Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$264,316+1.8% YoY · prices are rising
Market right nowBuyer's marketMore homes for sale than last year, 22% have cut their price
Income needed to buy, per year$57,298About 0.7× the local median income ($77,534): affordable for a typical household
Days on market45 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+1.8%Zillow expects prices to rise slightly
The typical home in Detroit-Warren-Dearborn, MI is worth $264,316, up 1.8% from a year ago. That is well above what local incomes have historically supported: fair value is about $214,520, so the area is 23.2% overvalued. It is a buyer's market: homes take about 45 days to sell, listings are up 16% from a year ago, 22% of listings have had a price cut. Zillow expects prices to rise about 1.8% over the next year. A household needs about $57,298 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $77,534. Typical rent is $1,514 a month, or $1,673 for a house. In the latest IRS figures, 12,518 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$264,316
Change in 1 year
+1.8%
Overvalued %
+23.2%
Show 7 more
Fair home value
$214,520
Change in 5 years
+21.9%
Zillow forecast, next 12 months
+1.8%
Home value to income
3.4×
Monthly mortgage payment (20% down)
$1,432
Income needed to afford it
$57,298
Property tax rate
1.37%
Rent and investing
Typical rent
$1,514
Typical rent for houses
$1,673
Price-to-rent ratio
14.6×
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HUD Fair Market Rent, 2 bedrooms
$1,460
Gross rental yield
6.87%
Cap rate (estimate)
4.47%
Market activity
Listings vs a year ago
+16.1%
Days on market
45
Listings with a price cut
22.1%
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Homes for sale
12,548
Pending sales per 100 listings
41
Asking price per sq ft
$185
People and jobs
Median household income
$77,534
Population change (1 year)
+0.3%
Unemployment rate
6.4%
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Population
4,390,913
Income adjusted for cost of living
$77,302
Net moves in (IRS)
−12,518
Cost of living (US = 100)
100.3
Schools, risk and environment
School rating (1 to 10)
5.5
FEMA hazard risk score (0 to 100)
95.7
Unhealthy air days a year
10
Show 4 more
Flood risk score
96.2
Wildfire risk score
50.6
Walkability (1 to 20)
8.5
Road, rail and air noise
54 dB
Questions people ask
Is Detroit-Warren-Dearborn, MI overvalued?
Home prices in Detroit-Warren-Dearborn, MI are well above what local incomes have historically supported: fair value is about $214,520, so the area is 23.2% overvalued.
Is Detroit-Warren-Dearborn, MI a buyer's or seller's market?
Detroit-Warren-Dearborn, MI is a buyer's market: homes take about 45 days to sell, listings are up 16% from a year ago, 22% of listings have had a price cut.
Are home prices going down in Detroit-Warren-Dearborn, MI?
Home values in Detroit-Warren-Dearborn, MI are up 1.8% over the last year. Zillow's forecast for the next 12 months is +1.8%.
How much do you need to earn to buy a home in Detroit-Warren-Dearborn, MI?
A household needs about $57,298 a year to afford the typical home in Detroit-Warren-Dearborn, MI at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $77,534.