Romulus, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Romulus Neighborhoods Since 2000




Romulus, MI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Romulus Housing Market Information

With 23,417 people, 8,506 houses or apartments, and a median cost of homes of $94,101, house prices in Romulus are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Romulus, accounting for 66.87% of the city's housing units. Other types of housing that are prevalent in Romulus include large apartment complexes or high rise apartments ( 14.91%), mobile homes or trailers ( 11.22%), and a few row houses and other attached homes ( 4.69%).

The most prevalent building size and type in Romulus are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.81% owning and 36.19% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Romulus's housing was primarily built during this period, from the '40s through the '60s. A full 39.67% of the city's housing hails from this era. Other housing ages represented in Romulus include homes built between 1970-1999 ( 37.89%) and housing constructed between 2000 and later ( 16.92%). There's also some housing in Romulus built before 1939 ( 5.53%).

Romulus Home Appreciation Rates

Homes have actually lost value in Romulus over the last then years, as home values have seen a decline of 25.67% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Romulus home appreciation rates at 1.86%, which equates to an annual appreciation rate of 7.66%.

Appreciation rates are so strong in Romulus that despite a nationwide downturn in the housing market, Romulus real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Romulus appreciation rates continue to be some of the highest in America, at 7.78%, which is higher than appreciation rates in 85.64% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Romulus. Romulus appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Romulus one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Romulus's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Romulus differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Romulus - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Romulus real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$94,101

Romulus, MI HOME PRICES

Value Range
> $1,295,000 0.1
$971,001 - $1,295,000 0.0
$647,001 - $971,000 0.2
$518,001 - $647,000 0.0
$388,001 - $518,000 1.1
$259,001 - $388,000 2.0
$129,001 - $259,000 24.6
$65,001 - $129,000 39.2
$0 - $65,000 32.9

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
81.3078635884214 80.6089743589744

Number Of Homes And Apartments:
8,506

Romulus Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-16.61% -1.05% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,107 / per month

Homeownership Rate

Homeownership
Owners 63.81
Renters 36.19
Vacant 9.09

Housing Market Details

 

Age of Homes

AGE OF Romulus HOMES
2000 or Newer 16.9
1970 - 1999 37.9
1940 - 1969 39.7
1939 or Older 5.5

Types of Homes

TYPE OF Romulus HOMES
Single-Family 66.9
Townhomes 4.7
Small Apt. Buildings 2.3
Apt. Complexes 14.9
Mobile Homes 11.2
Other 0.0

Home Size

SIZE OF Romulus HOMES
No Bedroom 0.69
1 Bedroom 8.42
2 Bedrooms 22.08
3 Bedrooms 54.47
4 Bedrooms 13.16
5 or more bedrooms 1.18