Rankings/Kalamazoo-Portage, MI

Kalamazoo-Portage, MI

NeutralTier 1CBSA 28020Compare

Risk Rank: #146 of 274Month: 2026-06Score change (12m):↑ +6

50score

Composite risk percentile vs 274 metros (higher = higher risk)

Executive Summary

Kalamazoo's housing market shows average risk, ranking 146th of 274 metros. The market recently entered Recovery. Inventory is growing moderately (+11% YoY) with stable liquidity. Early signs of stabilization — conditions may favor patient buyers.

Kalamazoo experienced a market correction from late 2024 through late 2024. The market is currently recovering.

Inventory is growing at a moderate +11% pace with homes taking +3% longer to sell — within normal ranges.

Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.

Cycle Phase

RecoveryExpansionHypersupplyRecession

2 months in current phase·from Recovery

Market conditions are rebuilding after a correction period

Key Dynamics

Risk is primarily driven by employment and migration, while permits per capita provides the most support.

Top Drivers

Employmentp86

12-month employment change (risk inverted)

Migrationp80

Net AGI migration (risk inverted)

Price Momentump59

12-month HPI change

Market Signals

Inventory is growing at a moderate +11% pace with homes taking +3% longer to sell — within normal ranges.

Liquidity

Stable↓

Active Listings YoY

+10.8%p60

Days on Market YoY

+2.8%p54

Months in status2

Data through Jun 2026

Valuation

Balanced—

Rent vs. Price Growth

+3.2%p93

Months in status2

Data through Jun 2026Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Lower riskHigher risk

Low RiskBelow AvgNeutralElevatedHigh Risk

Price MomentumNeutral

+1.7%p59

12-month HPI change — higher = overheating

Permit GrowthBelow Avg

-11.7%p30

YoY permit change — higher = supply pressure

Permits per CapitaLow Risk

1.59p11

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityBelow Avg

0.27p34

Mortgage payment / income — higher = more burdened

EmploymentHigh Risk

-0.5%p86

12-month employment change (risk inverted)

MigrationElevated

-$40Kp80

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Healthy recovery. Credit is flowing normally and transactions are steady — conditions favor continued rebuilding.

Bank Lending Standards

N/ANormal

Rate Change (YoY)

-5 bpsNormal

Mortgage Risk Premium

+194 bpsElevated

Stable for 10 quartersData through 2026-Q3

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.90Elevated

Completion-Permit Divergence

-3.1 ppNormal

Accumulating for 5 quartersData through 2026-Q2

Local Signals

Metro Permit Activity

Permit Activity

Normal

YoY Permit Growth

-11.7%Within norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Based on limited permit volume

Supply and demand are in equilibrium. No unusual activity on either side of the market.

Employment Concentration

Employment

Moderate

Largest SectorManufacturing 18.1%

QCEW 2024 annual averages

Internal Structure

County-level structural analysis.

County-level structural analysis is not available for this metro due to fewer than 3 qualifying counties.

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2026-05	Rec	43	44	19	34	71	80
2025-12	Hyp	53	67	79	32	45	80
2025-11	Rec	38	82	1	32	28	79
2025-09	Rec	36	67	1	32	31	79
2025-08	Hyp	37	50	1	32	56	79
2025-06	Hyp	44	86	1	37	54	79
2025-04	Exp	44	91	1	37	51	79
2025-02	Rec	35	49	1	31	42	79
2024-12	Rec	34	30	1	30	59	79
2024-11	Ress	36	28	1	30	69	79
2024-09	Ress	42	80	1	34	50	79
2024-08	Hyp	41	82	1	34	46	79
2024-06	Hyp	35	53	1	32	38	79
2024-05	Ress	40	46	1	32	75	79
2024-03	Ress	39	53	1	30	65	79
2023-12	Exp	43	79	1	35	56	79
2023-10	Exp	36	58	1	35	40	79
2023-09	Rec	38	48	1	34	62	79
2023-07	Rec	38	43	1	34	66	79
2023-06	Hyp	41	52	1	35	72	79
2023-04	Hyp	36	37	1	35	55	79
2023-02	Ress	30	18	1	28	49	79
2022-12	Ress	36	39	1	21	69	79
2022-10	Hyp	34	45	1	21	50	79
2022-09	Rec	32	45	1	21	40	79
2022-08	Exp	35	41	1	21	64	79
2022-06	Exp	31	55	1	23	21	79
2022-03	Exp	35	51	1	22	49	79
2022-02	Rec	36	51	1	22	56	79
2021-12	Rec	30	42	1	28	25	81
2021-11	Exp	37	42	1	28	62	81
2021-09	Exp	40	52	1	30	70	81
2021-06	Exp	33	44	1	28	40	81
2021-05	Rec	31	49	1	28	20	81
2021-03	Rec	42	49	1	27	90	81
2021-02	Exp	42	50	1	27	87	81
2020-12	Exp	44	64	1	36	90	69
2020-11	Rec	43	62	1	36	86	69
2020-09	Rec	46	74	1	39	86	69
2020-06	Rec	36	23	1	34	85	69
2020-03	Rec	31	23	1	36	53	69
2019-12	Exp	38	42	1	33	76	71
2019-10	Exp	38	38	1	33	76	71
2019-09	Rec	40	55	1	36	74	71
2019-07	Rec	40	48	1	36	77	71
2019-04	Exp	43	75	1	40	66	71
2019-02	Exp	40	63	1	36	62	71
2019-01	Exp	38	69	1	36	47	71

Data Vintages

Price (HPI)2026-Q1

Permits2026-06

Income2024

Employment2026-06

Migration2023