{"area":{"county":"Cheboygan County","state":"MI","stateName":"Michigan","slug":"cheboygan-mi","metro":null},"homeValue":{"series":[{"date":"2021-04-01","value":169927},{"date":"2021-07-01","value":176231},{"date":"2021-10-01","value":181976},{"date":"2022-01-01","value":189090},{"date":"2022-04-01","value":192722},{"date":"2022-07-01","value":192500},{"date":"2022-10-01","value":193521},{"date":"2023-01-01","value":196666},{"date":"2023-04-01","value":201277},{"date":"2023-07-01","value":206740},{"date":"2023-10-01","value":210480},{"date":"2024-01-01","value":212660},{"date":"2024-04-01","value":217210},{"date":"2024-07-01","value":220692},{"date":"2024-10-01","value":220932},{"date":"2025-01-01","value":227296},{"date":"2025-04-01","value":227230},{"date":"2025-07-01","value":229475},{"date":"2025-10-01","value":233623},{"date":"2026-01-01","value":234944},{"date":"2026-04-01","value":235863}],"latest":235863,"yoy":3.7992342560401355,"fiveYr":38.80254462210243,"sinceStart":292.88236665889326,"modeled":true},"rent":{"series":[{"date":"2026-11-01","value":1104}],"latest":1104,"yoy":null,"fiveYr":null,"sinceStart":null,"modeled":true},"census":{"medianIncome":62875,"population":25865,"povertyRate":12.364856953280512,"medianHomeValue":192500,"medianGrossRent":773,"medianPropertyTax":1704},"hud":{"county":"Cheboygan County","year":"2027","perUnit":1104,"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":17.8,"ratioVerdict":"Borderline — at 17.8× the market leans renting (modeled investor cash flow is negative, so this is owner-occupant math — it is not a claim of strong rental yield)","priceCagr":6.778394046868641,"rentCagr":3,"cashFlow":{"price":235863,"monthlyRent":1104,"grossRent":1104,"downPct":20,"ratePct":6.75,"units":1,"state":"MI","down":47172.600000000006,"loan":188690.4,"mortgagePI":1223.8423428069523,"monthlyTax":173.9489625,"taxRatePct":0.885,"taxRateSource":"Census ACS county effective rate 0.89% ($1,704 tax ÷ $192,500 ACS median), applied to current value","monthlyInsurance":90.41415,"insuranceRatePct":0.46,"insuranceBasis":"Insurance: state-level estimate (MI avg 0.46%/yr)","insuranceHighRisk":false,"vacancyPct":5,"vacancyLoss":55.2,"egi":1048.8,"mgmtPct":10,"monthlyMgmt":110.4,"maintenancePct":5,"monthlyMaint":55.2,"capexPct":5,"monthlyCapex":55.2,"hoaMonthly":0,"monthlyHoa":0,"operatingExpenses":485.1631125,"noi":563.6368875,"totalExpenses":1709.0054553069522,"cashFlow":-660.2054553069523,"annualCf":-7922.4654636834275,"cocReturn":-16.794633884253628,"capRate":2.867614950204144},"resilience":{"scenarios":[{"id":"rentDown","label":"Rent drops 10%","kind":"standard","detail":"Standard assumption","cashFlow":-743.0054553069522,"delta":-83,"survives":false},{"id":"vacancy","label":"Vacancy stretches to 8%","kind":"standard","detail":"Standard assumption","cashFlow":-693.3254553069523,"delta":-33,"survives":false},{"id":"insurance","label":"Insurance costs rise 25%","kind":"standard","detail":"Standard assumption","cashFlow":-682.8089928069523,"delta":-23,"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":-853.931072750106,"delta":-194,"survives":false},{"id":"historyHome","label":"Worst market shock in available history (since 1991-01-01) (home values −12.7% 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, 2007-10-01 → 2008-10-01, applied to rent","cashFlow":-765.4074049382472,"delta":-105,"survives":false}],"survived":0,"total":5,"score":0,"worstCashFlow":-853.931072750106,"baselineCashFlow":-660.2054553069523,"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":6.778394046868641,"rentCagr":3,"totalRentPaid":101512.29897162263,"totalCashOutlay":207553.26299747577,"insuranceBasis":"Insurance: state-level estimate (MI avg 0.46%/yr)","homeValueAfter":373287.555150954,"equityBuilt":201980.30861081823,"netCostOfBuying":52745.554386657546,"buyingCheaper":true,"savings":48766.74458496508},"priceToIncome":{"ratio":3.751300198807157,"price":235863,"medianIncome":62875,"label":"Moderate (3–5x — tighter budgets)"},"countyTaxRatePct":0.885,"countyTaxSource":"Census ACS county effective rate 0.89% ($1,704 tax ÷ $192,500 ACS median), applied to current