Quick facts: Farmington hills, MI

Quick Facts

94.9
Cost of Living
below US average
82,737
Population
13.07
Crime Rate per 1000
below US average
$101,728
Median Income
above US average
$349,000
Median House Price
above US average
$1884.0
Average Rent
above US average
5%
Poverty Rate
below US average
2.8%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $101,728.

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Income Needed to Buy

βœ— Stretch
$109k/year
Based on $349,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $109k vs median $101,728
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Income Needed to Rent

βœ“ Affordable
$81k/year
Based on $1884.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($101,728) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Farmington hills, MI

Farmington Hills is a vibrant suburban city located in Oakland County, Michigan. Known for its well-planned neighborhoods and strong community involvement, it covers approximately 20.3 square miles and boasts a population of over 80,000 residents. The city is part of the Detroit metropolitan area and offers easy access to a range of urban amenities. The city features a diverse economy, with sectors including retail, healthcare, and professional services. Farmington Hills is home to several corporate offices and is recognized for its business-friendly environment. The community also emphasizes education, with top-rated public schools and several private institutions. Recreational opportunities abound, featuring numerous parks, nature trails, and sports facilities. The city's commitment to greenspace, such as the picturesque Heritage Park, provides residents with outdoor activities and community events throughout the year. Culturally, Farmington Hills encompasses a mix of dining, shopping, and entertainment options, along with annual festivals that celebrate its diversity. Overall, Farmington Hills combines suburban charm with urban convenience, making it a desirable place to live and work.

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