Detroit, Michigan Housing Market Prices
Detroit Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 91% below the Michigan median$11,931
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Median rent 5% below the Michigan median$1,073
Housing Market Overview
| Metric | Detroit | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $11,931 | $138,713 | $248,835 |
| Price Trend (Annual %) | 0.5% | 8.6% | 7.5% |
| Median Gross Rent | $1,073 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Detroit is about 91% lower than in Michigan. Rent is about 5% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Detroit, up about 0.5% and 4.5% a year respectively. Rent is changing faster.
Median rent in Detroit rose about 43.8% between 2015 and 2024, from $747 to $1,073. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in Detroit.
Buying the median-priced home in Detroit costs roughly 0.9 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 Detroit. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Detroit | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $11,931 | $138,713 | $248,835 |
| Median Household Income | $39,945 | $72,977 | $80,455 |
| Price-to-Income Ratio | 0.3 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Detroit fell about 4.3%, while median household income rose about 28.1% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Detroit | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.4% | 64.6% | 58.5% |
| Rental Rate | 38.9% | 23.6% | 31.2% |
| Vacancy Rate | 21.7% | 11.8% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Detroit has a homeownership rate of 39.4%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 21.7%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Detroit | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1950 | 1972 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Detroit was built around 1950. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Detroit, MI Housing Compared With Nearby Cities
How Detroit, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Detroit, MI | 638,394 | $11,931 #2/2 | $1,073 #1/2 | 50.4% #2/2 |
| Hamtramck, MI | 27,670 | $106,250 | $989 | 58.2% |
Frequently Asked Questions
Common questions about the housing market in Detroit, Michigan.
What is the median home price in Detroit, Michigan?
The median home price in Detroit, Michigan is $11,931, lower than the Michigan average of $138,713.
What is the average home price in Detroit, Michigan?
The typical home price in Detroit, Michigan, reported as the median sale price, is $11,931. 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 Detroit, Michigan?
The median gross rent in Detroit, Michigan is $1,073 per month, lower than the Michigan average of $1,129.
What was the median gross rent in Detroit in 2020?
In 2020, the median gross rent in Detroit, Michigan was $850 per month.
What is the price-to-rent ratio in Detroit, Michigan?
The price-to-rent ratio in Detroit, Michigan is about 0.9, meaning it would take roughly 0.9 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 Detroit.
Are home prices or rent rising faster in Detroit, Michigan?
Both home prices and rent are rising in Detroit, up about 0.5% and 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Detroit, Michigan?
39.4% of households in Detroit, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Detroit, Michigan?
The housing vacancy rate in Detroit, Michigan is 21.7%, higher than the Michigan average of 11.8%.
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