Farmington, MI Real Estate
According to census data in the year 2000 there were 4,991 housing units in Farmington.
This represents a 1.9% growth from 4,898 in 1990.
Of those housing units, 4,991 were located in either urbanized areas or urban clusters, and none were located in what is classified as a rural area.
Homeownership rate in Farmington is about 64.1%.
Farmington's vacancy rate, including seasonal lodging, is about 3.3%.
Average household size is 2.13 people.
The majority of houses, apartments or condos in Farmington were built after 1965.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 1.70% |
| One Bedroom | 21.70% |
| Two Bedrooms | 27.30% |
| Three Bedrooms | 33.90% |
| Four Bedrooms | 13.90% |
| Five Bedrooms or more | 1.50% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.44 |
| Median year structure was built | 1960 |
| Median Value of occupied units | $173,900 |
| Median Price asked for vacant units | $77,900 |
Rented Homes, Apartments and Condos
| Average Household Size | 1.59 |
| Median year structure was built | 1972 |
| Median Monthly Rent asked for vacant units | $725 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.60% |
| Second Mortgage | 5.50% |
| Home Equity Loan | 9.10% |
| Simple Mortgage | 57.70% |
| Debt Free | 27.10% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 18% |
