Romulus, MI—48174
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Romulus, MI
As of Oct '25, the median home price in Romulus, MI is $213,000, with a year-over-year change of 5.2%. This indicates that home prices in Romulus, MI are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $213,000 | 5.2% |
| Single Family | $207,000 | 5.1% |
| Condos | $264,000 | 7.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $167,000 | 5.7% |
3 Bed | $203,000 | 3.6% |
4 Bed | $307,000 | 5.5% |
| 5 Bed | $282,000 | 5.6% |
% of Housing Stock
Rental Trends — Romulus, MI
As of July '25, Rentcast reports the average rent in Romulus, MI is $1,370, with a year-over-year rent change of 8.7%. Per bedroom, the median rent as of July '25 in Romulus, MI is studios: $1,890, 1-bedrooms: $903, 2-bedrooms: $1,330, 3-bedrooms: $1,660. The most common rental property sizes in Romulus, MI are 3-bedroom and 2-bedroom, accounting for 35.2% and 32.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,370 |
| Studio Rent | $1,890 | $1,890 |
| 1 Bed Rent | $915 | $903 |
| 2 Bed Rent | $995 | $1,330 |
| 3 Bed Rent | $1,500 | $1,660 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Romulus, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Romulus, MI is 41. This is a decrease of -12.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $234,000 | -13.0% |
Listing Count | 86 | 14.0% |
| Listings as % of Homes | 0.4% | 14.0% |
Days on Market | 41 | -12.0% |
Demographics — Romulus, MI
As of the latest ACS Survey released in 2023, Romulus, MI has a population of 31,800, which has increased by 2.0% over the past 5 years. Romulus, MI is a popular place for families, as children make up 25.9% of the population. The area has a poorly educated workforce, with 17.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,800 | 2.0% |
% Under 18 | 25.9% | 4.9% |
% Seniors | 14.9% | 23.1% |
% WFH | 9.4% | 370.0% |
% w/ College Degree | 17.5% | 20.7% |
As of the latest ACS Survey released in 2023, Romulus, MI is a predominantly white area, with 51.7% of the population identifying as white. The white population has shrunk by 14.4% in the last 5 years. The second most common race or ethnicity in Romulus, MI is black, making up 37.4% of the population. Foreign-born residents account for 3.7% of the population in Romulus, MI, and this percentage has decreased by 5.1% 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 | 51.7% | -14.4% |
% Black | 37.4% | 21.8% |
% Hispanic | 2.3% | -34.3% |
% Asian | 1.2% | -42.9% |
% Foreign Born | 3.7% | -5.1% |
Mortgage and Risk — Romulus, MI
According to HUD data as of 2023, there were 620 mortgage originations in Romulus, MI, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Romulus, MI. Investor activity is low, as 1.0% 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 | 620 |
% Conventional Loans | 71.0% |
% Government Loans | 29.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Romulus, MI
Romulus, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 890 |
Total Units Section 8 | 783 |
% Rentals under Section 8 | 26.7% |
% Occupied Section 8 | 84.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $125 | $915 | $1,040 |
| 2 Bedroom | $315 | $995 | $1,310 |
| 3 Bedroom | $100 | $1,500 | $1,600 |
| 4 Bedroom | N/A | N/A | $1,740 |
Affordability — Romulus, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $213,000 |
| Median Household Income | $65,700 |