Bancroft, MI
Population 571 · Michigan
About Bancroft, MI
Bancroft is a small community located in Michigan with a population of 571 residents according to the latest US Census Bureau American Community Survey data. The median household income is $80,000 per year, which is 6% above the national median of $75,149. The median age of 34.9 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Bancroft features a median home value of $117,000, which is 52% below the national median of $244,900. This makes Bancroft one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $920, 21% below the national average of $1,163/month. Of the 214 total housing units, 69% are owner-occupied (135 units) and 31% are renter-occupied (61 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Bancroft shows an unemployment rate of 2.4%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Bancroft have an average one-way commute time of 35 minutes.
Education & Demographics
13.0% of Bancroft residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.8% White, 1.6% Hispanic or Latino, 0.9% Black or African American, and 0.5% Asian residents, with 0.5% of the population being foreign-born.
Cost of Living in Bancroft, MI
Compared to national averages, Bancroft has a median household income of $80,000 (6% above the national median of $75,149). Home values average $117,000, which is 52% below the national median. Monthly rent at $920 is 21% below the US average of $1,163. Within Michigan, Bancroft's income is 21% above the state average of $66,017, and home values are 36% below the state median of $183,391.
Why Live in Bancroft, MI?
Bancroft offers a strong local economy with a median household income of $80,000, well above the national average, and affordable housing with a median home value of $117,000, below the US average of $244,900, and rent that’s lower than the national average at $920/month. Additionally, the city features a strong job market with an unemployment rate of just 2.4%, and a low poverty rate of 7.7%, better than the national average.
Bancroft has a population of 571 with a median age of 34.9 years. Compare Bancroft with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Bancroft
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Martin | 570 | $56,818 | $161,700 | Compare |
| Tekonsha | 579 | $52,679 | $90,700 | Compare |
| Bay Port | 558 | $50,313 | $119,200 | Compare |
| Cement City | 584 | $50,750 | $100,900 | Compare |
| Addison | 585 | $53,056 | $132,700 | Compare |
| Trufant | 586 | $83,750 | $119,600 | Compare |
| South Range | 587 | $54,583 | $85,300 | Compare |
| Suttons Bay | 587 | $123,125 | $524,700 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Bancroft With Other Cities
Frequently Asked Questions about Bancroft
What is the population of Bancroft, MI?
The population of Bancroft, MI is 571 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Michigan.
What is the median household income in Bancroft?
The median household income in Bancroft, MI is $80,000 per year, which is 6% above the national median of $75,149.
What is the median home value in Bancroft?
The median home value in Bancroft, MI is $117,000, which is 52% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Bancroft?
The median monthly rent in Bancroft, MI is $920, which is 21% below the national average of $1,163/month.
What is the unemployment rate in Bancroft?
The unemployment rate in Bancroft, MI is 2.4%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Bancroft, MI a good place to live?
Bancroft offers above-average incomes, affordable housing, and a strong job market. With a population of 571 and a median age of 34.9, the city appeals to young professionals and families.
How educated is Bancroft, MI?
13.0% of residents in Bancroft aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Bancroft?
Key cost-of-living indicators for Bancroft, MI: median home value is $117,000 (52% below national), median rent is $920/month, and median household income is $80,000. The home-value-to-income ratio is 1.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Bancroft?
The poverty rate in Bancroft, MI is 7.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Bancroft, MI?
Bancroft's population is 1.8% White, 1.6% Hispanic or Latino, 0.9% Black or African American, 0.5% Asian, and 0.5% two or more races. 0.5% of residents are foreign-born.