Wayne, MI Real Estate & Homes For Sale

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Wayne Housing Information

Index	Wayne	Michigan	National
Median home price	$65,900	$127,800	$184,700
Median rent asked	$696	$799	$949
Avg. people per household	2.5	2.5	2.6
Owner occupied households	56.7%	70.8%	63.6%
Renter occupied households	43.3%	29.2%	36.4%

Above is a snapshot look at the real estate market in Wayne, MI. In Wayne, MI, the median house price is $65,900, making the price 48% lower than that the average for Michigan. Therefore, the affordability of Wayne, MI area real estate is more affordable than the real estate in other areas of Michigan. In addition, Wayne, MI has a median rent price of $696; this price is 13% lower than that the average rental price for Michigan. 56.7% of residents in Wayne, MI are homeowners, and the average amount of people who reside in each home is 2.5. Wayne, MI has a wide array of real estate options available, ranging from cost-friendly condos to high-end luxury homes. We filter listings by number of bathrooms and bedrooms, price and area to simplify the search process for Wayne, MI real estate for sale.

Wayne Home Affordability

When looking for real estate in Wayne, MI, nothing is more important than affordability. There are several methods to calculate the affordability of a home, but perhaps the best way is the home price to median household income ratio. In Wayne, MI, the median price of a home is $65,900 and $40,973 is the median household income. This means that the home price to income ratio is 1.6x, a ratio that is 36% lower than the average in Michigan. The median home price is divided by the median home income to calculate the home affordability ratio. Homes in Wayne, MI will be more financially accessable if the ratio has a lower than average home price to home income. These are not the only aspects to look at when determining the affordability of a home. A home affordability calculator offers a much more exact overview of the true affordability of a property. Use the calculator below to better determine how much you can pay for real estate in Wayne, MI.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Highland Park, MI	10,978	$32,600	82%
River Rouge, MI	7,609	$35,600	81%
Ecorse, MI	9,270	$39,600	79%
Inkster, MI	24,738	$45,000	76%
Hazel Park, MI	16,587	$51,200	72%
Wayne, MI	17,143	$65,900	64%

Cities with similar population

City, State	Population	Home Price	National Avg.
Hermiston, OR	17,150	$143,600	22%
Nederland, TX	17,132	$126,600	31%
Kings Park, NY	17,157	$425,200	130%
Ashwaubenon, WI	17,157	$151,600	18%
Eloy, AZ	17,128	$73,300	60%
Wayne, MI	17,143	$65,900	64%

Source: The Wayne, MI housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).