Updated 2026 · Based on median market data for Lansing, MI
Home values in Lansing, MI have appreciated at 2.3% per year. Appreciation is modest, meaning total returns will be driven primarily by cash flow rather than equity gains. This is actually preferred by many investors who want predictable, income-based returns.
If Lansing continues appreciating at 2.3% annually, the current median of $165,000 would reach approximately $184,868 in 5 years — an equity gain of $19,868 on a property purchased at the median. With a 20% down payment of $33,000, that represents a 60% return on invested equity from appreciation alone. Combined with 5 years of NOI totaling approximately $38,907, the projected total return is $58,775 — a 178% cumulative return on the initial investment.
Population growth in Lansing is minimal at 0.3%. Appreciation here is more likely driven by regional economic factors, inflation, and housing stock constraints rather than population-driven demand.
Smart investors evaluate both cash flow AND appreciation. In Lansing, the 4.72% cap rate provides moderate ongoing cash flow, while 2.3% annual appreciation adds an equity component. Conservative underwriting is essential. Focus on deals where the cash flow stands on its own, and treat any appreciation as a bonus.