Madison Heights, Michigan Housing Market Prices
Madison Heights 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 5% above the Michigan median$145,331
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Median rent 4% above the Michigan median$1,175
Housing Market Overview
| Metric | Madison Heights | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,331 | $138,713 | $248,835 |
| Price Trend (Annual %) | 20.7% | 8.6% | 7.5% |
| Median Gross Rent | $1,175 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Madison Heights is about 5% higher than in Michigan. Rent is about 4% 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 Madison Heights, up about 20.7% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Madison Heights rose about 48.1% between 2015 and 2024, from $793 to $1,175. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Madison Heights.
Buying the median-priced home in Madison Heights costs roughly 10.3 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 Madison Heights. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Madison Heights | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,331 | $138,713 | $248,835 |
| Median Household Income | $69,481 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Madison Heights rose about 224.4%, while median household income rose about 38.5% 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 | Madison Heights | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.3% | 64.6% | 58.5% |
| Rental Rate | 32.3% | 23.6% | 31.2% |
| Vacancy Rate | 8.4% | 11.8% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Madison Heights has a homeownership rate of 59.3%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 8.4%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Madison Heights | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1963 | 1972 | 1978 |
| Median Number of Rooms | 5.1 | 5.9 | 5.5 |
The typical housing unit in Madison Heights was built around 1963. On average, 2.1 people live in a home with about 5.1 rooms, staying for about 13.0 years on average.
Madison Heights, MI Housing Compared With Nearby Cities
How Madison Heights, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Madison Heights, MI | 28,434 | $145,331 #1/2 | $1,175 #2/2 | 64.8% #2/2 |
| Royal Oak, MI | 57,530 | $87,356 | $1,380 | 68.0% |
Frequently Asked Questions
Common questions about the housing market in Madison Heights, Michigan.
What is the median home price in Madison Heights, Michigan?
The median home price in Madison Heights, Michigan is $145,331, higher than the Michigan average of $138,713.
What is the average home price in Madison Heights, Michigan?
The typical home price in Madison Heights, Michigan, reported as the median sale price, is $145,331. 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 Madison Heights, Michigan?
The median gross rent in Madison Heights, Michigan is $1,175 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Madison Heights in 2020?
In 2020, the median gross rent in Madison Heights, Michigan was $991 per month.
What is the price-to-rent ratio in Madison Heights, Michigan?
The price-to-rent ratio in Madison Heights, Michigan is about 10.3, meaning it would take roughly 10.3 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 Madison Heights.
Are home prices or rent rising faster in Madison Heights, Michigan?
Both home prices and rent are rising in Madison Heights, up about 20.7% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Madison Heights, Michigan?
59.3% of households in Madison Heights, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Madison Heights, Michigan?
The housing vacancy rate in Madison Heights, Michigan is 8.4%, lower than the Michigan average of 11.8%.
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