Median household income: $95,182; value-to-income ratio 3.21. Royal Oak ranks 17 by home value and 22 by population among 102 places in our MI dataset.
What does an FHA loan cost on a typical Royal Oak home?
| Item | Royal Oak |
|---|---|
| Median home value (Census ACS) | $305,900 |
| Michigan median home value | $217,600 |
| Down payment (3.5%) | $10,707 |
| Loan incl. 1.75% upfront MIP | $300,359 |
| Estimated monthly payment (PITI + MI) | $2,590 |
| Income needed (28% / 36%) | $111,000 / $87,000 |
| Oakland County 2026 FHA limit (1 unit) | $541,287 |
| Max purchase price at the limit | $560,000 |
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Payment includes Michigan's 1.28% effective property tax rate (Census ACS), $1,110/yr homeowners insurance (NAIC state average) and 0.55% annual FHA MIP.
What is the 2026 FHA loan limit in Royal Oak?
Royal Oak is in Oakland County where HUD's 2026 one-unit FHA limit is $541,287. With the minimum 3.5% down, that caps the purchase price at about $560,000; above that you'd need a bigger down payment or a conventional loan (conforming limit $832,750).
The Royal Oak median home value of $305,900 is 41% above the Michigan median, and within what the county limit supports.
Which down payment assistance programs can Royal Oak buyers use?
- Oakland County Treasurer's Home Buyer Assistance Program — $5,000; grant; county-level. Oakland County Treasurer's Office with Independent Bank · Verified October 25, 2026
- MSHDA MI 10K DPA Loan — Up to $10,000; deferred; state-level. Michigan State Housing Development Authority · Verified October 23, 2026
FHA loans in nearby cities
FHA loan FAQs for Royal Oak
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- HUD Single Family Housing Policy Handbook 4000.1
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- Freddie Mac — Primary Mortgage Market Survey
- Oakland County Treasurer's Office with Independent Bank — Oakland County Treasurer's Home Buyer Assistance Program
- Michigan State Housing Development Authority — MSHDA MI 10K DPA Loan
Data last updated October 23, 2026.
Get matched with FHA lenders in Royal Oak
Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.
Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.