Market Overview
Home Prices in Onaway, MI
The median home value in Onaway, MI is $204,534 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 11.5% compared to a year ago and up 4.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Onaway are priced50% below average.
Over the past five years, Onaway home values have risen by approximately51.4%, reflecting strong long-term appreciation in this market.
Price History
Onaway Home Price Trend
2020
$116,159
$116K
—
2021
$135,079
$135K
+16.3%
2022
$165,801
$166K
+22.7%
2023
$171,859
$172K
+3.7%
2024
$174,912
$175K
+1.8%
2025
$183,519
$184K
+4.9%
2026
$204,534
$205K
+11.5%
City Comparison
Onaway vs. National Median
🏠 Onaway
$204,534
National Median
$410,000
At $204,534, homes in Onaway cost 50% below the national median of $410,000. This makes Onaway a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Onaway?
20% Down Payment
$40,907
on $204,534
Monthly P&I
$1,067/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,355/mo
incl. taxes & insurance
Income Needed
$54,200
gross annual (30% rule)
10% Down Option
$20,453
+ PMI applies
Loan Amount (20% dn)
$163,627
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 Onaway, MI?
The median home value in Onaway is $204,534 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 11.5% year-over-year.
How much have home prices changed in Onaway?
Over the past year, home values in Onaway have increased by 11.5%. Over five years, prices have risen approximately 51.4%.
How much do I need to earn to buy a home in Onaway?
To comfortably afford the median home price of $204,534 with a 20% down payment ($40,907) at today's rates (6.8%), you'd need a gross annual income of approximately $54,200. This assumes keeping total housing costs at or below 30% of gross income.
How does Onaway compare to the national average home price?
The national median home value is approximately $410,000. At $204,534, homes in Onaway are 50% below the national average.