Housing and Real Estate Development in Farmington and Farmington Hills, MI
Business prospects in Farmington and Farmington Hills, Michigan are currently very positive. This definitely creates a ripple effect which sparks real estate development and gives prospective homeowners access to a lot of interesting options, from single-family dwellings to condos and beyond.
While the cost of real estate in upscale areas isn't particularly affordable, houses at mid-range price points are available. For example, it's possible to buy a single-family home in Farmington Hills, which has a few bedrooms and more than one bathroom, for about $226,000 dollars.
Below you will find an overview along with more facts about housing and real estate development in Farmington Hills and nearby Farmington.
Facts about Both Cities
Before we begin, you should know that these two cities vary in terms of size and scale. Farmington is smaller, with a population of just over ten thousand people. It covers only several square miles. Farmington Hills is much bigger, with a population is seven times the size of Farmington's.
Both areas feature largely Caucasian demographics and both are considered to be family-friendly suburbs of nearby Detroit. In particular, Farmington Hills is a place where a lot of business is conducted with Detroit businesses. Both cities share a range of community services, including access to the SMART public transportation system, public parks and more. Both have great school systems.
Housing Facts to Be Aware Of
In Farmington Hills, the median average price of a home is around 226k. This equates to 116 dollars per square feet. The average cost of rent is 1600 dollars per month. The cost of square footage, on average, has increased by four percent since the previous year. This means that real estate is going up in value. This is good news for those who've entered the real estate marketing in Farmington Hills.
If they bought before prices went up, their homes are now worth more than they paid and this is what every real estate investor wants. Those who wish to enter the market now will need to pay a bit more. However, the increases in real estate prices show no signs of slowdown and housing prices are still within affordable ranges.
In Farmington, housing prices are much lower. Farmington is much smaller and its housing prices reflect its "small town" vibe. The average cost of a home in Farmington is just $157,000. The average cost of rent in this city, which features an updated downtown core, with more downtown improvement scheduled for the future, is $864 per month. As you can see, Farmington offers more affordability. However, it doesn't have the same size and scale as Farmington Hills. With this in mind, many homeowners opt for the bigger city and are willing to pay more in order to have easier access to amenities.
While amenities in both communities are easily accessible to residents of both communities, Farmington Hills clearly has an edge in terms of commanding higher real estate values and rental rates.
In terms of real estate development, Farmington Hills is doing well. Market trends show that home sales are up and this gives developers the confidence to build in the city. Overall, home sale prices have increased by nine percent over the prior twelve months. This is a significant jump and it establishes the city as a prosperous place which supports real estate development.
Farmington is smaller, but still experiencing growth in terms of real estate development. The city's DDA (Downtown Development Authority) has created a master plan for the downtown core which includes real estate development. To this end, the Authority is working on changing zoning laws in order to facilitate new builds and upgrades of existing heritage properties and other types of properties.
The rejuvenation and improvement of the downtown core will spark more residential building over the coming years. Improvements to the downtown core are expected to be completed in 2020.
How to Shop for Real Estate
As you can see, both areas have a lot to offer in terms of real estate development and housing. Farmington Hills costs more, but has more amenities and services to offer. Farmington offers small-town charm, although it's technically a city, and it's very affordable.
Knowing what you want is the key to choosing the right housing or other type of real estate. Deciding which city suits your needs and budget will be important. Hopefully, the information that we've shared here will make it easier for you to make a wise and informed decision.
Both cities are linked under a broader sense of community. In addition, both have bright futures in terms of economic growth. Situated close to four highways, these Michigan cities also offer a prime location.