Farwell, MI—48622
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Farwell, MI
Farwell, MI lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $187,000 | 1.4% |
| Single Family | $187,000 | 2.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $167,000 | 1.8% |
3 Bed | $201,000 | 3.1% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Farwell, MI
Farwell, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $525 | $525 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $525 | $525 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Farwell, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Farwell, MI is 84. This is a increase of 16.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $253,000 | 2.0% |
Listing Count | 38 | -5.0% |
| Listings as % of Homes | 0.6% | -5.0% |
Days on Market | 84 | 16.0% |
Demographics — Farwell, MI
As of the latest ACS Survey released in 2023, Farwell, MI has a population of 5,970, which has decreased by -4.7% over the past 5 years. Farwell, MI is a moderately popular place for families, as children make up 18.3% of the population. The area has a poorly educated workforce, with 18.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,970 | -4.7% |
% Under 18 | 18.3% | -4.2% |
% Seniors | 26.4% | 17.3% |
% WFH | 6.7% | 76.3% |
% w/ College Degree | 18.2% | 32.8% |
As of the latest ACS Survey released in 2023, Farwell, MI is a predominantly white area, with 90.6% of the population identifying as white. The white population has shrunk by 6.2% in the last 5 years. The second most common race or ethnicity in Farwell, MI is hispanic, making up 3.0% of the population. Foreign-born residents account for 0.4% of the population in Farwell, MI, and this percentage has decreased by 50.0% 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 | 90.6% | -6.2% |
% Black | 1.3% | 44.4% |
% Hispanic | 3.0% | 130.8% |
% Asian | 0.9% | 800.0% |
% Foreign Born | 0.4% | -50.0% |
Mortgage and Risk — Farwell, MI
According to HUD data as of 2023, there were 159 mortgage originations in Farwell, MI, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Farwell, MI. Investor activity is low, as 0.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 159 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 0.0% |
% Second Loans | 17.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Farwell, MI
Farwell, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 6 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $275 | $525 | $800 |
| 2 Bedroom | N/A | N/A | $1,030 |
| 3 Bedroom | N/A | N/A | $1,290 |
| 4 Bedroom | N/A | N/A | $1,680 |
Affordability — Farwell, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $187,000 |
| Median Household Income | $57,500 |