{"area":{"county":"Benzie County","state":"MI","stateName":"Michigan","slug":"benzie-mi","metro":"Benzie County, MI HUD Metro FMR Area"},"homeValue":{"series":[{"date":"2021-04-01","value":223417},{"date":"2021-07-01","value":238166},{"date":"2021-10-01","value":247956},{"date":"2022-01-01","value":258757},{"date":"2022-04-01","value":272165},{"date":"2022-07-01","value":285700},{"date":"2022-10-01","value":284554},{"date":"2023-01-01","value":299707},{"date":"2023-04-01","value":301572},{"date":"2023-07-01","value":308478},{"date":"2023-10-01","value":307115},{"date":"2024-01-01","value":307744},{"date":"2024-04-01","value":327856},{"date":"2024-07-01","value":325369},{"date":"2024-10-01","value":327661},{"date":"2025-01-01","value":339923},{"date":"2025-04-01","value":344829},{"date":"2025-07-01","value":348028},{"date":"2025-10-01","value":351429},{"date":"2026-01-01","value":347923},{"date":"2026-04-01","value":356312}],"latest":356312,"yoy":3.330056346768978,"fiveYr":59.482939973233904,"sinceStart":715.508559919436,"modeled":true},"rent":{"series":[{"date":"2026-11-01","value":1234}],"latest":1234,"yoy":null,"fiveYr":null,"sinceStart":null,"modeled":true},"census":{"medianIncome":74834,"population":18310,"povertyRate":9.657044711618372,"medianHomeValue":285700,"medianGrossRent":1026,"medianPropertyTax":2262},"hud":{"county":"Benzie County","year":"2027","perUnit":1234,"bedrooms":2,"estimated":false,"baseBedrooms":2},"crime":{"scope":"state","state":"Michigan","period":"11-2024 to 10-2026","window":{"from":"11-2024","to":"10-2026","fellBack":false},"violentCrime":{"total":78425,"ratePer100k":386.69354118980215},"propertyCrime":{"total":232349,"ratePer100k":1145.6532687524302},"note":"State-level totals from the FBI CDE summarized offense endpoint."},"crimeVintage":{"from":"11-2024","to":"10-2026","fellBack":false},"priceToRentRatio":24.1,"ratioVerdict":"Favors renting — price is high relative to rent","priceCagr":9.786362837105322,"rentCagr":3,"cashFlow":{"price":356312,"monthlyRent":1234,"grossRent":1234,"downPct":20,"ratePct":6.75,"units":1,"state":"MI","down":71262.40000000001,"loan":285049.6,"mortgagePI":1848.8262798753124,"monthlyTax":235.16592,"taxRatePct":0.792,"taxRateSource":"Census ACS county effective rate 0.79% ($2,262 tax ÷ $285,700 ACS median), applied to current value","monthlyInsurance":136.58626666666666,"insuranceRatePct":0.46,"insuranceBasis":"Insurance: state-level estimate (MI avg 0.46%/yr)","insuranceHighRisk":false,"vacancyPct":5,"vacancyLoss":61.7,"egi":1172.3,"mgmtPct":10,"monthlyMgmt":123.4,"maintenancePct":5,"monthlyMaint":61.7,"capexPct":5,"monthlyCapex":61.7,"hoaMonthly":0,"monthlyHoa":0,"operatingExpenses":618.5521866666668,"noi":553.7478133333332,"totalExpenses":2467.378466541979,"cashFlow":-1295.0784665419792,"annualCf":-15540.94159850375,"cocReturn":-21.808052491220824,"capRate":1.8649312288107047},"resilience":{"scenarios":[{"id":"rentDown","label":"Rent drops 10%","kind":"standard","detail":"Standard assumption","cashFlow":-1387.628466541979,"delta":-93,"survives":false},{"id":"vacancy","label":"Vacancy stretches to 8%","kind":"standard","detail":"Standard assumption","cashFlow":-1332.0984665419792,"delta":-37,"survives":false},{"id":"insurance","label":"Insurance costs rise 25%","kind":"standard","detail":"Standard assumption","cashFlow":-1329.225033208646,"delta":-34,"survives":false},{"id":"rateReset","label":"If financed at 8.25% instead","kind":"standard","detail":"Fixed-rate comparison — the deal if you'd borrowed at a higher rate today; your actual fixed payment never resets","cashFlow":-1587.7346364474108,"delta":-293,"survives":false},{"id":"historyHome","label":"Worst market shock in available history (since 1985-04-01) (home values −7.9% over 12 months)","kind":"history","detail":"History-derived proxy: worst decline found in any window of up to 12 months in the state FHFA home-value series, 2009-04-01 → 2010-04-01, applied to rent","cashFlow":-1368.623348980173,"delta":-74,"survives":false}],"survived":0,"total":5,"score":0,"worstCashFlow":-1587.7346364474108,"baselineCashFlow":-1295.0784665419792,"framing":"underwater","confidenceLabel":"crosscheck","omitted":[],"note":"Each scenario re-runs the same verified cash-flow engine with one shock applied, then re-checks the cash-flow identity before display. Standard shocks are fixed assumptions; the history-derived scenario is this market's own worst observed 12-month decline. Estimates only — not a guarantee of performance."