Rankings/Muskegon-Norton Shores, MI

Muskegon-Norton Shores, MI

NeutralTier 1CBSA 34740Compare

Risk Rank: #80 of 274Month: 2026-06Score change (12m):↓ -15

55score

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

Executive Summary

Muskegon's housing market shows average risk, ranking 80th of 274 metros. The market recently entered Expansion. Current conditions are balanced with stable liquidity. Broad-based growth with healthy fundamentals.

Muskegon experienced a market correction from late 2023 through mid-2024. The market has since normalized and entered Expansion.

Inventory is growing at a moderate +6% 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 Expansion

Normal growth conditions with balanced fundamentals

Key Dynamics

Risk is primarily driven by affordability and employment, while price momentum provides the most support.

Top Drivers

Affordabilityp96

Mortgage payment / income

Employmentp94

12-month employment change (risk inverted)

Permit Growthp48

YoY permit change

Market Signals

Inventory is growing at a moderate +6% pace with homes taking +3% longer to sell — within normal ranges.

Liquidity

Stable—

Active Listings YoY

+5.8%p54

Days on Market YoY

+2.6%p53

Months in status2

Data through Jun 2026

Valuation

Balanced—

Rent vs. Price Growth

+7.8%p99

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 MomentumBelow Avg

+0.5%p21

12-month HPI change — higher = overheating

Permit GrowthNeutral

-2.1%p48

YoY permit change — higher = supply pressure

Permits per CapitaBelow Avg

2.34p25

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityHigh Risk

0.38p96

Mortgage payment / income — higher = more burdened

EmploymentHigh Risk

-1.2%p94

12-month employment change (risk inverted)

MigrationNeutral

+$19Kp44

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Normal expansion. Credit is available, transactions are healthy — no constraints on current growth momentum.

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

-2.1%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 20.9%

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	Exp	54	25	52	96	78	44
2025-11	Rec	57	85	82	96	8	45
2025-09	Rec	59	94	82	96	12	45
2025-07	Exp	70	95	82	96	78	45
2025-05	Exp	66	96	82	96	53	45
2025-04	Hyp	67	96	82	96	57	45
2025-03	Exp	63	96	82	96	33	45
2025-02	Rec	65	93	82	96	45	45
2024-12	Rec	58	71	82	94	28	45
2024-11	Hyp	58	80	82	94	20	45
2024-09	Rec	61	85	82	92	36	45
2024-08	Hyp	58	90	82	92	9	45
2024-06	Hyp	55	72	82	91	11	45
2024-05	Ress	52	61	82	91	7	45
2024-03	Ress	58	86	82	92	18	45
2023-12	Ress	62	87	82	84	44	45
2023-09	Hyp	59	82	82	82	36	45
2023-08	Exp	63	88	82	82	52	45
2023-07	Rec	62	89	82	82	47	45
2023-05	Rec	72	99	82	85	91	45
2023-04	Hyp	72	99	82	85	92	45
2023-02	Ress	64	69	82	78	85	45
2022-12	Ress	63	70	82	80	76	45
2022-09	Rec	58	41	82	77	74	45
2022-08	Ress	51	41	82	77	35	45
2022-07	Hyp	53	40	82	77	45	45
2022-05	Hyp	48	53	82	76	7	45
2022-04	Exp	51	62	82	76	12	45
2022-02	Exp	52	67	82	79	15	45
2022-01	Rec	51	65	82	79	7	45
2021-11	Rec	52	64	82	74	12	51
2021-10	Exp	53	64	82	74	23	51
2021-08	Exp	55	79	82	75	19	51
2021-05	Exp	50	69	82	70	2	51
2021-04	Rec	50	72	82	70	2	51
2021-02	Rec	64	84	82	70	74	51
2021-01	Exp	66	83	82	70	85	51
2020-11	Exp	66	93	82	77	77	43
2020-10	Rec	67	93	82	77	79	43
2020-08	Rec	66	79	82	75	92	43
2020-06	Exp	62	55	82	74	95	43
2020-04	Exp	65	66	82	74	97	43
2020-03	Rec	61	70	82	73	72	43
2020-01	Rec	66	78	82	73	93	43
2019-12	Exp	67	89	82	73	97	36
2019-10	Exp	68	96	82	73	96	36
2019-07	Rec	68	96	82	73	95	36
2019-05	Rec	68	94	82	71	96	36
2019-03	Exp	66	88	82	69	97	36
2019-01	Exp	66	87	82	69	98	36

Data Vintages

Price (HPI)2026-Q1

Permits2026-06

Income2024

Employment2026-06

Migration2023