Farmington Hills, MI—48336
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Farmington Hills, MI
As of Oct '25, the median home price in Farmington Hills, MI is $295,000, with a year-over-year change of 2.8%. This indicates that home prices in Farmington Hills, MI are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $295,000 | 2.8% |
| Single Family | $305,000 | 2.7% |
| Condos | $189,000 | 1.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $101,000 | 1.0% |
2 Bed | $192,000 | 1.1% |
3 Bed | $292,000 | 2.8% |
4 Bed | $381,000 | 2.1% |
| 5 Bed | $429,000 | 1.7% |
% of Housing Stock
Rental Trends — Farmington Hills, MI
As of July '25, Rentcast reports the average rent in Farmington Hills, MI is $1,690, with a year-over-year rent change of 3.7%. Per bedroom, the median rent as of July '25 in Farmington Hills, MI is 1-bedrooms: $1,170, 2-bedrooms: $1,420, 3-bedrooms: $2,270, 4-bedrooms: $2,730. The most common rental property sizes in Farmington Hills, MI are 2-bedroom and 1-bedroom, accounting for 44.3% and 34.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,380 | $1,690 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,150 | $1,170 |
| 2 Bed Rent | $1,350 | $1,420 |
| 3 Bed Rent | $2,200 | $2,270 |
| 4 Bed Rent | $2,850 | $2,730 |
% of Rental Stock
Property Listings — Farmington Hills, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Farmington Hills, MI is 44. This is a increase of 40.0% 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 | $300,000 | 1.0% |
Listing Count | 111 | 51.0% |
| Listings as % of Homes | 0.3% | 51.0% |
Days on Market | 44 | 40.0% |
Demographics — Farmington Hills, MI
As of the latest ACS Survey released in 2023, Farmington Hills, MI has a population of 26,900, which has increased by 4.0% over the past 5 years. Farmington Hills, MI is a moderately popular place for families, as children make up 18.6% of the population. The area has a moderately educated workforce, with 43.8% 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 | 26,900 | 4.0% |
% Under 18 | 18.6% | -11.8% |
% Seniors | 18.7% | 16.9% |
% WFH | 16.0% | 384.8% |
% w/ College Degree | 43.8% | 10.3% |
As of the latest ACS Survey released in 2023, Farmington Hills, MI is a predominantly white area, with 70.9% of the population identifying as white. The white population has grown by 1.9% in the last 5 years. The second most common race or ethnicity in Farmington Hills, MI is black, making up 13.5% of the population. Foreign-born residents account for 11.7% of the population in Farmington Hills, MI, and this percentage has decreased by 4.1% 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 | 70.9% | 1.9% |
% Black | 13.5% | -29.7% |
% Hispanic | 3.9% | 34.5% |
% Asian | 7.1% | 29.1% |
% Foreign Born | 11.7% | -4.1% |
Mortgage and Risk — Farmington Hills, MI
According to HUD data as of 2023, there were 577 mortgage originations in Farmington Hills, MI, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Farmington Hills, MI. Investor activity is low, as 2.0% 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 | 577 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Farmington Hills, MI
As of 2024, the percent of homes in Farmington Hills, MI under the Section 8 program is 5.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Farmington Hills, MI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 186 |
Total Units Section 8 | 180 |
% Rentals under Section 8 | 5.7% |
% Occupied Section 8 | 96.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$110 | $1,150 | $1,040 |
| 2 Bedroom | -$30 | $1,350 | $1,320 |
| 3 Bedroom | -$580 | $2,200 | $1,620 |
| 4 Bedroom | -$1,100 | $2,850 | $1,750 |
Affordability — Farmington Hills, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $295,000 |
| Median Household Income | $85,300 |