Romeo, MI—48065
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Romeo, MI
As of Oct '25, the median home price in Romeo, MI is $412,000, with a year-over-year change of 5.6%. This indicates that home prices in Romeo, MI are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $412,000 | 5.6% |
| Single Family | $418,000 | 5.0% |
| Condos | $368,000 | 8.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $268,000 | 6.3% |
3 Bed | $419,000 | 6.1% |
4 Bed | $547,000 | 6.4% |
| 5 Bed | $644,000 | 4.5% |
% of Housing Stock
Rental Trends — Romeo, MI
As of July '25, Rentcast reports the average rent in Romeo, MI is $1,480, with a year-over-year rent change of -25.6%. Per bedroom, the median rent as of July '25 in Romeo, MI is 1-bedrooms: $925, 2-bedrooms: $1,320, 3-bedrooms: $1,320, 4-bedrooms: $3,300. The most common rental property sizes in Romeo, MI are 2-bedroom and 1-bedroom, accounting for 46.7% and 28.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,290 | $1,480 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $900 | $925 |
| 2 Bed Rent | $1,300 | $1,320 |
| 3 Bed Rent | $1,290 | $1,320 |
| 4 Bed Rent | $2,800 | $3,300 |
% of Rental Stock
Property Listings — Romeo, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Romeo, MI is 42. This is a decrease of -15.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 39.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $604,000 | 16.0% |
Listing Count | 56 | 38.0% |
| Listings as % of Homes | 0.9% | 38.0% |
Days on Market | 42 | -15.0% |
Demographics — Romeo, MI
As of the latest ACS Survey released in 2023, Romeo, MI has a population of 11,300, which has increased by 1.5% over the past 5 years. Romeo, MI is a moderately popular place for families, as children make up 21.1% of the population. The area has a moderately educated workforce, with 33.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,300 | 1.5% |
% Under 18 | 21.1% | -0.5% |
% Seniors | 20.7% | 20.3% |
% WFH | 9.3% | 126.8% |
% w/ College Degree | 33.8% | 5.6% |
As of the latest ACS Survey released in 2023, Romeo, MI is a predominantly white area, with 90.7% of the population identifying as white. The white population has grown by 3.2% in the last 5 years. The second most common race or ethnicity in Romeo, MI is hispanic, making up 4.9% of the population. Foreign-born residents account for 3.6% of the population in Romeo, MI, and this percentage has decreased by 52.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.7% | 3.2% |
% Black | 0.8% | -76.5% |
% Hispanic | 4.9% | -14.0% |
% Asian | 0.2% | -86.7% |
% Foreign Born | 3.6% | -52.6% |
Mortgage and Risk — Romeo, MI
According to HUD data as of 2023, there were 283 mortgage originations in Romeo, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Romeo, MI. Investor activity is low, as 0.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 283 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Romeo, MI
As of 2024, the percent of homes in Romeo, MI under the Section 8 program is 16.0%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Romeo, MI, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 130 |
Total Units Section 8 | 130 |
% Rentals under Section 8 | 16.0% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $90 | $900 | $990 |
| 2 Bedroom | -$50 | $1,300 | $1,250 |
| 3 Bedroom | $240 | $1,290 | $1,530 |
| 4 Bedroom | -$1,140 | $2,800 | $1,660 |
Affordability — Romeo, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $412,000 |
| Median Household Income | $104,000 |