Milan, MI—48160
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Milan, MI
As of Oct '25, the median home price in Milan, MI is $297,000, with a year-over-year change of 2.6%. This indicates that home prices in Milan, MI are increasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $297,000 | 2.7% |
| Single Family | $302,000 | 2.7% |
| Condos | $261,000 | 6.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $220,000 | 2.8% |
3 Bed | $310,000 | 4.0% |
4 Bed | $365,000 | 2.8% |
| 5 Bed | $426,000 | 3.6% |
% of Housing Stock
Rental Trends — Milan, MI
As of July '25, Rentcast reports the average rent in Milan, MI is $1,700, with a year-over-year rent change of 25.0%. Per bedroom, the median rent as of July '25 in Milan, MI is 2-bedrooms: $1,620, 3-bedrooms: $1,840. The most common rental property sizes in Milan, MI are 2-bedroom and 1-bedroom, accounting for 58.0% and 24.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,680 | $1,700 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,600 | $1,620 |
| 3 Bed Rent | $1,680 | $1,840 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Milan, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Milan, MI is 62. This is a increase of 49.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $350,000 | 19.0% |
Listing Count | 58 | 37.0% |
| Listings as % of Homes | 0.5% | 37.0% |
Days on Market | 62 | 49.0% |
Demographics — Milan, MI
As of the latest ACS Survey released in 2023, Milan, MI has a population of 14,300, which has increased by 6.0% over the past 5 years. Milan, MI is a moderately popular place for families, as children make up 19.2% of the population. The area has a moderately educated workforce, with 30.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,300 | 6.0% |
% Under 18 | 19.2% | -17.2% |
% Seniors | 16.6% | 13.7% |
% WFH | 16.0% | 233.3% |
% w/ College Degree | 30.0% | 27.1% |
As of the latest ACS Survey released in 2023, Milan, MI is a predominantly white area, with 82.4% of the population identifying as white. The white population has shrunk by 0.5% in the last 5 years. The second most common race or ethnicity in Milan, MI is black, making up 8.3% of the population. Foreign-born residents account for 3.5% of the population in Milan, MI, and this percentage has increased by 59.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 82.4% | -0.5% |
% Black | 8.3% | 10.7% |
% Hispanic | 5.4% | -18.2% |
% Asian | 0.6% | -14.3% |
% Foreign Born | 3.5% | 59.1% |
Mortgage and Risk — Milan, MI
According to HUD data as of 2023, there were 276 mortgage originations in Milan, MI, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Milan, MI. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 276 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Milan, MI
Milan, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 47 |
Total Units Section 8 | 47 |
% Rentals under Section 8 | 4.9% |
% Occupied Section 8 | 92.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,150 |
| 2 Bedroom | -$180 | $1,600 | $1,420 |
| 3 Bedroom | $50 | $1,680 | $1,730 |
| 4 Bedroom | N/A | N/A | $2,020 |
Affordability — Milan, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $297,000 |
| Median Household Income | $99,400 |