There are currently 8,920 real estate properties in Romulus, MI, with a median automated valuation model (AVM) price of $197,500.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Romulus, 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 Romulus, MI, is $229,259.00, with the most expensive house in Romulus, MI, topping out at $3,292,800.00 and the cheapest home in Romulus, MI, clocking in at $48,500.00. In other words, there’s something for every potential homebuyer or savvy investor in Romulus, MI!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Romulus, MI, is on a rollercoaster ride. The average rent price in Romulus, MI, is $1,187.00. Indeed, when looking to rent in Romulus, MI, you can expect to pay as little as $540.00 or as much as $2,520.00, with the average rent median estimated to be $1,130.00. The good news is that finding an affordable and desirable property to rent in Romulus, 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.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Romulus, MI area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Romulus, MI and much more. Save thousands at closing with home foreclosure listings in Romulus, MI — up to 75% off market value!
Romulus is located in Wayne, Michigan, with an estimated municipal population of 23,573 residents. All of the best foreclosed homes for sale in Romulus are located in the following zip code areas on Foreclosure.com: 48174 48242. The estimated population per square kilometer (.62 miles) in Romulus is 255.
So, about how much do homes cost in Romulus? The most recent median value of resident-owned homes in Romulus is 95,228. An estimated 64.4 percent of households in Romulus own their homes, with an average family size of 3.36. The median household income in Romulus is 51,504, with18.9 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Romulus, the median commute time of resident workers (in minutes) is 24.8. And last, but certainly not least, are you looking for homes to rent in Romulus? If so, the average rent price paid by renters in Romulus is 933, according to recent statistics.
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 Romulus, 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 Romulus is 35.5, split between 47.8 percent male versus 52.2 female. The percentage of residents who report being married in Romulus is 38.7, with an average family size of 3.36.
The percentage of residents who report their race in Romulus is as follows:
|Black / African American||40.7%|
|American Indian / Alaskan Native||0.1%|
|Native Hawaiian / Other Pacifc Islander||0%|
Looking for family-friendly neighborhoods in and/or near Romulus? Or maybe you are searching for 55+ active adult communities in and/or near Romulus?
The percentage of residents who report their age in Romulus is as follows:
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 Romulus with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Romulus.
How do you know that living in -- or moving to -- Romulus is right where you need to be? Perhaps you grew up in Romulus or already live nearby; therefore, the decision to buy a home in Romulus is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Romulus 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 Romulus:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Romulus.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Romulus can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Romulus, meanwhile, can field multiple offers from more qualified buyers.
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