Royal Oak, MI Real Estate
According to census data in the year 2000 there were 29,942 housing units in Royal Oak.
This represents a 2.7% growth from 29,163 in 1990.
Of those housing units, 29,942 were located in either urbanized areas or urban clusters, and none were located in what is classified as a rural area.
Homeownership rate in Royal Oak is about 70.1%.
Royal Oak's vacancy rate, including seasonal lodging, is about 3.5%.
Average household size is 2.06 people.
The majority of houses, apartments or condos in Royal Oak were built after 1954.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 2.10% |
| One Bedroom | 16% |
| Two Bedrooms | 26.10% |
| Three Bedrooms | 45.40% |
| Four Bedrooms | 9.20% |
| Five Bedrooms or more | 1.10% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.24 |
| Median year structure was built | 1951 |
| Median Value of occupied units | $150,900 |
| Median Price asked for vacant units | $156,100 |
Rented Homes, Apartments and Condos
| Average Household Size | 1.64 |
| Median year structure was built | 1961 |
| Median Monthly Rent asked for vacant units | $649 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.40% |
| Second Mortgage | 4.80% |
| Home Equity Loan | 11.60% |
| Simple Mortgage | 55.10% |
| Debt Free | 28.10% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 16.9% |
