Wayne, MI 48184 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Wayne, MI—48184

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$169,000

2.0% YoY Growth

Household Income

$54,600

24.2% YoY Growth

Days on Market

7.0% Longer YoY

Home Price Forecast

2.2%

Median Rent

$945

4.6% YoY Growth

1-Bed Rent

$800

7.0% YoY Growth

2-Bed Rent

$1,120

5.1% YoY Growth

3-Bed Rent

$1,450

0.7% YoY Growth

Home Price Trends — Wayne, MI

As of Nov '25, the median home price in Wayne, MI is $169,000, 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 2.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$169,000	2.0%
Single Family	$168,000	1.8%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

4.0%

1 Bedroom

17.8%

2 Bedrooms

44.8%

3 Bedrooms

31.3%

4 Bedrooms

1.6%

5+ Bedrooms

0.5%

Property Listings — Wayne, MI

As of Nov '25, Realtor.com reports that the median days on market for a home in Wayne, MI is 39. This is a increase of 7.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$174,000	0.0%
Listing Count	57	4.0%
Listings as % of Homes	0.4%	4.0%
Days on Market	39	7.0%

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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%

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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%

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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%

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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

Wayne, MI—48184

Key Metrics at a Glance

Home Price Trends — Wayne, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Wayne, MI

% of Rental Stock

Property Listings — Wayne, MI

Demographics — Wayne, MI

Race and Ethnicity

Mortgage and Risk — Wayne, MI

Mortgages

Rentals and Section 8 — Wayne, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Wayne, MI

Home Price to Income Ratio

Wayne, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Westland, MI

Westland, MI

Garden City, MI

Romulus, MI

Inkster, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.7
Median Home Price	$169,000
Median Household Income	$54,600

Wayne, MI—48184

Key Metrics at a Glance

Home Price Trends — Wayne, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Wayne, MI

% of Rental Stock

Property Listings — Wayne, MI

Demographics — Wayne, MI

Race and Ethnicity

Mortgage and Risk — Wayne, MI

Mortgages

Rentals and Section 8 — Wayne, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Wayne, MI

Home Price to Income Ratio

Wayne, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Westland, MI

Westland, MI

Garden City, MI

Romulus, MI

Inkster, MI

Frequently Asked Questions

What is the average home price in Wayne, MI 48184?

How have home prices in Wayne, MI 48184 changed over the past year?

What is the home price projection for Wayne, MI 48184?

What are the demographics of Wayne, MI 48184?

How long does it take homes to sell in Wayne, MI 48184?

What is the average rent price in Wayne, MI 48184?