I’ve counted matriculations from 10 of the nation’s most prestigious high schools (Exeter, Trinity-NY, Hotchkiss, Horace Mann, Dalton, Harvard-Westlake, College Preparatory-Oakland, San Francisco University High, Lakeside-Seattle, Ransom Everglades). Out of nearly 6000 matriculations I counted, Michigan got 188. That’s #10 overall (behind 5 of the Ivies, NYU, USC, Stanford, Chicago), and by far the most for any state school (ahead of #23 Berkeley, which got 76 matriculations). Michigan got at least 1 matriculation from 8 of the 10 schools I surveyed (at least 1 from all but 2 West Coast high schools), which suggests more national drawing power than other public universities. Maybe its nationally central location helps.
Students at these high schools presumably tend to be prestige-conscious and well-informed about colleges. They also tend to have high average test scores and come from affluent families. So they have a lot of freedom-of-choice in selecting colleges. But among their top 20 preferences, Michigan has the lowest sticker price (even for OOS students). So as PrimeMeridian suggested, it’s a relative bargain for higher income families.
For top students in the populous Northeast, Michigan may be perceived as the best state school East of the Mississippi and North of the Mason-Dixon. Virtually all the other “top” state schools in the East (UVa, W&M, UNC, GT) are in the South, which many Northeastern students (rightly or wrongly) prefer to avoid. It’s also a bit less selective than any of the Ivies, most of the NESCAC schools, or their peers (JHU, Swarthmore, Haverford, Georgetown, etc.) It’s a logical “match” choice for many high-stats, prestige-conscious students. The fact that it’s big, and traditionally fields good sports teams, helps with name-recognition. It’s also reputed to have a great college town.
Michigan offers excellent academic quality and name-recognition in an attractive setting for a lower price than most of the competition.