Market Overview
Home Prices in Cheboygan, MI
The median home value in Cheboygan, MI is $233,518 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.4% compared to a year ago and down 0.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Cheboygan are priced43% below average.
Over the past five years, Cheboygan home values have risen by approximately23.4%, reflecting strong long-term appreciation in this market.
Price History
Cheboygan Home Price Trend
2020
$160,665
$161K
—
2021
$189,305
$189K
+17.8%
2022
$227,133
$227K
+20.0%
2023
$224,213
$224K
-1.3%
2024
$228,879
$229K
+2.1%
2025
$227,954
$228K
-0.4%
2026
$233,518
$234K
+2.4%
City Comparison
Cheboygan vs. National Median
🏠 Cheboygan
$233,518
National Median
$410,000
At $233,518, homes in Cheboygan cost 43% below the national median of $410,000. This makes Cheboygan a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Cheboygan?
20% Down Payment
$46,704
on $233,518
Monthly P&I
$1,218/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,547/mo
incl. taxes & insurance
Income Needed
$61,880
gross annual (30% rule)
10% Down Option
$23,352
+ PMI applies
Loan Amount (20% dn)
$186,814
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 Cheboygan, MI?
The median home value in Cheboygan is $233,518 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.4% year-over-year.
How much have home prices changed in Cheboygan?
Over the past year, home values in Cheboygan have increased by 2.4%. Over five years, prices have risen approximately 23.4%.
How much do I need to earn to buy a home in Cheboygan?
To comfortably afford the median home price of $233,518 with a 20% down payment ($46,704) at today's rates (6.8%), you'd need a gross annual income of approximately $61,880. This assumes keeping total housing costs at or below 30% of gross income.
How does Cheboygan compare to the national average home price?
The national median home value is approximately $410,000. At $233,518, homes in Cheboygan are 43% below the national average.