 in Traverse City, MI adding about 778 residents over the five-year window, up 3.1% on net.

Community

Discussions about ZIP 49686

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Local insights

Tips for renters in ZIP 49686

About renting in ZIP 49686

Last updated: October 17, 2026

ZIP code 49686 covers Traverse City, MI. The median rent here is $1,945/mo as of October 2026. A 1-bedroom rents for a median of $1,150/mo. A 2-bedroom rents for a median of $1,370/mo.

At 33% of local median household income ($71,609/yr), ZIP 49686 ranks as moderate compared to the national benchmark of 30%. Rents have increased 5.0% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 49686?

To keep rent at or below 30% of gross income, you would need to earn at least $78,000/year (about $38/hour full-time) to afford the median rent of $1,945/mo in ZIP 49686. The local median household income is $71,609/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 49686?

Rent in ZIP 49686 has risen 5.0% over the past year.

How does ZIP 49686 compare to other ZIPs in Michigan?

ZIP 49686 is one of the pricier among Michigan ZIP codes for rent, ranking #22 of 168 at $1,945/mo. Over the year to September 2026, rent in ZIP 49686 changed +5.0%, against a typical +4.4% across the 134 Michigan ZIP codes Zillow tracks.