Farmington Hills, MI48336

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$295,000
2.8% YoY Growth
Median Household Income
$85,300
37.6% 5-Year Growth
Days on Market
44
40.0% Longer than last year
Home Price Forecast
1.3%
Median Rent
$1,380
3.7% YoY Growth
1-Bed Rent
$1,150
17.0% YoY Growth
2-Bed Rent
$1,350
0.0% YoY Growth
3-Bed Rent
$2,200
18.2% YoY Growth

Other Zip Codes in Farmington Hills, MI

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.

MetricZip Code AverageYear over Year % Change
Median Listing Price
$300,0001.0%
Listing Count
11151.0%
Listings as % of Homes0.3%51.0%
Days on Market
4440.0%
Loading chart...

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.

MetricLatest CensusYoY % Change
Population
26,9004.0%
% Under 18
18.6%-11.8%
% Seniors
18.7%16.9%
% WFH
16.0%384.8%
% w/ College Degree
43.8%10.3%
Loading chart...

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

MetricLatest Census5-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%
Loading chart...

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

MetricZip 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

Loading chart...
Loading chart...

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 SizeHUD PremiumMarket RentMax 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

MetricZip Code Average
Home Price to Income Ratio3.1
Median Home Price$295,000
Median Household Income$85,300

Farmington Hills, MI — ZIP Code Boundary Map

Loading map...

Frequently Asked Questions