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These days, finding an affordable place to live in the Farmington area can be challenging. Home prices in Farmington are now at a median cost of $326,998, higher than the Michigan average of $250,415.
The average cost of rent is $1,352/mo in Farmington, primarily driven by the current value of real estate in the Farmington area. In Farmington, 38.97% of households rent, and 45.02% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Farmington is $8,269 per month. Households that rent pay about 16.35% of their income on rent here. Farmington’s most expensive areas are in the western regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Farmington Hills, MI: equally priced homes
- Livonia, MI: less expensive homes
- Novi, MI: higher priced homes
- Franklin, MI: higher priced homes
- Northville, MI: higher priced homes
- Bingham Farms, MI: higher priced homes
- West Bloomfield, MI: higher priced homes
- Southfield, MI: less expensive homes
- Redford, MI: less expensive homes
- Walled Lake, MI: equally priced homes
Cities with Similar Populations
- California, MD: higher priced homes
- Willow Street, PA: equally priced homes
- Williamston, NC: less expensive homes
- Wickliffe, OH: less expensive homes
- Warrenton, MO: less expensive homes
- Wagoner, OK: less expensive homes
- Clinton, CT: higher priced homes
- Church Hill, TN: less expensive homes
- Cherryville, NC: less expensive homes
- Cedar Grove, NJ: higher priced homes
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