Rankings/Lansing-East Lansing, MI

Lansing-East Lansing, MI

ElevatedTier 1CBSA 29620Compare

Risk Rank: #40 of 273Month: 2026-08Score change (12m):↑ +23

61score

Composite risk percentile vs 273 metros (higher = higher risk)

Executive Summary

Lansing's housing market shows elevated risk, ranking 40th of 273 metros. The market recently entered Hypersupply. Inventory levels are elevated, warranting monitoring. Inventory accumulating faster than demand — the market is shifting toward buyers.

Lansing experienced a market correction from mid-2025 through mid-2025. Elevated inventory persists, suggesting the market hasn't fully normalized.

Inventory is elevated (+24% YoY) and days on market are up +9% — supply is building but not yet at stress levels.

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

Cycle Phase

RecoveryExpansionHypersupplyRecession

1 month in current phase

Building activity may be outpacing demand absorption

Key Dynamics

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

Top Drivers

Migrationp90

Net AGI migration (risk inverted)

Employmentp89

12-month employment change (risk inverted)

Permit Growthp83

YoY permit change

Market Signals

Inventory is elevated (+24% YoY) and days on market are up +9% — supply is building but not yet at stress levels.

Liquidity

Watch↑

Active Listings YoY

+24.1%p74

Days on Market YoY

+9.1%p66

Months in status1

Data through Aug 2026

Valuation

Balanced—

Rent vs. Price Growth

+2.3%p88

Months in status1

Data through Aug 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 MomentumElevated

+3.2%p70

12-month HPI change — higher = overheating

Permit GrowthHigh Risk

+25.8%p83

YoY permit change — higher = supply pressure

Permits per CapitaLow Risk

1.98p17

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityLow Risk

0.25p18

Mortgage payment / income — higher = more burdened

EmploymentHigh Risk

-0.8%p89

12-month employment change (risk inverted)

MigrationHigh Risk

-$89Kp90

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Oversupply with deteriorating transactions and no credit excuse. Supply-driven correction risk is elevated.

Bank Lending Standards

+0.0Normal

Rate Change (YoY)

+11 bpsNormal

Mortgage Risk Premium

+196 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

0.89Elevated

Completion-Permit Divergence

-19.2 ppNormal

Accumulating for 6 quartersData through 2026-Q3

Local Signals

Metro Permit Activity

Permit Activity

Surge

YoY Permit Growth

+25.8%Far above norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Based on limited permit volume

Heavy building into softening demand. The construction pipeline may outrun absorption — watch for inventory acceleration in coming months.

Employment Concentration

Employment

Moderate

Largest SectorGovernment 27%

QCEW 2024 annual averages

Internal Structure

Lansing's counties diverge significantly — Clinton County (High Risk) contrasts sharply with Eaton County, making the metro average potentially misleading.

High30.0Limited data

3 of 3 counties scored

Lansing, MI shows High internal divergence — the metro composite may obscure significant county-level differences. Clinton County contributes the most structural risk (High Risk, driven by price momentum), while Eaton County anchors the lower end (Low Risk).

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

County	Score ▼	Band	Pop %	Price	Permits	Afford
Clinton CountyRisk Driver	88	High Risk	16.9%	100	50	100
Ingham County	62	Elevated	60.1%	50	100	50
Eaton CountyStabilizer	0	Low Risk	23.1%	0	0	0

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2026-06	Exp	55	29	84	15	93	90
2026-05	Hyp	58	45	87	15	96	90
2025-12	Rec	55	71	88	17	48	90
2025-10	Rec	38	77	8	16	36	86
2025-07	Rec	36	82	8	17	14	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)2026-Q2

Permits2026-08

Income2024

Employment2026-08

Migration2023