Cost of Living in Royal Oak, MI
Population: 57,880 • 2026 Data
$95,182
Median Household Income
+23% vs national
$1,335
Median Monthly Rent
-1% vs national
$305,900
Median Home Value
-10% vs national
3.1%
Unemployment Rate
Housing in Royal Oak
The median home value in Royal Oak, MI is $305,900. Monthly rent for a typical unit averages $1,335, while total monthly housing costs (including utilities and insurance) average $1,408.
Rent-to-income ratio: 16.8%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Royal Oak, MI is $95,182. The unemployment rate stands at 3.1%, with a labor force of 37,515 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.