Prescott, MI
Population 352 · Michigan
About Prescott, MI
Prescott is a small community located in Michigan with a population of 352 residents according to the latest US Census Bureau American Community Survey data. The median household income is $55,673 per year, which is 26% below the national median of $75,149. The median age of 44.8 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Prescott features a median home value of $71,100, which is 71% below the national median of $244,900. This makes Prescott one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $961, 17% below the national average of $1,163/month. Of the 154 total housing units, 91% are owner-occupied (106 units) and 9% are renter-occupied (11 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Prescott shows an unemployment rate of 14.8%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 23.4%, above the national average of 12.4%. Workers in Prescott have an average one-way commute time of 25.2 minutes.
Education & Demographics
8.3% of Prescott 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 0.6% White, 0.0% Hispanic or Latino, 3.1% Black or African American, and 0.0% Asian residents, with 0.6% of the population being foreign-born.
How Prescott Ranks in Michigan
Cost of Living in Prescott, MI
Compared to national averages, Prescott has a median household income of $55,673 (26% below the national median of $75,149). Home values average $71,100, which is 71% below the national median. Monthly rent at $961 is 17% below the US average of $1,163. Within Michigan, Prescott's income is 16% below the state average of $66,017, and home values are 61% below the state median of $183,391.
Why Live in Prescott, MI?
Prescott offers affordable housing with a median home value of $71,100, below the US average of $244,900, and rent that’s lower than the national average at $961/month.
Potential considerations include median household income ($55,673) that falls below the national average. However, Prescott’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Prescott has a population of 352 with a median age of 44.8 years. Compare Prescott with other cities to see how it stacks up, or explore all cities in Michigan.
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Demographics
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Economy & Education
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Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Prescott
What is the population of Prescott, MI?
The population of Prescott, MI is 352 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 Prescott?
The median household income in Prescott, MI is $55,673 per year, which is 26% below the national median of $75,149.
What is the median home value in Prescott?
The median home value in Prescott, MI is $71,100, which is 71% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Prescott?
The median monthly rent in Prescott, MI is $961, which is 17% below the national average of $1,163/month.
What is the unemployment rate in Prescott?
The unemployment rate in Prescott, MI is 14.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Prescott, MI a good place to live?
Prescott offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 352 and a median age of 44.8, the city appeals to a broad range of residents.
How educated is Prescott, MI?
8.3% of residents in Prescott 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 Prescott?
Key cost-of-living indicators for Prescott, MI: median home value is $71,100 (71% below national), median rent is $961/month, and median household income is $55,673. The home-value-to-income ratio is 1.3x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Prescott?
The poverty rate in Prescott, MI is 23.4%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Prescott, MI?
Prescott's population is 0.6% White, 0.0% Hispanic or Latino, 3.1% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.6% of residents are foreign-born.