Southfield, Michigan Housing Market Prices
Southfield 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 163% above the Michigan median$364,216
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Median rent 19% above the Michigan median$1,340
Housing Market Overview
| Metric | Southfield | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $364,216 | $138,713 | $248,835 |
| Price Trend (Annual %) | 29.3% | 8.6% | 7.5% |
| Median Gross Rent | $1,340 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Southfield is about 163% higher than in Michigan. Rent is about 19% 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 Southfield, up about 29.3% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Southfield rose about 36.9% between 2015 and 2024, from $979 to $1,340. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in Southfield.
Buying the median-priced home in Southfield costs roughly 22.7 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 Southfield. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Southfield | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $364,216 | $138,713 | $248,835 |
| Median Household Income | $68,267 | $72,977 | $80,455 |
| Price-to-Income Ratio | 5.3 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Southfield rose about 451.9%, while median household income rose about 25.0% 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 | Southfield | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.6% | 64.6% | 58.5% |
| Rental Rate | 42.4% | 23.6% | 31.2% |
| Vacancy Rate | 9.0% | 11.8% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Southfield has a homeownership rate of 48.6%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 9.0%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Southfield | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1970 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.9 | 5.5 |
The typical housing unit in Southfield was built around 1970. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Southfield, Michigan.
What is the median home price in Southfield, Michigan?
The median home price in Southfield, Michigan is $364,216, higher than the Michigan average of $138,713.
What is the average home price in Southfield, Michigan?
The typical home price in Southfield, Michigan, reported as the median sale price, is $364,216. 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 Southfield, Michigan?
The median gross rent in Southfield, Michigan is $1,340 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Southfield in 2020?
In 2020, the median gross rent in Southfield, Michigan was $1,126 per month.
What is the price-to-rent ratio in Southfield, Michigan?
The price-to-rent ratio in Southfield, Michigan is about 22.7, meaning it would take roughly 22.7 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 Southfield.
Are home prices or rent rising faster in Southfield, Michigan?
Both home prices and rent are rising in Southfield, up about 29.3% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Southfield, Michigan?
48.6% of households in Southfield, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Southfield, Michigan?
The housing vacancy rate in Southfield, Michigan is 9.0%, lower than the Michigan average of 11.8%.
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