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 | Inkster | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,169 | $134,610 | $242,182 |
| Price Trend (Annual %) | 35.3% | 9.4% | 8.2% |
| Median Gross Rent | $1,126 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 5.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Inkster is about 38% lower than in Michigan. Rent is about 4% 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 Inkster, up about 35.3% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Inkster rose about 52.8% between 2015 and 2023, from $737 to $1,126. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Inkster.
Buying the median-priced home in Inkster costs roughly 6.2 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 Inkster. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Inkster | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,169 | $134,610 | $242,182 |
| Median Household Income | $39,789 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Inkster rose about 464.8%, while median household income rose about 15.6% 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 | Inkster | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 38.1% | 64.1% | 58.2% |
| Rental Rate | 45.1% | 23.8% | 31.3% |
| Vacancy Rate | 16.8% | 12.2% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Inkster has a homeownership rate of 38.1%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 16.8%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Inkster | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1957 | 1972 | 1978 |
| Median Number of Rooms | 5.2 | 5.8 | 5.5 |
The typical housing unit in Inkster was built around 1957. On average, 2.6 people live in a home with about 5.2 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Inkster, Michigan.
What is the median home price in Inkster, Michigan?
The median home price in Inkster, Michigan is $83,169, lower than the Michigan average of $134,610.
What is the average home price in Inkster, 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 Inkster, Michigan?
The median gross rent in Inkster, Michigan is $1,126 per month, higher than the Michigan average of $1,084.
What was the median gross rent in Inkster in 2020?
In 2020, the median gross rent in Inkster, Michigan was $915 per month.
What is the price-to-rent ratio in Inkster, Michigan?
The price-to-rent ratio in Inkster, Michigan is about 6.2, meaning it would take roughly 6.2 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 Inkster.
Are home prices or rent rising faster in Inkster, Michigan?
Both home prices and rent are rising in Inkster, up about 35.3% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Inkster, Michigan?
38.1% of households in Inkster, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Inkster, Michigan?
The housing vacancy rate in Inkster, Michigan is 16.8%, higher than the Michigan average of 12.2%.