Affordability evidence
Farmington Hills, MI home values, income, and owner costs
A borrower-focused reading of the latest ACS value, income, and owner-cost evidence for Farmington Hills, MI.
Source: U.S. Census Bureau
Last updated . Article facts reviewed through this date. Time-sensitive figures show their own as-of dates.
The local figures answer the first question: In Farmington Hills, MI, the 2024 ACS reports a median owner-occupied home value of $354,500, median household income of $104,836, and median selected monthly owner costs of $2,125 for owners with a mortgage. For borrower planning, together, those three reference points may help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,125 measure combines recurring ownership expenses rather than real estate taxes alone. A useful affordability review starts with $354,500, $104,836, and $2,125, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.
Farmington Hills, MI's $354,500 median home-value estimate is above the statewide $231,600 estimate, with a reported city-to-state gap of 53.1%. For borrower planning, that 53.1% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Farmington Hills, MI.