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These days, finding an affordable place to live in the Royal Oak area can be challenging. Home prices in Royal Oak are now at a median cost of $327,161, higher than the Michigan average of $250,415.
The average cost of rent is $1,516/mo in Royal Oak, primarily driven by the current value of real estate in the Royal Oak area. In Royal Oak, 32.02% of households rent, and 31.72% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Royal Oak is $8,838 per month. Households that rent pay about 17.16% of their income on rent here. Royal Oak’s most expensive areas are in the southwestern regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Berkley, MI: equally priced homes
- Huntington Woods, MI: higher priced homes
- Clawson, MI: less expensive homes
- Pleasant Ridge, MI: higher priced homes
- Madison Heights, MI: less expensive homes
- Oak Park, MI: less expensive homes
- Ferndale, MI: less expensive homes
- Lathrup Village, MI: equally priced homes
- Birmingham, MI: higher priced homes
- Hazel Park, MI: less expensive homes
Cities with Similar Populations
- Pinellas Park, FL: less expensive homes
- Mishawaka, IN: less expensive homes
- Monroe, NC: equally priced homes
- Mount Juliet, TN: higher priced homes
- Murray, UT: higher priced homes
- National City, CA: higher priced homes
- New Baltimore, MI: less expensive homes
- New Brunswick, NJ: higher priced homes
- Newark, OH: less expensive homes
- Oak Lawn, IL: less expensive homes
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