How much is a home worth in ZIP code 49685?

The typical home in 49685 is worth $431,273, based on the Zillow Home Value Index.

Are home values rising in 49685?

Home values in 49685 are up 3.1% over the past year, and up 7.3% a year over five years.

What is the typical rent in 49685?

A typical home in 49685 rents for about $1,843 a month, a gross rental yield of 5.1%.

What is the property tax rate in 49685?

The effective property tax rate in 49685 is 0.9% — roughly $3,747 a year on a typical home.

ZIP code 49685 has a population of 21,308 and a median household income of $84,590.

HousingHandbookReference data

…

U.S. ZIP Code · MI49685

Grand Traverse County · Traverse City, MI

Typical home value

$431,273^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.1%
5-year / yr: +7.3%
10-year / yr: +7.8%

Relative price

vs U.S.: +51.8%
vs metro: ≈ metro median
vs state: +80.4%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 49685 is worth $431,273. Over the past year, values have risen 3.1%. Homes here rent for a typical $1,843 a month — a 5.1% gross rental yield. The effective property tax rate is 0.9%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,843^[2]
Gross yield: 5.1%^[2]
Cap rate: 3.1%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.9%^[3]
Typical annual tax: $3,747^[3]

#Climate risk

FEMA National Risk Index ratings for Grand Traverse County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Low^[4]
Riverine flood: Relatively Low
Coastal flood: Very Low
Wildfire: Very Low
Drought: No Rating
Heat wave: Very Low
Hurricane: Very Low
Tornado: Relatively Low
Earthquake: Very Low
Winter weather: Very High

#Who lives here

Population: 21,308^[3]
Median household income: $84,590^[3]

#Migration

Household moves in and out of Grand Traverse County over a year, from IRS tax-return data.

Net migration: +139^[5]
Moved in: 2,943
Moved out: 2,804

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 5
Elementary: 4
Middle: 0
High: 1

West Senior High
High · Grades 9–12 · Traverse City Area Public Schools
1,471 students
Long Lake Elementary School
Elementary · Grades PK–5 · Traverse City Area Public Schools
357 students
Westwoods Elementary School
Elementary · Grades PK–5 · Traverse City Area Public Schools
347 students
Silver Lake Elementary School
Elementary · Grades PK–5 · Traverse City Area Public Schools
293 students
Blair Elementary School
Elementary · Grades PK–5 · Traverse City Area Public Schools
205 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield5.1%

Net yield (after ~40% expenses)3.1%

Annual rent$22,120

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,181

Loan principal$345,018

Down payment$86,255

Total interest paid$440,052

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.55

Monthly cost to own$2,853

Monthly rent$1,843

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 56th percentile^[1]
Rental yield: 50th percentile^[2]
Property tax: 85th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 49685?: The typical home in 49685 is worth $431,273, based on the Zillow Home Value Index.
Are home values rising in 49685?: Home values in 49685 are up 3.1% over the past year, and up 7.3% a year over five years.
What is the typical rent in 49685?: A typical home in 49685 rents for about $1,843 a month, a gross rental yield of 5.1%.
What is the property tax rate in 49685?: The effective property tax rate in 49685 is 0.9% — roughly $3,747 a year on a typical home.
Who lives in 49685?: ZIP code 49685 has a population of 21,308 and a median household income of $84,590.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

49617 vs 49685 →
Beulah, MI
Typical home
$428,953
Gross yield
—
49696 vs 49685 →
MI
Typical home
$439,746
Gross yield
—
49640
Honor, MI
Typical home
$416,399
Gross yield
—
49650
Hardwood Acres CDP, MI
Typical home
$406,850
Gross yield
—
49686
Traverse City, MI
Typical home
$400,013
Gross yield
5.9%
49690
MI
Typical home
$473,525
Gross yield
—

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#Jump to section

U.S. ZIP Code · MI49685

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