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 | Romulus | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,922 | $134,610 | $242,182 |
| Price Trend (Annual %) | 42.1% | 9.4% | 8.2% |
| Median Gross Rent | $1,050 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Romulus is about 10% lower than in Michigan. Rent is about 3% lower 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 Romulus, up about 42.1% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Romulus rose about 32.0% between 2015 and 2023, from $795 to $1,050. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Romulus.
Buying the median-priced home in Romulus costs roughly 9.6 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 Romulus. The price-to-rent ratio in Michigan is about 10.3.
| Metric | Romulus | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,922 | $134,610 | $242,182 |
| Median Household Income | $70,489 | $71,353 | $78,145 |
| Price-to-Income Ratio | 1.7 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Romulus rose about 209.7%, while median household income rose about 39.2% 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 | Romulus | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.2% | 64.1% | 58.2% |
| Rental Rate | 26.9% | 23.8% | 31.3% |
| Vacancy Rate | 7.9% | 12.2% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Romulus has a homeownership rate of 65.2%, higher than the Michigan average of 64.1%. Its housing vacancy rate is 7.9%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Romulus | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1976 | 1972 | 1978 |
| Median Number of Rooms | 5.8 | 5.8 | 5.5 |
The typical housing unit in Romulus was built around 1976. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Romulus, Michigan.
What is the median home price in Romulus, Michigan?
The median home price in Romulus, Michigan is $120,922, lower than the Michigan average of $134,610.
What is the average home price in Romulus, 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 Romulus, Michigan?
The median gross rent in Romulus, Michigan is $1,050 per month, lower than the Michigan average of $1,084.
What was the median gross rent in Romulus in 2020?
In 2020, the median gross rent in Romulus, Michigan was $913 per month.
What is the price-to-rent ratio in Romulus, Michigan?
The price-to-rent ratio in Romulus, Michigan is about 9.6, meaning it would take roughly 9.6 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 Romulus.
Are home prices or rent rising faster in Romulus, Michigan?
Both home prices and rent are rising in Romulus, up about 42.1% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Romulus, Michigan?
65.2% of households in Romulus, Michigan own their home, higher than the Michigan average of 64.1%.
What is the vacancy rate in Romulus, Michigan?
The housing vacancy rate in Romulus, Michigan is 7.9%, lower than the Michigan average of 12.2%.