Farmington Hills, MI—48334
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 $348,000, with a year-over-year change of 3.3%. 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 | $348,000 | 3.3% |
| Single Family | $391,000 | 2.6% |
| Condos | $189,000 | 1.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $118,000 | 0.0% |
2 Bed | $193,000 | 2.1% |
3 Bed | $343,000 | 2.7% |
4 Bed | $426,000 | 2.9% |
| 5 Bed | $481,000 | 2.3% |
% of Housing Stock
Rental Trends — Farmington Hills, MI
As of July '25, Rentcast reports the average rent in Farmington Hills, MI is $1,820, with a year-over-year rent change of 0.6%. Per bedroom, the median rent as of July '25 in Farmington Hills, MI is studios: $1,640, 1-bedrooms: $1,300, 2-bedrooms: $1,820, 3-bedrooms: $3,310, 4-bedrooms: $3,280. The most common rental property sizes in Farmington Hills, MI are 2-bedroom and 1-bedroom, accounting for 50.4% and 28.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,820 |
| Studio Rent | $1,640 | $1,640 |
| 1 Bed Rent | $1,250 | $1,300 |
| 2 Bed Rent | $1,700 | $1,820 |
| 3 Bed Rent | $3,000 | $3,310 |
| 4 Bed Rent | $3,200 | $3,280 |
% 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 28. This is a decrease of -22.0% 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 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 | $340,000 | -6.0% |
Listing Count | 58 | 3.0% |
| Listings as % of Homes | 0.3% | 3.0% |
Days on Market | 28 | -22.0% |
Demographics — Farmington Hills, MI
As of the latest ACS Survey released in 2023, Farmington Hills, MI has a population of 19,200, which has increased by 1.3% over the past 5 years. Farmington Hills, MI is a moderately popular place for families, as children make up 19.9% of the population. The area has a highly educated workforce, with 59.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,200 | 1.3% |
% Under 18 | 19.9% | 12.4% |
% Seniors | 21.7% | -8.8% |
% WFH | 21.6% | 350.0% |
% w/ College Degree | 59.0% | 13.2% |
As of the latest ACS Survey released in 2023, Farmington Hills, MI is a predominantly white area, with 53.5% of the population identifying as white. The white population has shrunk by 9.3% in the last 5 years. The second most common race or ethnicity in Farmington Hills, MI is black, making up 24.7% of the population. Foreign-born residents account for 16.7% of the population in Farmington Hills, MI, and this percentage has decreased by 24.1% 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 | 53.5% | -9.3% |
% Black | 24.7% | 6.9% |
% Hispanic | 1.9% | -29.6% |
% Asian | 12.3% | 2.5% |
% Foreign Born | 16.7% | -24.1% |
Mortgage and Risk — Farmington Hills, MI
According to HUD data as of 2023, there were 291 mortgage originations in Farmington Hills, MI, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Farmington Hills, MI. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 291 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
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 5.3%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Farmington Hills, MI, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 160 |
Total Units Section 8 | 157 |
% Rentals under Section 8 | 5.3% |
% Occupied Section 8 | 90.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $170 | $1,250 | $1,420 |
| 2 Bedroom | $100 | $1,700 | $1,800 |
| 3 Bedroom | -$800 | $3,000 | $2,200 |
| 4 Bedroom | -$810 | $3,200 | $2,390 |
Affordability — Farmington Hills, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $348,000 |
| Median Household Income | $98,900 |