Rankings/Lansing-East Lansing, MI

Lansing-East Lansing, MI

NeutralTier 1CBSA 29620Compare

Risk Rank: #83 of 287Month: 2025-12Score change (12m):↑ +19

55score

Composite risk percentile vs 287 metros (higher = higher risk)

Executive Summary

Lansing's housing market shows average risk, ranking 83rd of 287 metros. The market has been in Recovery for 6 months. Current conditions are balanced with stable liquidity. Early signs of stabilization — conditions may favor patient buyers.

Lansing experienced a market correction from mid-2025 through mid-2025. The market is currently recovering.

Inventory is roughly flat (+0% YoY) with homes selling at a normal pace — a balanced market.

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

Cycle Phase

RecoveryExpansionHypersupplyRecession

6 months in current phase·from Recovery

Market conditions are rebuilding after a correction period

Key Dynamics

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

Top Drivers

Migrationp89

Net AGI migration (risk inverted)

Permit Growthp88

YoY permit change

Price Momentump71

12-month HPI change

Market Signals

Inventory is roughly flat (+0% YoY) with homes selling at a normal pace — a balanced market.

Liquidity

Stable↓

Active Listings YoY

+0.3%p49

Days on Market YoY

-5.4%p37

Months in status4

Data through Dec 2025

Valuation

Balanced↓

Rent vs. Price Growth

+1.4%p82

Months in status23

Data through Dec 2025Rent 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 MomentumElevated

+4.1%p71

12-month HPI change — higher = overheating

Permit GrowthHigh Risk

+33.4%p88

YoY permit change — higher = supply pressure

Permits per CapitaLow Risk

1.79p16

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityLow Risk

0.23p17

Mortgage payment / income — higher = more burdened

EmploymentNeutral

+0.3%p48

12-month employment change (risk inverted)

MigrationHigh Risk

-$96Kp89

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

-5.7Normal

Rate Change (YoY)

-76 bpsNormal

Mortgage Risk Premium

+191 bpsElevated

Stable for 8 quartersData through 2026-Q1

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

0.92High

Completion-Permit Divergence

+1.9 ppNormal

Accumulating for 4 quartersData through 2026-Q1

Local Signals

Metro Permit Activity

Permit Activity

Surge

YoY Permit Growth

+33.4%Far above norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Based on limited permit volume

Permit activity is surging and demand is absorbing it. Both sides of the market are running hot — monitor for overheating if liquidity shifts.

Employment Concentration

Employment

Moderate

Largest SectorGovernment 27%

QCEW 2024 annual averages

Internal Structure

Lansing's 3 counties show moderate divergence — Clinton County carries the most risk (Elevated) while Ingham County anchors the lower end.

Moderate9.2Limited data

3 of 3 counties scored

Lansing, MI shows Moderate internal divergence — some counties diverge meaningfully from the metro picture. Clinton County contributes the most structural risk (Elevated, driven by permits per capita), while Ingham County anchors the lower end (Below Average).

Within-metro factor percentiles (0 = lowest risk, 100 = highest risk)

County	Score ▼	Band	Pop %	Price	Permits	Afford
Clinton CountyRisk Driver	62	Elevated	16.9%	0	50	100
Eaton County	50	Average	23.1%	100	100	0
Ingham CountyStabilizer	38	Below Average	60.1%	50	0	50

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2025-11	Rec	40	79	8	17	43	86
2025-09	Rec	34	82	8	17	4	86
2025-06	Ress	31	59	8	15	11	86
2025-04	Rec	31	51	8	15	16	86
2025-03	Hyp	36	73	8	15	29	86
2025-01	Hyp	37	86	8	15	17	86
2024-12	Rec	36	83	8	16	17	86
2024-11	Hyp	36	79	8	16	18	86
2024-09	Hyp	44	75	8	15	71	86
2024-07	Rec	43	75	8	15	64	86
2024-05	Rec	46	85	8	16	73	86
2024-04	Ress	40	83	8	16	37	86
2024-03	Hyp	33	70	8	13	13	86
2024-01	Exp	36	83	8	13	15	86
2023-11	Exp	37	82	8	13	27	86
2023-08	Rec	32	68	8	13	9	86
2023-06	Rec	33	60	8	12	26	86
2023-04	Hyp	31	60	8	12	12	86
2023-02	Ress	24	25	8	9	6	86
2022-12	Ress	26	29	8	17	8	86
2022-11	Hyp	25	24	8	17	9	86
2022-10	Rec	26	21	8	17	13	86
2022-08	Rec	24	14	8	17	11	86
2022-07	Exp	29	12	8	17	44	86
2022-05	Exp	28	5	8	16	48	86
2022-02	Exp	34	9	8	19	75	86
2022-01	Rec	37	11	8	19	90	86
2021-11	Rec	34	15	8	15	75	83
2021-09	Exp	37	27	8	15	81	83
2021-07	Exp	35	29	8	16	65	83
2021-04	Exp	30	37	8	16	28	83
2021-03	Rec	42	45	8	16	92	83
2021-01	Rec	44	55	8	16	91	83
2020-10	Rec	39	44	8	15	75	83
2020-07	Rec	42	56	8	14	83	83
2020-04	Rec	44	54	8	14	94	83
2020-02	Exp	39	40	8	13	83	83
2019-12	Exp	44	68	8	14	80	86
2019-09	Rec	42	60	8	14	77	86
2019-07	Rec	42	58	8	14	75	86
2019-06	Exp	39	53	8	13	68	86
2019-04	Exp	40	64	8	13	61	86
2019-03	Rec	41	61	8	13	71	86
2019-01	Rec	41	57	8	13	74	86

Data Vintages

Price (HPI)2025-Q4

Permits2025-12

Income2024

Employment2025-12

Migration2022