According to statistics, the population in Royal Oak, MI amounts to 58,973, which shows decline 0% compared to the previous year. The median age of the city’s residents is 36. The average household income is $74,140, shifting growth 8% from the past year, and the average property value in Royal Oak, MI growth 9% to $191,700 throughout the year.
|Number Of Employees||36,068|
|Median Property Value||$191,700|
The average household income in Royal Oak, MI grew from $68,504 to $74,140 in the past year. This data is an estimate based upon 28,548 households in Royal Oak, MI . The chart below presents how household income is distributed in Royal Oak, MI in comparison to the revenue allocation amid households nationally.
According to data from last year, the average property value in Royal Oak, MI shifted from $175,200 to $191,700 throughout the year. The subsequent graph indicates the share of properties in the given price range in Royal Oak, MI in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Royal Oak, MI properties falls in the '$200,000 to $249,999' range, which is lower 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 Royal Oak, MI compared to median property taxes around the country. The prevalent amount of property taxes in Royal Oak, MI equals $3000, which is less than the national average.
|May||vs Last Month|
|4+ bed apartments||$676,300||+6.3%|
During May 2023, the average price for an apartment in/near Royal Oak, MI increased by 2.7% to $423,269.
After collecting all data points, we now see that the average price for 1-bed apartment decreased by 40% to $236,939. Asking price for 2-bed apartment also increased by 1.4% and a place of this size will now cost you $291,442. A 3-bed apartment goes for $388,189, it increased by 5.7% lately. We discerned the rise of 4- and more bed apartment price. It increased by 6.3% and made it up to $676,300.
|May||vs Last Month|
|Houses for sale||$437,646||+2.8%|
|Condos for sale||$363,361||+8.7%|
Price reports demonstrate that house price increased by 2.8% this month making it up to $437,646. Condos are really in demand in this season. The median price for a condo increased by 8.7%, it’s now available for $363,361.