value","dataCheck":{"status":"crosscheck","checks":[{"metric":"home value (vintage update)","primary":235863,"secondary":192500,"primarySource":"current estimate (ACS county median × FHFA state HPI growth)","secondarySource":"raw ACS 2023 county median (as measured ~2021)","ratio":1.23,"grade":"crosscheck","consistent":false,"hidePoint":false},{"metric":"HUD fair market rent","primary":1104,"secondary":773,"primarySource":"HUD FMR (county)","secondarySource":"Census ACS (county gross rent)","ratio":1.43,"grade":"crosscheck","consistent":false,"hidePoint":true}],"confidence":{"homeValue":{"label":"crosscheck","ratio":1.23,"sources":["current estimate (ACS county median × FHFA state HPI growth)","raw ACS 2023 county median (as measured ~2021)"],"hidePoint":false,"range":{"low":192500,"high":235863}},"rent":{"label":"crosscheck","ratio":1.43,"sources":["HUD FMR (county)","Census ACS (county gross rent)"],"hidePoint":true,"range":{"low":773,"high":1104}},"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 6.8%/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":1.23,"sources":["current estimate (ACS county median × FHFA state HPI growth)","raw ACS 2023 county median (as measured ~2021)"],"hidePoint":false,"range":{"low":192500,"high":235863}},"rent":{"label":"crosscheck","ratio":1.43,"sources":["HUD FMR (county)","Census ACS (county gross rent)"],"hidePoint":true,"range":{"low":773,"high":1104}},"income":{"label":"estimate","sources":["Census ACS"]},"crime":{"label":"estimate","sources":["FBI CDE"]}},"verdict":"Cheboygan County, MI is a moderate market — a 17.8x price-to-rent ratio is borderline, leaning renting; individual deals decide the outcome.","faqs":[{"q":"Is Cheboygan County, MI a good rental market?","a":"Mixed. Cheboygan County's 17.8x price-to-rent ratio is moderate; rentals can cash flow, but only on well-priced properties."},{"q":"What is the median home value in Cheboygan County?","a":"The typical home value in Cheboygan County is about $235,863 (county-level, Census ACS & FHFA state HPI), up 3.8% year-over-year, and up 38.8% over five years."},{"q":"What is the median rent in Cheboygan County?","a":"The typical rent in Cheboygan County is about $1,104/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 Cheboygan County?","a":"Over a 7-year horizon, buying is cheaper in Cheboygan County — roughly $48,767 ahead of renting, with about $201,980 in equity built."},{"q":"Is Cheboygan County affordable for homebuyers?","a":"Cheboygan County's median home value is 3.8x the local median household income — Moderate (3–5x — tighter budgets)."},{"q":"What is the property tax rate in Cheboygan County?","a":"Cheboygan County's effective property tax rate is about 0.89% of home value (Census ACS county effective rate 0.89% ($1,704 tax ÷ $192,500 ACS median), applied to current value), which on a $235,863 median home is roughly $174/mo."}],"takeaways":["The median home value in Cheboygan County, MI was $235,863 as of April 2026, up 3.8% year over year (FHFA HPI applied to the Census ACS county median).","The typical market rent in Cheboygan County, MI was $1,104/mo as of November 2026, a current modeled estimate (HUD Fair Market Rent, FY2027, bridged from Census ACS gross rent).","Cheboygan County, MI has a price-to-rent ratio of 17.8 — a moderate reading where individual deals decide the outcome. (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=cheboygan-mi","url":"https://areal.studio/functions/getCountyReport?slug=cheboygan-mi"},"assumptions":{"downPct":20,"ratePct":6.75,"years":7},"dataVintage":{"pulledAt":"2026-11-14T10:39:40.425Z","homeValueBasis":"FHFA state HPI (quarterly) × ACS county anchor","rentBasis":"HUD county FMR — flat current estimate (modeled, no public trend)","zhviThrough":null,"zoriThrough":null,"fhfaHpiThrough":"2026-04-01","hpiLevel":"state","hpiMetro":null,"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":235863,"countyFmr":1104,"countyRatio":null,"hpiLevel":"state","hpiMetro":null},"links":{"stateDir":"MI","stateName":"Michigan","cityPages":[],"zips":[]},"sources":["Census ACS 5-year","FHFA HPI","HUD Fair Market Rent","FBI CDE (state-level context)"]}