Flat Rock, MI—48134
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Flat Rock, MI
As of Oct '25, the median home price in Flat Rock, MI is $300,000, with a year-over-year change of 5.5%. This indicates that home prices in Flat Rock, MI are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $300,000 | 5.5% |
| Single Family | $300,000 | 4.5% |
| Condos | $298,000 | 8.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $273,000 | 3.8% |
3 Bed | $298,000 | 7.2% |
4 Bed | $394,000 | 5.1% |
| 5 Bed | $410,000 | 5.4% |
% of Housing Stock
Rental Trends — Flat Rock, MI
As of July '25, Rentcast reports the average rent in Flat Rock, MI is $1,360, with a year-over-year rent change of -0.7%. Per bedroom, the median rent as of July '25 in Flat Rock, MI is 1-bedrooms: $1,010, 2-bedrooms: $1,460, 3-bedrooms: $2,500. The most common rental property sizes in Flat Rock, MI are 2-bedroom and 3-bedroom, accounting for 52.5% and 22.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,070 | $1,360 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $949 | $1,010 |
| 2 Bed Rent | $1,150 | $1,460 |
| 3 Bed Rent | $2,500 | $2,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Flat Rock, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Flat Rock, MI is 36. This is a decrease of -10.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $327,000 | 1.0% |
Listing Count | 45 | 1.0% |
| Listings as % of Homes | 0.3% | 1.0% |
Days on Market | 36 | -10.0% |
Demographics — Flat Rock, MI
As of the latest ACS Survey released in 2023, Flat Rock, MI has a population of 24,500, which has increased by 12.3% over the past 5 years. Flat Rock, MI is a moderately popular place for families, as children make up 24.2% of the population. The area has a moderately educated workforce, with 25.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,500 | 12.3% |
% Under 18 | 24.2% | -8.7% |
% Seniors | 16.2% | 20.0% |
% WFH | 9.6% | 220.0% |
% w/ College Degree | 25.1% | -0.8% |
As of the latest ACS Survey released in 2023, Flat Rock, MI is a predominantly white area, with 77.1% of the population identifying as white. The white population has shrunk by 6.3% in the last 5 years. The second most common race or ethnicity in Flat Rock, MI is hispanic, making up 8.6% of the population. Foreign-born residents account for 2.6% of the population in Flat Rock, MI, and this percentage has decreased by 13.3% 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 | 77.1% | -6.3% |
% Black | 8.1% | 15.7% |
% Hispanic | 8.6% | 11.7% |
% Asian | 0.9% | -30.8% |
% Foreign Born | 2.6% | -13.3% |
Mortgage and Risk — Flat Rock, MI
According to HUD data as of 2023, there were 333 mortgage originations in Flat Rock, MI, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Flat Rock, MI. Investor activity is low, as 0.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 333 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 0.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Flat Rock, MI
Flat Rock, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 405 |
Total Units Section 8 | 405 |
% Rentals under Section 8 | 27.1% |
% Occupied Section 8 | 90.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $141 | $949 | $1,090 |
| 2 Bedroom | $230 | $1,150 | $1,380 |
| 3 Bedroom | -$810 | $2,500 | $1,690 |
| 4 Bedroom | N/A | N/A | $1,840 |
Affordability — Flat Rock, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $300,000 |
| Median Household Income | $88,800 |