Lathrup Village, MI—48076
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lathrup Village, MI
As of Oct '25, the median home price in Lathrup Village, MI is $288,000, with a year-over-year change of 1.2%. This indicates that home prices in Lathrup Village, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $288,000 | 1.2% |
| Single Family | $299,000 | 1.0% |
| Condos | $156,000 | 2.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $162,000 | 1.2% |
3 Bed | $271,000 | 1.1% |
4 Bed | $339,000 | 0.0% |
| 5 Bed | $383,000 | 0.5% |
% of Housing Stock
Rental Trends — Lathrup Village, MI
As of July '25, Rentcast reports the average rent in Lathrup Village, MI is $1,940, with a year-over-year rent change of -1.0%. Per bedroom, the median rent as of July '25 in Lathrup Village, MI is 1-bedrooms: $1,600, 2-bedrooms: $1,780, 3-bedrooms: $1,970, 4-bedrooms: $2,860. The most common rental property sizes in Lathrup Village, MI are 2-bedroom and 3-bedroom, accounting for 41.5% and 32.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,940 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,320 | $1,600 |
| 2 Bed Rent | $1,400 | $1,780 |
| 3 Bed Rent | $1,800 | $1,970 |
| 4 Bed Rent | $3,000 | $2,860 |
% of Rental Stock
Property Listings — Lathrup Village, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Lathrup Village, MI is 37. This is a decrease of -2.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $269,000 | -11.0% |
Listing Count | 77 | 15.0% |
| Listings as % of Homes | 0.4% | 15.0% |
Days on Market | 37 | -2.0% |
Demographics — Lathrup Village, MI
As of the latest ACS Survey released in 2023, Lathrup Village, MI has a population of 24,800, which has decreased by -1.6% over the past 5 years. Lathrup Village, MI is a moderately popular place for families, as children make up 17.7% of the population. The area has a moderately educated workforce, with 44.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,800 | -1.6% |
% Under 18 | 17.7% | -11.5% |
% Seniors | 21.4% | 24.4% |
% WFH | 17.6% | 576.9% |
% w/ College Degree | 44.3% | 0.2% |
As of the latest ACS Survey released in 2023, Lathrup Village, MI is a predominantly black area, with 58.4% of the population identifying as black. The black population has shrunk by 10.6% in the last 5 years. The second most common race or ethnicity in Lathrup Village, MI is white, making up 32.0% of the population. Foreign-born residents account for 7.9% of the population in Lathrup Village, MI, and this percentage has decreased by 4.8% 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 | 32.0% | 10.7% |
% Black | 58.4% | -10.6% |
% Hispanic | 3.0% | 150.0% |
% Asian | 2.2% | 10.0% |
% Foreign Born | 7.9% | -4.8% |
Mortgage and Risk — Lathrup Village, MI
According to HUD data as of 2023, there were 552 mortgage originations in Lathrup Village, MI, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Lathrup Village, MI. Investor activity is low, as 2.0% of loans were by investors. 23.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 552 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 23.0% |
Loan Activity
Rentals and Section 8 — Lathrup Village, MI
As of 2024, the percent of homes in Lathrup Village, MI under the Section 8 program is 1.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Lathrup Village, MI, because HUD payments exceed market rent, while 1-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 66 |
Total Units Section 8 | 57 |
% Rentals under Section 8 | 1.8% |
% Occupied Section 8 | 86.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$10 | $1,320 | $1,310 |
| 2 Bedroom | $260 | $1,400 | $1,660 |
| 3 Bedroom | $230 | $1,800 | $2,030 |
| 4 Bedroom | -$800 | $3,000 | $2,200 |
Affordability — Lathrup Village, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $288,000 |
| Median Household Income | $85,200 |