Royal Oak, Michigan Housing Market Prices
Royal Oak 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 37% below the Michigan median$87,356
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Median rent 22% above the Michigan median$1,380
Housing Market Overview
| Metric | Royal Oak | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $87,356 | $138,713 | $248,835 |
| Price Trend (Annual %) | 1.0% | 8.6% | 7.5% |
| Median Gross Rent | $1,380 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Royal Oak is about 37% lower than in Michigan. Rent is about 22% 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 Royal Oak, up about 1.0% and 4.8% a year respectively. Rent is changing faster.
Median rent in Royal Oak rose about 53.9% between 2015 and 2024, from $897 to $1,380. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Royal Oak.
Buying the median-priced home in Royal Oak costs roughly 5.3 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 Royal Oak. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Royal Oak | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $87,356 | $138,713 | $248,835 |
| Median Household Income | $101,778 | $72,977 | $80,455 |
| Price-to-Income Ratio | 0.9 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Royal Oak fell about 43.7%, while median household income rose about 62.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Royal Oak | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.7% | 64.6% | 58.5% |
| Rental Rate | 29.9% | 23.6% | 31.2% |
| Vacancy Rate | 6.5% | 11.8% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Royal Oak has a homeownership rate of 63.7%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 6.5%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Royal Oak | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.97 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1957 | 1972 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Royal Oak was built around 1957. On average, 2.0 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Royal Oak, MI Housing Compared With Nearby Cities
How Royal Oak, MI compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Royal Oak, MI | 57,530 | $87,356 #2/2 | $1,380 #1/2 | 68.0% #1/2 |
| Madison Heights, MI | 28,434 | $145,331 | $1,175 | 64.8% |
Frequently Asked Questions
Common questions about the housing market in Royal Oak, Michigan.
What is the median home price in Royal Oak, Michigan?
The median home price in Royal Oak, Michigan is $87,356, lower than the Michigan average of $138,713.
What is the average home price in Royal Oak, Michigan?
The typical home price in Royal Oak, Michigan, reported as the median sale price, is $87,356. 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 Royal Oak, Michigan?
The median gross rent in Royal Oak, Michigan is $1,380 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Royal Oak in 2020?
In 2020, the median gross rent in Royal Oak, Michigan was $1,128 per month.
What is the price-to-rent ratio in Royal Oak, Michigan?
The price-to-rent ratio in Royal Oak, Michigan is about 5.3, meaning it would take roughly 5.3 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 Royal Oak.
Are home prices or rent rising faster in Royal Oak, Michigan?
Both home prices and rent are rising in Royal Oak, up about 1.0% and 4.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Royal Oak, Michigan?
63.7% of households in Royal Oak, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Royal Oak, Michigan?
The housing vacancy rate in Royal Oak, Michigan is 6.5%, lower than the Michigan average of 11.8%.
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