Market Overview
Home Prices in Pelkie, MI
The median home value in Pelkie, MI is $159,399 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.1% compared to a year ago and up 1.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Pelkie are priced61% below average. Pelkie is part of the Houghton, MI metro area.
Over the past five years, Pelkie home values have risen by approximately19.1%, reflecting steady appreciation in this market.
Price History
Pelkie Home Price Trend
2020
$117,929
$118K
—
2021
$133,809
$134K
+13.5%
2022
$151,358
$151K
+13.1%
2023
$165,826
$166K
+9.6%
2024
$152,493
$152K
-8.0%
2025
$154,554
$155K
+1.4%
2026
$159,399
$159K
+3.1%
City Comparison
Pelkie vs. National Median
🏠 Pelkie
$159,399
National Median
$410,000
At $159,399, homes in Pelkie cost 61% below the national median of $410,000. This makes Pelkie a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Pelkie?
20% Down Payment
$31,880
on $159,399
Monthly P&I
$831/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,055/mo
incl. taxes & insurance
Income Needed
$42,200
gross annual (30% rule)
10% Down Option
$15,940
+ PMI applies
Loan Amount (20% dn)
$127,519
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 Pelkie, MI?
The median home value in Pelkie is $159,399 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.1% year-over-year.
How much have home prices changed in Pelkie?
Over the past year, home values in Pelkie have increased by 3.1%. Over five years, prices have risen approximately 19.1%.
How much do I need to earn to buy a home in Pelkie?
To comfortably afford the median home price of $159,399 with a 20% down payment ($31,880) at today's rates (6.8%), you'd need a gross annual income of approximately $42,200. This assumes keeping total housing costs at or below 30% of gross income.
How does Pelkie compare to the national average home price?
The national median home value is approximately $410,000. At $159,399, homes in Pelkie are 61% below the national average.
What metro area is Pelkie part of?
Pelkie is part of the Houghton, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.