Wakefield, MI
Full City Profile · Michigan · Gogebic County County
3.5
/5.0
B+
Good
1,789
Population
227/sq mi density
$48,413
Median Income
$28,602 per capita
$71,400
Home Value
$114,469 Zillow
$662
Median Rent
51.0% income on rent
40°F
Avg Temperature
B+
Overall
3.5 / 5.0
Good overall score based on economy, affordability, safety and education
B
Economy
3.3 / 5.0
$48,413 median income, 2.8% unemployment
A+
Affordability
5.0 / 5.0
$71,400 home value, $662/mo rent
C
Education
2.2 / 5.0
15.2% bachelor's degree or higher
Housing Overview
Median Home Value
$71,400
75% below
US avg: $281,900
Median Rent
$662/mo
43% below
US avg: $1,163/mo
Homeownership Rate
82.3%
26% above US avg (65.4%)
Total Housing Units
957
Median year built: 1944
Home Value by Source
Census Median
$71,400
Zillow (ZHVI)
$114,469
Census ACS, Zillow ZHVI, Redfin median sale price
Ownership vs. Renting
82.3%
Owner-Occupied
17.7%
Renter-Occupied
US avg: 65.4% owner-occupied
Fair Market Rents (HUD FY2026)
Studio
$807/mo
1 Bedroom
$891/mo
2 Bedroom
$1,113/mo
3 Bedroom
$1,419/mo
4 Bedroom
$1,588/mo
Census median rent:
$662/mo
Affordability & Housing Stock
Rent Burden
51.0%
of renters spending 30%+ of income on housing
65% above US avg (31.0%)
Median Year Built
1944
Average age of housing stock: 82 years
Homeownership Rate
82.3%
Complete Housing Data
Home Values
| Census Median Value | $71,400 |
| Zillow Home Value (ZHVI) | $114,469 |
Rent
| Census Median Rent | $662 |
| FMR Studio | $807 |
| FMR 1-Bedroom | $891 |
| FMR 2-Bedroom | $1,113 |
| FMR 3-Bedroom | $1,419 |
| FMR 4-Bedroom | $1,588 |
Market
Ownership & Stock
| Owner-Occupied | 82.3% |
| Renter-Occupied | 17.7% |
| Homeownership Rate | 82.3% |
| Total Housing Units | 957 |
| Median Year Built | 1944 |
| Rent Burden | 51.0% |