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This page contains aggregated information about each property, and is not intended to serve as an appraisal. Projections for accumulated wealth, cash flow and equity are based on predictive models used to analyze big data on more than 110 million homes. Learn more about INVESTimate

6490 Norham Rd Bloomfield Hills, MI 48301

3 Beds 5 Baths 4,614 sqft Built 1950
Last updated:  Jun 30, 2018

INVESTimate

$633,032

$553K - $713K

Price Est.

$4,490

$4.2K - $4.8K

Rent Est.

$671,837  ( +6.13%)   1 YR EST. FORECAST
  
  
  

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6490 Norham Rd PROPERTY INFO

FACTS
  • Built In 1950
  • Price/Sqft : $137.20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 4,614 sqft
  • Baths : 3 Full 2 Half

6490 Norham Rd SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
WEST MAPLE ELEMENTARY SCHOOL Primary Magnet 573 38 9
BERKSHIRE MIDDLE SCHOOL Middle Magnet 756 42 10
WYLIE E. GROVES HIGH SCHOOL High Magnet 1,269 72 10

WEST MAPLE ELEMENTARY SCHOOL

  • Education Level: Primary
  • # of students: 573
  • # of teachers: 38
9
GreatSchools Rating

BERKSHIRE MIDDLE SCHOOL

  • Education Level: Middle
  • # of students: 756
  • # of teachers: 42
10
GreatSchools Rating

WYLIE E. GROVES HIGH SCHOOL

  • Education Level: High
  • # of students: 1,269
  • # of teachers: 72
10
GreatSchools Rating
 

Financial Details

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Neighborhood

Bloomfield Hills

  • 46,704

    POPULATION
  • 18,276

    HOUSEHOLDS
  • 91.4%

    WHITE COLLAR

Neighborhood : Bloomfield Hills

HOUSEHOLDS
18,276
POPULATION

46,704

13.3%Renters
86.7%Home Owners
LABOR FORCE

 

91.4%White Collar
8.6%Blue Collar
DISTRIBUTION OF RENTS IN NEIGHBORHOOD

Approximately 94% of rental properties in this neighborhood have a monthly rental rate greater than or equal to the target rent for this property of $4,140 per month.

MY RENT : $4,140 MEDIAN RENT : $3,118

Rent % Distribution LEVEL
$500-699 0.0%
$700-899 0.0%
$900-999 0.0%
$1,000-1,499 5.7%
>=$1,500 94.3%
Household Rent Affordability

According to U.S. Department of Housing and Urban Development, families that use more than 30% of their income to pay for housing are considered cost burdened. A target rent of $4,140 would therefore be considered affordable for annual household incomes greater than $165,600 (12 months x 3.333 x $4,140).

Rent % Affordability
Above $500 93.6%
Above $700 90.0%
Above $1,100 81.9%
Above $1,500 73.5%
Above $1,900 66.5%
HOUSEHOLD INCOME RANGE

Approximately 3,508 of households in this neighborhood have a total annual income of $165,600 or more. This is the minimum amount of income necessary to comfortably afford the target rental rate for this property of $4,140 per month.

MINIMUM INCOME RANGE : $165,600

Income % Distribution
<$20K 6.4%
$20K-$35K 7.2%
$35K-$60K 12.8%
$60K-$100K 16.7%
>=$100K 56.8%
COMMUTE TIME DISTRIBUTION

65% of the working population has a commute time of 15 to 44 minutes, 24% has a commute time of 14 minutes or less and 11% has a commute time of 45 minutes or longer.

Time (mins) % Distribution
<5 mins 2.5%
5-9 mins 8.4%
10-14 mins 13.5%
15-19 mins 17.4%
20-29 mins 24.0%
30-44 mins 23.2%
45-59 mins 6.9%
>60 mins 4.2%
DISTRIBUTION OF RENTS IN NEIGHBORHOOD

Approximately 94% of rental properties in this neighborhood have a monthly rental rate greater than or equal to the target rent for this property of $4,140 per month.

MY RENT : $4,140 MEDIAN RENT : $3,118

Rent % Distribution
$500-699 0.0%
$700-899 0.0%
$900-999 0.0%
$1,000-1,499 5.7%
>=$1,500 94.3%
Household Rent Affordability

According to U.S. Department of Housing and Urban Development, families that use more than 30% of their income to pay for housing are considered cost burdened. A target rent of $4,140 would therefore be considered affordable for annual household incomes greater than $165,600 (12 months x 3.333 x $4,140).

Rent % Affordability
Above $500 93.6%
Above $700 90.0%
Above $1,100 81.9%
Above $1,500 73.5%
Above $1,900 66.5%
HOUSEHOLD INCOME RANGE

Approximately 3,508 of households in this neighborhood have a total annual income of $165,600 or more. This is the minimum amount of income necessary to comfortably afford the target rental rate for this property of $4,140 per month.

MINIMUM INCOME RANGE : $165,600

Income % Distribution
<$20K 6.4%
$20K-$35K 7.2%
$35K-$60K 12.8%
$60K-$100K 16.7%
>=$100K 56.8%
COMMUTE TIME DISTRIBUTION

65% of the working population has a commute time of 15 to 44 minutes, 24% has a commute time of 14 minutes or less and 11% has a commute time of 45 minutes or longer.

Time (mins) % Distribution
<5 mins 2.5%
5-9 mins 8.4%
10-14 mins 13.5%
15-19 mins 17.4%
20-29 mins 24.0%
30-44 mins 23.2%
45-59 mins 6.9%
>60 mins 4.2%

Bloomfield Hills Demographics

INDUSTRY

Industry % Distribution
Educational Services 8.8%
Financial Industries 7.4%
Health Care & Social Assistance 20.7%
Manufacturing 15.6%
Professional & Scientific Tech Services 15.0%
Retail & Wholesale Trader 9.3%
Other 23.3%
AGE DISTRIBUTION

49% of the population is between the ages of 25 and 64, 28% is 24 or younger and 23% is 65 or older.

Age % Distribution
<15 17.3%
15-19 6.7%
20-24 3.7%
25-44 17.3%
45-65 31.7%
66+ 23.3%
OCCUPATION

Occupation % Distribution
Computer Engineering 9.6%
Construction 5.8%
Healthcare 14.4%
Legal 5.5%
Management, Business, & Financial 34.5%
Sales & Office 19.2%
Other 10.9%
HIGHEST EDUCATION LEVEL

43% of adults 25 and older have an education level of a bachelor's degree or higher.

Education Level % Distribution
Associates Degree 4.8%
High School 8.1%
Masters Degree 22.1%
Professional 12.3%
Some College 12.9%
Other 39.9%

6490 Norham Rd Comps

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6490 Norham Rd, Bloomfield Hills, MI 48301 is a single family home of 4,614 sqft. HomeUnion INVESTimateĀ® for 6490 Norham Rd includes a Price Estimate of $633,032 and a Rent Estimate of $4,490. This single family home has 3 bedrooms,5 bathrooms, and was built in 1950. This property has an estimated 15 year annualized Yield of 8.51% and Total Return of 28.59%. The estimated 1 year forecast in home value for 6490 Norham Rd is 6.13%.

Looking for real estate investment properties in this area? You can browse additional properties and view investment data in MI , OAKLAND County , or the 48301 Zipcode. Nearby Zipcodes include Zipcode1 and Zipcode2

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