Housing Affordability Statistics for Wayne County, Michigan
Homeownership More Affordable in Wayne County
ATTOM’s affordability index shows that homeownership is currently considered affordable for the median local wage earner in Wayne County, Michigan. Wayne County has a population of 1.8 million, and the county is part of the dense Detroit-Warren-Dearborn Metropolitan Statistical area.
ATTOM’s affordability index provides quarterly updates on home affordability trends for counties nationwide. The data shows where home price appreciation is outpacing wage growth, including the annual income typically needed to buy a home. The statistics are key points of reference for property investors.
- Historical trends on housing affordability in Wayne County, Michigan, dating back to 2005.
- Potential shifts among homebuyers in the county.
- Detailed analysis of market trends based on quarterly data.
Wayne County has comparably affordable homeownership expenses for the average local wage earner.
The percentage of the average local wage used to pay for housing expenses in Wayne County is relatively low.
Homes in Wayne County are considered less affordable than their historical averages.
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Housing Affordability Summary for Wayne County, Michigan
Compared to other counties, Wayne County has affordable homeownership expenses for the average local wage earner. Homeownership typically consumes around 12 percent of average local wages, which is low compared to other counties.
Year-over-year gains in median home prices were high in Wayne County, up by around 12 percent. In 2020, median home prices were around $140,000 and they are now over $155,000. The current median wage in Wayne County is around $68,000. The median income required to buy an average home in Wayne County with a 20 percent down payment is around $30,000.
Homes in Wayne County are considered less affordable than their historical averages. The current index for Wayne County is around 80. An index of less than 100 is considered less affordable compared to historic averages. The affordability index is decreasing the most in Wayne County.
ATTOM’s housing affordability index for Wayne County, Michigan, analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics.