Michigan is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and a total area of nearly 97,000 sq mi (250,000 km2), Michigan is the 10th-largest state by population, the 11th-largest by area, and the largest by area east of the Mississippi River. Its capital is Lansing, and its largest city is Detroit. Metro Detroit is among the nation’s most populous and largest metropolitan economies.
Michigan ranks high on our list of the best states to be a real estate agent because of low agent competition (fourth on our list) and a high percentage of owner-occupied homes (71.6%, making it fifth on our list). The state also boasts an extremely low overall cost of living—seventh on our list.
Despite ranking highly for several criteria, the overall median home value in Michigan is low compared to other states at $154,900 (41st), which has decreased in the last two years. Agent salaries are also lower than in other parts of the country, with annual median salaries around $57,170 (23rd on our list). However, the low cost of living makes up for this, allowing Michigan to rank No. 2 on our list; it’s a great option for new agents who want to keep expenses low while building their business.
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