Lafayette Park, Detroit, MI—48207
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lafayette Park, Detroit, MI
As of Oct '25, the median home price in Lafayette Park, Detroit, MI is $154,000, with a year-over-year change of -1.5%. This indicates that home prices in Lafayette Park, Detroit, MI are decreasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $154,000 | -1.5% |
| Single Family | $101,000 | -2.9% |
| Condos | $181,000 | -5.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $140,000 | -2.8% |
2 Bed | $198,000 | -5.3% |
3 Bed | $180,000 | -2.2% |
4 Bed | $165,000 | 3.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lafayette Park, Detroit, MI
As of July '25, Rentcast reports the average rent in Lafayette Park, Detroit, MI is $1,640, with a year-over-year rent change of -14.1%. Per bedroom, the median rent as of July '25 in Lafayette Park, Detroit, MI is studios: $1,070, 1-bedrooms: $1,530, 2-bedrooms: $1,830, 3-bedrooms: $2,190, 4-bedrooms: $1,820. The most common rental property sizes in Lafayette Park, Detroit, MI are 1-bedroom and 2-bedroom, accounting for 40.2% and 38.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,650 | $1,640 |
| Studio Rent | $879 | $1,070 |
| 1 Bed Rent | $1,550 | $1,530 |
| 2 Bed Rent | $1,800 | $1,830 |
| 3 Bed Rent | $1,200 | $2,190 |
| 4 Bed Rent | $1,450 | $1,820 |
% of Rental Stock
Property Listings — Lafayette Park, Detroit, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Lafayette Park, Detroit, MI is 75. This is a decrease of -11.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $189,000 | -1.0% |
Listing Count | 123 | -4.0% |
| Listings as % of Homes | 0.6% | -4.0% |
Days on Market | 75 | -11.0% |
Demographics — Lafayette Park, Detroit, MI
As of the latest ACS Survey released in 2023, Lafayette Park, Detroit, MI has a population of 20,100, which has decreased by -5.5% over the past 5 years. Lafayette Park, Detroit, MI is a less popular place for families, as children make up 14.1% of the population. The area has a moderately educated workforce, with 35.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,100 | -5.5% |
% Under 18 | 14.1% | -14.0% |
% Seniors | 22.6% | 7.1% |
% WFH | 17.8% | 381.1% |
% w/ College Degree | 35.5% | 7.6% |
As of the latest ACS Survey released in 2023, Lafayette Park, Detroit, MI is a predominantly black area, with 74.4% of the population identifying as black. The black population has shrunk by 7.6% in the last 5 years. The second most common race or ethnicity in Lafayette Park, Detroit, MI is white, making up 17.7% of the population. Foreign-born residents account for 4.8% of the population in Lafayette Park, Detroit, MI, and this percentage has increased by 84.6% 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 | 17.7% | 14.2% |
% Black | 74.4% | -7.6% |
% Hispanic | 1.6% | 166.7% |
% Asian | 2.6% | 62.5% |
% Foreign Born | 4.8% | 84.6% |
Mortgage and Risk — Lafayette Park, Detroit, MI
According to HUD data as of 2023, there were 120 mortgage originations in Lafayette Park, Detroit, MI, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Lafayette Park, Detroit, MI. Investor activity is low, as 3.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 120 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 3.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Lafayette Park, Detroit, MI
As of 2024, the percent of homes in Lafayette Park, Detroit, MI under the Section 8 program is 26.5%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Lafayette Park, Detroit, MI, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 2,492 |
Total Units Section 8 | 2,239 |
% Rentals under Section 8 | 26.5% |
% Occupied Section 8 | 90.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$510 | $1,550 | $1,040 |
| 2 Bedroom | -$480 | $1,800 | $1,320 |
| 3 Bedroom | $420 | $1,200 | $1,620 |
| 4 Bedroom | $300 | $1,450 | $1,750 |
Affordability — Lafayette Park, Detroit, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $154,000 |
| Median Household Income | $44,600 |