A typical Selma home is worth roughly $265,000
Home prices around Selma have risen about 71% over the past 5 years.
What kind of housing town is Selma?
Read from the numbers below. The page puts what stands out first.
Home prices up 71% in 5 years
The federal house price index for the ZIP codes around Selma rose 71% over the past 5 years, faster than across Michigan (52%). Last year prices rose 6.5%. Carrying the Census median home value forward with that index puts the typical Selma home at roughly $265,000 today.
Carrying the Census median forward with the index puts a typical home at about $265K.
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Selma, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
85% of Selma households own their home
Half of Selma’s homes were built before 1983.
Michigan: 73% own.
U.S. Census Bureau, American Community Survey 2020-2024.
A typical home costs 4.1 years of income
More than across Michigan (3.7 years). Try your own numbers below.
That’s $20K short of a typical Selma home.
A two-bedroom rents for about $1,060 a month here, $580 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Selma’s typical property tax (1.12% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,060
Renters already here pay a median of $1,714.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Lake County, MI): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
Selma vs. its neighbors
Selma is the 2nd priciest of 5 neighboring towns. Tap one to see its housing page.
Compare more
| Town | Typical value | 1-yr change | 2-bed rent | Median income |
|---|---|---|---|---|
| Selma | $265K* | +6.5%† | $1,060 | $65,217 |
| Boon | $261K | +6.4% | $1,130 | $47,212 |
| Colfax | $172K* | +2.5%† | $1,090 | $47,500 |
| Haring | $193K* | +6.5%† | $1,050 | $74,563 |
| Cherry Grove | $271K* | +6.5%† | $1,060 | $97,177 |
Typical value: Zillow Home Value Index; * Census median home value where Zillow has none. † FHFA price index change where Zillow has none. Rent: HUD Fair Market Rent. New homes: Census building permits.
Neighbors talk housing
What Selma buyers, sellers and renters are saying.
Your answer becomes a post in Town Square.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers. The calculator is an estimate, not a loan offer.