Market Overview
Home Prices in Bear Lake, MI
The median home value in Bear Lake, MI is $328,494 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 11% compared to a year ago and up 8.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Bear Lake are priced20% below average.
Over the past five years, Bear Lake home values have risen by approximately43.2%, reflecting strong long-term appreciation in this market.
Price History
Bear Lake Home Price Trend
2020
$190,650
$191K
—
2021
$229,383
$229K
+20.3%
2022
$280,978
$281K
+22.5%
2023
$267,317
$267K
-4.9%
2024
$272,824
$273K
+2.1%
2025
$295,826
$296K
+8.4%
2026
$328,494
$328K
+11.0%
City Comparison
Bear Lake vs. National Median
🏠 Bear Lake
$328,494
National Median
$410,000
At $328,494, homes in Bear Lake cost 20% below the national median of $410,000. This makes Bear Lake a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Bear Lake?
20% Down Payment
$65,699
on $328,494
Monthly P&I
$1,713/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,176/mo
incl. taxes & insurance
Income Needed
$87,040
gross annual (30% rule)
10% Down Option
$32,849
+ PMI applies
Loan Amount (20% dn)
$262,795
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Bear Lake, MI?
The median home value in Bear Lake is $328,494 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 11% year-over-year.
How much have home prices changed in Bear Lake?
Over the past year, home values in Bear Lake have increased by 11%. Over five years, prices have risen approximately 43.2%.
How much do I need to earn to buy a home in Bear Lake?
To comfortably afford the median home price of $328,494 with a 20% down payment ($65,699) at today's rates (6.8%), you'd need a gross annual income of approximately $87,040. This assumes keeping total housing costs at or below 30% of gross income.
How does Bear Lake compare to the national average home price?
The national median home value is approximately $410,000. At $328,494, homes in Bear Lake are 20% below the national average.