Arenac County presents a price-versus-income underwriting tension. Zillow’s June 2026 county median home value was $167,971, up 6.89%; FHFA’s separate 2025 repeat-transaction HPI rose 14.99%. Different vintages and methods prevent combining those changes. No market rent is published, so gross yield cannot be computed. Yield-focused buyers and anyone relying on current cash flow should investigate; the price evidence records past movement, not a promised return.
HUD’s two-bedroom FMR is $973 monthly, but it is a payment standard, not market rent, and cannot fill that gap. The effective property-tax rate is 1.13%, with median annual tax of $1,707. Insurance, flood premiums, repairs, vacancy, financing, and transaction costs are absent. An underwriter therefore cannot determine gross cash yield, net cash flow, or income support for the price.
Realtor.com median listing-price growth was 10.93%, an asking-price measure, not closed-sale evidence. Visible supply was unchanged year over year; median marketing time was 48 days, and 30.34% of listings had price reductions. Tax-return migration was net positive at 26, while average mover AGI was $479 higher for in-movers than out-movers, a calculated gap that does not establish durable demand. Of 124 purchases, 5 were investor purchases, or 4.03%: limited observed nonoccupant participation, but not proof of weak competition.
QCEW shows 4,028 annual average covered jobs located in the county, down 1.20%, while average weekly wage was $921. Trade, transportation, and utilities is the largest disclosed private supersector. This is workplace employment, not resident employment or a metro series; metro context is absent. Inland flood is dominant, and modeled annual building loss is 0.10%, not an insurance quote. Check flood zone, elevation, claims, premiums, rent comparables, leases, and operating costs before treating this as a cash-flow case.