Cheap Homes in Farmington Hills, MI

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Farmington Hills, MI Foreclosures

How much do homes sell for in Farmington Hills, MI?
The average home price is currently $342,181.
In Farmington Hills, MI, how many homes are available?
There are currently 23,844 active home listings available in Farmington Hills.
What’s the average rental cost in Farmington Hills, MI?
The average rental price in Farmington Hills is $1,953.
What is the most expensive home in Farmington Hills, Michigan?
The most expensive home sold in Farmington Hills had a price of $8,962,948.
What is currently the cheapest priced home in Farmington Hills, MI?
The cheapest home for sale in Farmington Hills is priced at $25,336.

Home Value Estimator For Farmington Hills, MI

There are currently 23,844 real estate properties in Farmington Hills, MI, with a median automated valuation model (AVM) price of $337,211.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Farmington Hills, MI, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Farmington Hills, MI, is $342,181.00, with the most expensive house in Farmington Hills, MI, topping out at $8,962,948.00 and the cheapest home in Farmington Hills, MI, clocking in at $25,336.00. In other words, there’s something for every potential homebuyer or savvy investor in Farmington Hills, MI!

Rent Prices In Farmington Hills, MI

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Farmington Hills, MI, is on a rollercoaster ride. The average rent price in Farmington Hills, MI, is $1,953.00. Indeed, when looking to rent in Farmington Hills, MI, you can expect to pay as little as $680.00 or as much as $3,920.00, with the average rent median estimated to be $1,960.00. The good news is that finding an affordable and desirable property to rent in Farmington Hills, MI -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Farmington Hills, MI In 2024

Farmington Hills is located in Oakland, Michigan, with an estimated municipal population of 80,612 residents. All of the best foreclosed homes for sale in Farmington Hills are located in the following zip code areas on 48336 48335 48334 48331. The estimated population per square kilometer (.62 miles) in Farmington Hills is 935.

Cost Of Living In Farmington Hills, MI

So, about how much do homes cost in Farmington Hills? The most recent median value of resident-owned homes in Farmington Hills is 257,279. An estimated 62.6 percent of households in Farmington Hills own their homes, with an average family size of 3.02. The median household income in Farmington Hills is 83,268, with41.5 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Farmington Hills, the median commute time of resident workers (in minutes) is 25.5. And last, but certainly not least, are you looking for homes to rent in Farmington Hills? If so, the average rent price paid by renters in Farmington Hills is 1,171, according to recent statistics.

Diversity And Demographics In Farmington Hills, Michigan

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Farmington Hills, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Farmington Hills is 42.9, split between 48.5 percent male versus 51.5 female. The percentage of residents who report being married in Farmington Hills is 53.5, with an average family size of 3.02.

The percentage of residents who report their race in Farmington Hills is as follows:

White 62.7%
Black / African American 19.9%
Asian 14.1%
American Indian / Alaskan Native 0.4%
Native Hawaiian / Other Pacifc Islander 0.1%
Multi-racial 2.4%
Other 0.4%

Looking for family-friendly neighborhoods in and/or near Farmington Hills? Or maybe you are searching for 55+ active adult communities in and/or near Farmington Hills?

The percentage of residents who report their age in Farmington Hills is as follows:

Under 10 9.9%
Aged 10-19 10.8%
20s 13%
30s 12.8%
40s 12.5%
50s 14.1%
60s 13.5%
70s 8.2%
80+ 5%

Best Schools In Farmington Hills, Michigan

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Farmington Hills with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Farmington Hills.

Pros And Cons Of Living In Farmington Hills, Michigan

How do you know that living in -- or moving to -- Farmington Hills is right where you need to be? Perhaps you grew up in Farmington Hills or already live nearby; therefore, the decision to buy a home in Farmington Hills is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Farmington Hills for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Farmington Hills:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Farmington Hills.

Reasons To Move To Farmington Hills, Michigan, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Farmington Hills can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Farmington Hills, meanwhile, can field multiple offers from more qualified buyers.

Cheap Homes in Farmington Hills, MI


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