Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Dearborn Heights | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,257 | $134,610 | $242,182 |
| Price Trend (Annual %) | 14.5% | 9.4% | 8.2% |
| Median Gross Rent | $1,260 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Dearborn Heights is about 17% lower than in Michigan. Rent is about 16% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Dearborn Heights, up about 14.5% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Dearborn Heights rose about 32.1% between 2015 and 2023, from $954 to $1,260. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Dearborn Heights.
Buying the median-priced home in Dearborn Heights costs roughly 7.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Dearborn Heights. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Dearborn Heights | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,257 | $134,610 | $242,182 |
| Median Household Income | $61,002 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Dearborn Heights rose about 184.9%, while median household income rose about 25.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Dearborn Heights | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.2% | 64.1% | 58.2% |
| Rental Rate | 26.7% | 23.8% | 31.3% |
| Vacancy Rate | 6.1% | 12.2% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Dearborn Heights has a homeownership rate of 67.2%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 6.1%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Dearborn Heights | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.80 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1960 | 1972 | 1978 |
| Median Number of Rooms | 5.6 | 5.8 | 5.5 |
The typical housing unit in Dearborn Heights was built around 1960. On average, 2.8 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Dearborn Heights, Michigan.
What is the median home price in Dearborn Heights, Michigan?
The median home price in Dearborn Heights, Michigan is $112,257, lower than the Michigan average of $134,610.
What is the average home price in Dearborn Heights, Michigan?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Dearborn Heights, Michigan?
The median gross rent in Dearborn Heights, Michigan is $1,260 per month, higher than the Michigan average of $1,084.
What was the median gross rent in Dearborn Heights in 2020?
In 2020, the median gross rent in Dearborn Heights, Michigan was $1,049 per month.
What is the price-to-rent ratio in Dearborn Heights, Michigan?
The price-to-rent ratio in Dearborn Heights, Michigan is about 7.4, meaning it would take roughly 7.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Dearborn Heights.
Are home prices or rent rising faster in Dearborn Heights, Michigan?
Both home prices and rent are rising in Dearborn Heights, up about 14.5% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Dearborn Heights, Michigan?
67.2% of households in Dearborn Heights, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Dearborn Heights, Michigan?
The housing vacancy rate in Dearborn Heights, Michigan is 6.1%, lower than the Michigan average of 12.2%.