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These days, finding an affordable place to live in the Parma area can be challenging. Home prices in Parma are now at a median cost of $228,267, lower than the Michigan average of $250,415.
The average cost of rent is $922/mo in Parma, primarily driven by the current value of real estate in the Parma area. In Parma, 10.93% of households rent, and 43.93% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Parma is $8,023 per month. Households that rent pay about 11.50% of their income on rent here. Parma’s most expensive areas are in the central regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Sandstone, MI: equally priced homes
- Spring Arbor, MI: less expensive homes
- Devereaux, MI: less expensive homes
- Tompkins, MI: equally priced homes
- Concord, MI: less expensive homes
- Albion, MI: less expensive homes
- Springport, MI: less expensive homes
- Jackson, MI: less expensive homes
- Rives Junction, MI: equally priced homes
- Vandercook Lake, MI: less expensive homes
Cities with Similar Populations
- Ballinger, TX: less expensive homes
- North Salem, NY: higher priced homes
- Marion, AL: less expensive homes
- Lytton Springs, TX: higher priced homes
- Luther, OK: equally priced homes
- Laporte, CO: higher priced homes
- Ketchum, ID: higher priced homes
- Hill Afb, UT: higher priced homes
- Garland, UT: higher priced homes
- Fremont, NC: less expensive homes
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