Wayne, MI—48184
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Wayne, MI
As of Oct '25, the median home price in Wayne, MI is $172,000, with a year-over-year change of 2.0%. This indicates that home prices in Wayne, 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 | $172,000 | 2.0% |
| Single Family | $170,000 | 1.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $140,000 | 2.9% |
3 Bed | $180,000 | 1.7% |
4 Bed | $233,000 | 2.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Wayne, MI
As of July '25, Rentcast reports the average rent in Wayne, MI is $1,040, with a year-over-year rent change of -4.6%. Per bedroom, the median rent as of July '25 in Wayne, MI is studios: $600, 1-bedrooms: $815, 2-bedrooms: $1,110, 3-bedrooms: $1,480. The most common rental property sizes in Wayne, MI are 2-bedroom and 3-bedroom, accounting for 44.8% and 31.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $945 | $1,040 |
| Studio Rent | $600 | $600 |
| 1 Bed Rent | $800 | $815 |
| 2 Bed Rent | $1,120 | $1,110 |
| 3 Bed Rent | $1,450 | $1,480 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Wayne, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Wayne, MI is 33. This is a increase of 3.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $180,000 | 3.0% |
Listing Count | 51 | -5.0% |
| Listings as % of Homes | 0.4% | -5.0% |
Days on Market | 33 | 3.0% |
Demographics — Wayne, MI
As of the latest ACS Survey released in 2023, Wayne, MI has a population of 17,400, which has remained stable by -1.0% over the past 5 years. Wayne, MI is a moderately popular place for families, as children make up 23.3% of the population. The area has a poorly educated workforce, with 15.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,400 | -1.0% |
% Under 18 | 23.3% | 6.9% |
% Seniors | 15.6% | 13.0% |
% WFH | 7.7% | 185.2% |
% w/ College Degree | 15.6% | 34.5% |
As of the latest ACS Survey released in 2023, Wayne, MI is a predominantly white area, with 60.8% of the population identifying as white. The white population has shrunk by 18.8% in the last 5 years. The second most common race or ethnicity in Wayne, MI is black, making up 26.0% of the population. Foreign-born residents account for 5.7% of the population in Wayne, MI, and this percentage has increased by 78.1% 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 | 60.8% | -18.8% |
% Black | 26.0% | 49.4% |
% Hispanic | 5.2% | 40.5% |
% Asian | 1.5% | 66.7% |
% Foreign Born | 5.7% | 78.1% |
Mortgage and Risk — Wayne, MI
According to HUD data as of 2023, there were 296 mortgage originations in Wayne, MI, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 48.0% above 90% LTV (very high). This implies large mortgage risk in Wayne, MI. Investor activity is low, as 2.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 296 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Wayne, MI
Wayne, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 668 |
Total Units Section 8 | 415 |
% Rentals under Section 8 | 14.1% |
% Occupied Section 8 | 85.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $120 | $800 | $920 |
| 2 Bedroom | $50 | $1,120 | $1,170 |
| 3 Bedroom | -$10 | $1,450 | $1,440 |
| 4 Bedroom | N/A | N/A | $1,550 |
Affordability — Wayne, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $172,000 |
| Median Household Income | $54,600 |