According to statistics, the population in Farmington Hills, MI amounts to 81,235, which shows decline 0% compared to the previous year. The median age of the city’s residents is 44. The average household income is $76,637, shifting growth 7% from the past year, and the average property value in Farmington Hills, MI growth 6% to $230,000 throughout the year.
|Number Of Employees||42,218|
|Median Property Value||$230,000|
The average household income in Farmington Hills, MI grew from $71,463 to $76,637 in the past year. This data is an estimate based upon 34,377 households in Farmington Hills, MI . The chart below presents how household income is distributed in Farmington Hills, MI in comparison to the revenue allocation amid households nationally.
According to data from last year, the average property value in Farmington Hills, MI shifted from $216,200 to $230,000 throughout the year. The subsequent graph indicates the share of properties in the given price range in Farmington Hills, MI in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Farmington Hills, MI properties falls in the '$300,000 to $399,999' range, which is higher than the most significant median property across the country.
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Farmington Hills, MI compared to median property taxes around the country. The prevalent amount of property taxes in Farmington Hills, MI equals $3000, which is less than the national average.
During Nov 2022, the average price for an apartment in/near Farmington Hills, MI increased by 2% to $390,874.
After collecting all data points, we now see that the average price for 1-bed apartment increased by 1.6% to $110,742. Asking price for 2-bed apartment also increased by 6% and a place of this size will now cost you $277,068. A 3-bed apartment goes for $325,764, it decreased by 6.1% lately. We discerned the rise of 4- and more bed apartment price. It increased by 11.6% and made it up to $502,206.
While assessing the property pricing Farmington Hills, MI, you can note that it remains flat with a price tag of $285,000. Price reports demonstrate that house price increased by 6.7% this month making it up to $413,532. Condos faced an upward trend these days. The median price for a condo decreased by 6.8%, it’s now available for $291,004. The price dynamics of lofts changed, it increased by 18.9%, the price tag now starts at $489,205.