How affordable is this community?
Torch Lake, MI's area median income of $93,400 comfortably exceeds what is needed to afford the typical home, making this a relatively affordable market.
This chart tracks whether housing prices are keeping pace with local incomes. The gap between what homes cost and what households can afford reveals affordability trends over time.
| N/A | Typical home price (Zillow) |
| 6.10% | 30-year fixed mortgage rate (Freddie Mac, Jan 2026) |
| 0.73% | Effective property tax rate |
| N/A | Average annual homeowner's insurance |
| $93,400 | Area median income (HUD, 2025) |
| 30% | Assumed max housing cost share of income |
Housing affordability data combines Zillow home value estimates with American Community Survey income data. Monthly costs include mortgage payments (at current rates), property taxes, insurance, and HOA fees where applicable.
How is the population changing?
Torch Lake, MI has a population of roughly 1,474, growing modestly at 1.1% per year.
Population growth patterns reveal how communities are evolving. This chart shows historical population changes by age group and projects future trends based on demographic patterns.
Population data comes from the American Community Survey (ACS) annual estimates. Age cohort breakdowns use Census Bureau age groupings to show generational patterns in community growth.
How are households changing by income?
With roughly 691 households, Torch Lake, MI is growing modestly at 1.1% per year.
Understanding how households at different income levels are growing or declining helps identify which groups face the greatest housing pressure and where new housing is most needed.
| AMI Group | Income Range | Households |
|---|---|---|
| <30% | <$28K | 114 |
| 30-60% | $28K - $56K | 62 |
| 60-80% | $56K - $75K | 119 |
| 80-100% | $75K - $93K | 99 |
| 100-120% | $93K - $112K | 72 |
| >120% | >$112K | 251 |
Household income distribution data comes from the American Community Survey Public Use Microdata Sample (PUMS). Income groups are defined based on Area Median Income (AMI) thresholds from HUD.
Who lives here today?
Torch Lake, MI is roughly split between owners and renters, at 45% owner-occupied.
Households may have different structure type preferences depending on characteristics such as household size, income, employment, presence of children, age of individuals, and lifestyle choices. Understanding the housing stock in corresponding terms helps assess how well existing units align with existing households' ideals.
This chart shows how household composition has changed over time, comparing the distribution of household types between 2015 and 2023. Changes in household types can indicate shifting demographics and evolving housing needs in a community.
In Torch Lake, MI, a moderate 30% of households are cost burdened.
Cost burden measures the share of household income spent on housing. Households paying more than 30% are considered cost burdened, while those paying more than 50% are severely cost burdened. Lower-income households typically face the highest rates of cost burden.
This analysis cross-tabulates household demographic characteristics with income levels using Public Use Microdata Sample (PUMS) data from the American Community Survey. Income groups are defined based on Area Median Income (AMI) thresholds obtained from HUD, creating six bins of AMI. These AMI-based thresholds are converted to dollar amounts for each year and adjusted for inflation to ensure temporal consistency. For each characteristic, the analysis counts weighted households falling within each income bin, using PUMS household weights where relevant.
What does the housing stock look like?
The mix of housing types and ownership patterns shapes a community's character. This chart breaks down housing units by structure type and whether they're owner-occupied or rented.
This chart shows rental and homeowner vacancy rates over time. A healthy rental vacancy rate is around 7.5%, and a healthy homeowner vacancy rate is around 1.5%. Rates well below these thresholds suggest a tight housing market with limited options for people looking to move.
Housing stock data comes from the American Community Survey (ACS) 5-year estimates. Structure types include single-family detached, townhomes, small multifamily (2-4 units), and larger apartment buildings.