Oak Park, Michigan Housing Market Prices
Oak Park 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 165% above the Michigan median$366,958
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Median rent 23% above the Michigan median$1,394
Housing Market Overview
| Metric | Oak Park | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $366,958 | $138,713 | $248,835 |
| Price Trend (Annual %) | 32.1% | 8.6% | 7.5% |
| Median Gross Rent | $1,394 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oak Park is about 165% higher than in Michigan. Rent is about 23% 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 Oak Park, up about 32.1% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Oak Park rose about 42.1% between 2015 and 2024, from $981 to $1,394. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 5.2 yearly household incomes in Oak Park.
Buying the median-priced home in Oak Park costs roughly 21.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Oak Park. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Oak Park | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $366,958 | $138,713 | $248,835 |
| Median Household Income | $70,831 | $72,977 | $80,455 |
| Price-to-Income Ratio | 5.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Oak Park rose about 364.9%, while median household income rose about 28.2% 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 | Oak Park | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.2% | 64.6% | 58.5% |
| Rental Rate | 34.9% | 23.6% | 31.2% |
| Vacancy Rate | 4.9% | 11.8% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Oak Park has a homeownership rate of 60.2%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 4.9%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Oak Park | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1960 | 1972 | 1978 |
| Median Number of Rooms | 5.7 | 5.9 | 5.5 |
The typical housing unit in Oak Park was built around 1960. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Oak Park, MI Housing Compared With Nearby Cities
How Oak Park, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Oak Park, MI | 29,311 | $366,958 #1/2 | $1,394 #1/2 | 63.3% #2/2 |
| Royal Oak, MI | 57,530 | $87,356 | $1,380 | 68.0% |
Frequently Asked Questions
Common questions about the housing market in Oak Park, Michigan.
What is the median home price in Oak Park, Michigan?
The median home price in Oak Park, Michigan is $366,958, higher than the Michigan average of $138,713.
What is the average home price in Oak Park, Michigan?
The typical home price in Oak Park, Michigan, reported as the median sale price, is $366,958. 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 Oak Park, Michigan?
The median gross rent in Oak Park, Michigan is $1,394 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Oak Park in 2020?
In 2020, the median gross rent in Oak Park, Michigan was $1,120 per month.
What is the price-to-rent ratio in Oak Park, Michigan?
The price-to-rent ratio in Oak Park, Michigan is about 21.9, meaning it would take roughly 21.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Oak Park.
Are home prices or rent rising faster in Oak Park, Michigan?
Both home prices and rent are rising in Oak Park, up about 32.1% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Oak Park, Michigan?
60.2% of households in Oak Park, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Oak Park, Michigan?
The housing vacancy rate in Oak Park, Michigan is 4.9%, lower than the Michigan average of 11.8%.
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