Farmington Hills, Michigan Housing Market Prices
Farmington Hills 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 17% above the Michigan median$162,685
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Median rent 37% above the Michigan median$1,550
Housing Market Overview
| Metric | Farmington Hills | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,685 | $138,713 | $248,835 |
| Price Trend (Annual %) | 16.9% | 8.6% | 7.5% |
| Median Gross Rent | $1,550 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Farmington Hills is about 17% higher than in Michigan. Rent is about 37% higher 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 Farmington Hills, up about 16.9% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Farmington Hills rose about 51.1% between 2015 and 2024, from $1,026 to $1,550. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Farmington Hills.
Buying the median-priced home in Farmington Hills costs roughly 8.7 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 Farmington Hills. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Farmington Hills | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,685 | $138,713 | $248,835 |
| Median Household Income | $103,958 | $72,977 | $80,455 |
| Price-to-Income Ratio | 1.6 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Farmington Hills rose about 203.0%, while median household income rose about 38.0% between 2009 and 2025 — 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 | Farmington Hills | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.3% | 64.6% | 58.5% |
| Rental Rate | 32.9% | 23.6% | 31.2% |
| Vacancy Rate | 6.8% | 11.8% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Farmington Hills has a homeownership rate of 60.3%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 6.8%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Farmington Hills | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1976 | 1972 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Farmington Hills was built around 1976. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 15.0 years on average.
Farmington Hills, MI Housing Compared With Nearby Cities
How Farmington Hills, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Farmington Hills, MI | 83,503 | $162,685 #2/2 | $1,550 #1/2 | 64.7% #2/2 |
| Livonia, MI | 93,850 | $223,994 | $1,321 | 87.2% |
Frequently Asked Questions
Common questions about the housing market in Farmington Hills, Michigan.
What is the median home price in Farmington Hills, Michigan?
The median home price in Farmington Hills, Michigan is $162,685, higher than the Michigan average of $138,713.
What is the average home price in Farmington Hills, Michigan?
The typical home price in Farmington Hills, Michigan, reported as the median sale price, is $162,685. 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 Farmington Hills, Michigan?
The median gross rent in Farmington Hills, Michigan is $1,550 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Farmington Hills in 2020?
In 2020, the median gross rent in Farmington Hills, Michigan was $1,210 per month.
What is the price-to-rent ratio in Farmington Hills, Michigan?
The price-to-rent ratio in Farmington Hills, Michigan is about 8.7, meaning it would take roughly 8.7 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 Farmington Hills.
Are home prices or rent rising faster in Farmington Hills, Michigan?
Both home prices and rent are rising in Farmington Hills, up about 16.9% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Farmington Hills, Michigan?
60.3% of households in Farmington Hills, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Farmington Hills, Michigan?
The housing vacancy rate in Farmington Hills, Michigan is 6.8%, lower than the Michigan average of 11.8%.
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