Bingham Farms, MI Profile: Facts & Data

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Bingham Farms, Michigan - Basic Facts

The Village of Bingham Farms had a population of 1,129 as of July 1, 2023. Bingham Farms ranks in the upper quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Michigan. See peer rankings below.

The primary coordinate point for Bingham Farms is located at latitude 42.5159 and longitude -83.2733 in Oakland County. The formal boundaries for the Village of Bingham Farms encompass a land area of 1.21 sq. miles and a water area of 0 sq. miles. Oakland County is in the Eastern time zone (GMT -5).

The Village of Bingham Farms has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

The Village of Bingham Farms is located within Township of Southfield, a minor civil division (MCD) of Oakland County.


Jump to... (On This Page!)
  1. Bingham Farms 2023 Demographic Data
  2. Growth Rates for Bingham Farms (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Michigan Research Tools (Easy Tools & Current Data)
  3. Michigan Data Comparison Tool - 2023 Demographics
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Bingham Farms, MI Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 1,129 (100%)
Population in Households 1,113 (98.6%)
Population in Families 868 (76.9%)
Population in Group Quarters1 16 ( 1.4%)
Population Density 930
Diversity Index2 42
 
 

INCOME

Median Household Income $172,369
Average Household Income $221,542
% of Income for Mortgage4 17%
Per Capita Income $91,268
Wealth Index5 388
Socioeconomic Status Index6 Moderate (63.0)
 

HOUSING

Total HU (Housing Units) 503 (100%)
Owner Occupied HU 413 (82.1%)
Renter Occupied HU 52 (10.3%)
Vacant Housing Units 38 ( 7.6%)
Median Home Value $480,579
Average Home Value $620,944
Housing Affordability Index3 136
 

HOUSEHOLDS

Total Households 465
Average Household Size 2.39
Family Households 275
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population 0.14% -0.18%
Households 0.00% -0.09%
Families   -0.29%
Median Household Income   0.97%
Per Capita Income   2.07%
Owner Occupied HU   0.05%

Bingham Farms, MI - Peer Comparisons by Rank and Percentile

The table below compares Bingham Farms to the other 745 incorporated cities, towns and CDPs in Michigan by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 406 46th
Population Density # 356 52nd
Median Household Income # 5 99th
Housing Affordability Index # 447 60th
Per Capita Income # 9 99th
Diversity Index # 120 84th

Additional comparisons and rankings can be made with a VERY EASY TO USE Michigan Census Data Comparison Tool.

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