Forest Hills, Michigan Housing Market Prices
Forest 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 11% below the Michigan median$122,836
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Median rent 74% above the Michigan median$1,962
Housing Market Overview
| Metric | Forest Hills | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $122,836 | $138,713 | $248,835 |
| Price Trend (Annual %) | 59.8% | 8.6% | 7.5% |
| Median Gross Rent | $1,962 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 6.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Forest Hills is about 11% lower than in Michigan. Rent is about 74% 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 Forest Hills, up about 59.8% and 6.6% a year respectively. Home prices are changing faster.
Median rent in Forest Hills rose about 47.4% between 2015 and 2024, from $1,331 to $1,962. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Forest Hills.
Buying the median-priced home in Forest Hills costs roughly 5.2 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 Forest Hills. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Forest Hills | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $122,836 | $138,713 | $248,835 |
| Median Household Income | $157,738 | $72,977 | $80,455 |
| Price-to-Income Ratio | 0.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Forest Hills rose about 195.0%, while median household income rose about 48.9% 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 | Forest Hills | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 90.6% | 64.6% | 58.5% |
| Rental Rate | 5.9% | 23.6% | 31.2% |
| Vacancy Rate | 3.5% | 11.8% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Forest Hills has a homeownership rate of 90.6%, higher than the Michigan average of 64.6%. Its housing vacancy rate is 3.5%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Forest Hills | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.83 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1988 | 1972 | 1978 |
| Median Number of Rooms | 8.5 | 5.9 | 5.5 |
The typical housing unit in Forest Hills was built around 1988. On average, 2.8 people live in a home with about 8.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Forest Hills, Michigan.
What is the median home price in Forest Hills, Michigan?
The median home price in Forest Hills, Michigan is $122,836, lower than the Michigan average of $138,713.
What is the average home price in Forest Hills, Michigan?
The typical home price in Forest Hills, Michigan, reported as the median sale price, is $122,836. 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 Forest Hills, Michigan?
The median gross rent in Forest Hills, Michigan is $1,962 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Forest Hills in 2020?
In 2020, the median gross rent in Forest Hills, Michigan was $1,223 per month.
What is the price-to-rent ratio in Forest Hills, Michigan?
The price-to-rent ratio in Forest Hills, Michigan is about 5.2, meaning it would take roughly 5.2 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 Forest Hills.
Are home prices or rent rising faster in Forest Hills, Michigan?
Both home prices and rent are rising in Forest Hills, up about 59.8% and 6.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Forest Hills, Michigan?
90.6% of households in Forest Hills, Michigan own their home, higher than the Michigan average of 64.6%.
What is the vacancy rate in Forest Hills, Michigan?
The housing vacancy rate in Forest Hills, Michigan is 3.5%, lower than the Michigan average of 11.8%.
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