The typical owner-occupied home in Flat Rock is worth about $228,800, about the same as the Michigan median of $231,600 and 31% below the national median of $332,700. Owners pay a median $5,455 a year in property taxes, about 2.38% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $81,585 a year, so the median home costs 2.8 times the median income (3.2 times for Michigan). 83% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Flat Rock at a glance
| Flat Rock | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $228,800 | $231,600 | $332,700 |
| Median property tax paid per year | $5,455 | $2,904 | $3,119 |
| Property tax as a share of value | 2.38% | 1.25% | 0.94% |
| Median household income | $81,585 | $72,875 | $80,734 |
| Homes lived in by their owners | 83% | 73% | 65% |
| Owner homes with a mortgage | 63% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,826 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 19.2% | 19.3% | 21.0% |
| Median rent | $919 | $1,129 | $1,413 |
| Rent as a share of renters' income | 23.7% | 30.2% | 30.6% |
| Median year homes were built | 1985 | 1972 | 1980 |
| Vacant homes | 5.9% | 11.8% | 10.1% |
| Population | 10,340 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Flat Rock
At this week's average 30-year rate of 7.11%, buying the median Flat Rock home of $228,800 with 20% down costs about $1,780 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,162, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $76,305 for the 20%-down payment. That payment is 26% of the median Flat Rock household income of $81,585; at that income and 20% down, the 28% guideline points to a home of about $245,000.
The median rent here is $919 a month, so owning the median home costs about $861 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $45,760 |
|---|---|
| Loan amount | $183,040 |
| Principal and interest | $1,231 |
| Property taxes (2.38% a year) | $454 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| PMI | $0 |
| Total per month | $1,780 |
Change the numbers in the calculator
| Down payment | $8,008 |
|---|---|
| Loan amount | $224,656 |
| Principal and interest | $1,511 |
| Property taxes (2.38% a year) | $454 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| FHA mortgage insurance | $101 |
| Total per month | $2,162 |
Change the numbers in the calculator
Questions about home buying in Flat Rock
What is the median home value in Flat Rock?
About $228,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Flat Rock?
Homeowners pay a median $5,455 a year, which is about 2.38% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Flat Rock?
For the median home with 20% down at 7.11%, the payment is about $1,780 a month. Keeping that under 28% of gross income takes about $76,305 a year.
More about Flat Rock
- Mortgage Refinance in Flat Rock
- Debt Relief in Flat Rock
- Home Equity Loans in Flat Rock
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data