},"rentVsBuy":{"years":7,"priceCagr":9.786362837105322,"rentCagr":3,"totalRentPaid":113465.73997371583,"totalCashOutlay":321939.2132948947,"insuranceBasis":"Insurance: state-level estimate (MI avg 0.46%/yr)","homeValueAfter":684966.3404055533,"equityBuilt":426177.0108828693,"netCostOfBuying":-32975.397587974556,"buyingCheaper":true,"savings":146441.13756169038},"priceToIncome":{"ratio":4.761365154876126,"price":356312,"medianIncome":74834,"label":"Moderate (3–5x — tighter budgets)"},"countyTaxRatePct":0.792,"countyTaxSource":"Census ACS county effective rate 0.79% ($2,262 tax ÷ $285,700 ACS median), applied to current value","dataCheck":{"status":"crosscheck","checks":[{"metric":"home value (vintage update)","primary":356312,"secondary":285700,"primarySource":"current estimate (ACS county median × FHFA metro HPI growth)","secondarySource":"raw ACS 2023 county median (as measured ~2021)","ratio":1.25,"grade":"crosscheck","consistent":false,"hidePoint":false},{"metric":"HUD fair market rent","primary":1234,"secondary":1026,"primarySource":"HUD FMR (county)","secondarySource":"Census ACS (county gross rent)","ratio":1.2,"grade":"crosscheck","consistent":false,"hidePoint":false}],"confidence":{"homeValue":{"label":"crosscheck","ratio":1.25,"sources":["current estimate (ACS county median × FHFA metro HPI growth)","raw ACS 2023 county median (as measured ~2021)"],"hidePoint":false,"range":{"low":285700,"high":356312}},"rent":{"label":"crosscheck","ratio":1.2,"sources":["HUD FMR (county)","Census ACS (county gross rent)"],"hidePoint":false,"range":{"low":1026,"high":1234}},"income":{"label":"estimate","sources":["Census ACS"]},"crime":{"label":"estimate","sources":["FBI CDE"]}},"note":"Every headline metric is checked against a second figure, and each check names its own basis. The rent and property-price checks pair genuinely independent datasets (HUD FMR vs Census ACS gross rent; your price vs the county estimate). The home-value check compares our current estimate (ACS county median updated by the FHFA state index) against the raw ACS 2023 median — its spread reflects price movement since the ACS measurement period (~2021), not disagreement between unrelated sources. 'Verified' means the two figures agree within 15%; 'Cross-checked' means they diverge more than 15%; 'Divergent' flags a >2x difference. A spread beyond 35% is too wide to defend a single point — the headline shows the source range instead, flagged 'sources disagree'."},"integrity":{"status":"pass","checks":[{"name":"home value freshness","status":"pass","detail":"latest 2026-04-01 (227d old — current for quarterly cadence)"},{"name":"home value card↔chart","status":"pass","detail":"card matches chart"},{"name":"home value growth window","status":"pass","detail":"growth matches the 5.0yr available window"},{"name":"rent freshness","status":"pass","detail":"latest 2026-11-01 (13d old — current for monthly cadence)"},{"name":"rent card↔chart","status":"pass","detail":"card matches chart"},{"name":"cash flow identity","status":"pass","detail":"NOI − P&I = cash flow"},{"name":"cash-on-cash","status":"pass","detail":"annual CF ÷ down matches"},{"name":"cap rate","status":"pass","detail":"NOI×12 ÷ price matches"},{"name":"price-to-rent","status":"pass","detail":"price ÷ (rent×12) matches"},{"name":"income plausibility","status":"pass","detail":"within expected range"},{"name":"price-to-income","status":"pass","detail":"price ÷ income matches"},{"name":"buy-vs-rent: home value at term","status":"pass","detail":"compounds at 9.8%/yr"},{"name":"buy-vs-rent: total rent paid","status":"pass","detail":"geometric series matches"},{"name":"buy-vs-rent: equity built","status":"pass","detail":"home value − loan balance matches"},{"name":"buy-vs-rent: net cost","status":"pass","detail":"outlay − equity gain matches"},{"name":"buy-vs-rent: savings & verdict","status":"pass","detail":"savings = rent − net cost, verdict matches"}],"summary":"16/16 verified","freshness":{"homeValue":{"date":"2026-04-01","ageDays":227,"cadence":"quarterly","current":true},"rent":{"date":"2026-11-01","ageDays":13,"cadence":"monthly","current":true}}},"confidence":{"homeValue":{"label":"crosscheck","ratio":1.25,"sources":["current estimate (ACS county median × FHFA metro HPI growth)","raw ACS 2023 county median (as measured ~2021)"],"hidePoint":false,"range":{"low":285700,"high":356312}},"rent":{"label":"crosscheck","ratio":1.2,"sources":["HUD FMR (county)","Census ACS (county gross rent)"],"hidePoint":false,"range":{"low":1026,"high":1234}},"income":{"label":"estimate","sources":["Census ACS"]},"crime":{"label":"estimate","sources":["FBI CDE"]}},"verdict":"Benzie County, MI is appreciation-driven for owning: at a 24.1x price-to-rent ratio, the math favors renting — monthly investor cash flow is typically thin or negative unless you buy below median or add units.","faqs":[{"q":"Is Benzie County, MI a good rental market?","a":"Tough for cash flow. At 24.1x, Benzie County is appreciation-driven — most investors here bank on equity growth, not monthly rent spread."},{"q":"What is the median home value in Benzie County?","a":"The typical home value in Benzie County is about $356,312 (county-level, Census ACS & FHFA metro HPI), up 3.3% year-over-year, and up 59.5% over five years."},{"q":"What is the median rent in Benzie County?","a":"The typical rent in Benzie County is about $1,234/mo (county-level, HUD 2-bedroom benchmark bridged from Census ACS gross rent), a current modeled estimate."},{"q":"Is it cheaper to rent or buy in Benzie County?","a":"Over a 7-year horizon, buying is cheaper in Benzie County — roughly $146,441 ahead of renting, with about $426,177 in equity built."},{"q":"Is Benzie County affordable for homebuyers?","a":"Benzie County's median home value is 4.8x the local median household income — Moderate (3–5x — tighter budgets)."},{"q":"What is the property tax rate in Benzie County?","a":"Benzie County's effective property tax rate is about 0.79% of home value (Census ACS county effective rate 0.79% ($2,262 tax ÷ $285,700 ACS median), applied to current value), which on a $356,312 median home is roughly $235/mo."}],"takeaways":["The median home value in Benzie County, MI was $356,312 as of April 2026, up 3.3% year over year (FHFA HPI applied to the Census ACS county median).","The typical market rent in Benzie County, MI was $1,234/mo as of November 2026, a current modeled estimate (HUD Fair Market Rent, FY2027, bridged from Census ACS gross rent).","Benzie County, MI has a price-to-rent ratio of 24.1 — a high reading that favors renting over buying at the median. (Computed by Areal from the figures above.)"],"citationSources":[{"name":"U.S. Census Bureau — ACS ACS 2024 5-year estimates","url":"https://www.census.gov/programs-surveys/acs/"},{"name":"FHFA House Price Index","url":"https://www.fhfa.gov/data/hpi"},{"name":"HUD Fair Market Rent","url":"https://www.huduser.gov/portal/datasets/fmr.html"},{"name":"FBI Crime Data Explorer","url":"https://cde.ucr.cjis.gov/"}],"jsonApi":{"function":"getCountyReport","query":"slug=benzie-mi","url":"https://areal.studio/functions/getCountyReport?slug=benzie-mi"},"assumptions":{"downPct":20,"ratePct":6.75,"years":7},"dataVintage":{"pulledAt":"2026-11-14T11:15:48.616Z","homeValueBasis":"FHFA metro HPI (quarterly, Benzie County, MI HUD Metro FMR Area) × ACS county anchor","rentBasis":"HUD county FMR — flat current estimate (modeled, no public trend)","zhviThrough":null,"zoriThrough":null,"fhfaHpiThrough":"2026-04-01","hpiLevel":"metro","hpiMetro":"Benzie County, MI HUD Metro FMR Area","acsVintage":"ACS 2024 5-year estimates","acsVintageMisses":[],"hudFy":"2027","safmrFy":null},"zipAnchors":{"homeValueTier":"county-fhfa-acs","rentTier":"county-acs-hud","zhvi":null,"zori":null,"safmr":null,"countyHomeEstimate":356312,"countyFmr":1234,"countyRatio":null,"hpiLevel":"metro","hpiMetro":"Benzie County, MI HUD Metro FMR Area"},"links":{"stateDir":"MI","stateName":"Michigan","cityPages":[],"zips":[]},"sources":["Census ACS 5-year","FHFA HPI","HUD Fair Market Rent","FBI CDE (state-level context)"]}