Parma, MI Profile: Facts & Data

The primary coordinate point for Parma is located at latitude 42.2584 and longitude -84.5997 in Jackson County. The formal boundaries for the Village of Parma encompass a land area of 1.06 sq. miles and a water area of 0 sq. miles. Jackson County is in the Eastern time zone (GMT -5). The elevation is 1,001 feet.

The Village of Parma (GNIS ID: 2399626) 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.

Parma, MI Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	785 (100%)
Population in Households	782 (99.6%)
Population in Families	650 (82.8%)
Population in Group Quarters¹	3 ( 0.4%)
Population Density	748
Diversity Index²	15


INCOME
Median Household Income	$64,707
Average Household Income	$77,047
% of Income for Mortgage⁴	10%
Per Capita Income	$29,411
Wealth Index⁵	73

HOUSING
Total HU (Housing Units)	331 (100%)
Owner Occupied HU	243 (73.4%)
Renter Occupied HU	55 (16.6%)
Vacant Housing Units	32 ( 9.7%)
Median Home Value	$147,569
Average Home Value	$188,992
Housing Affordability Index³	263

HOUSEHOLDS
Total Households	299
Average Household Size	2.62
Family Households	211
Average Family Size	3

NOTES

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.
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.
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.
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).
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.

Parma, MI - Peer Comparisons by Rank and Percentile

The table below compares Parma to the other 692 incorporated cities, towns and CDPs in Michigan by rank and percentile using July 1, 2020 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.

GROWTH RATE / YEAR	2010-2020	2020-2025
Population	0.2%	0.15%
Households	0.4%	0.2%
Families	0.19%	0.19%
Median Household Income		0.42%
Per Capita Income		1.12%
Owner Occupied HU		0.25%

Variable Description	Rank	Percentile
Total Population	# 481	31st
Population Density	# 428	38th
Median Household Income	# 134	81st
Housing Affordability Index	# 543	78th
Per Capita Income	# 241	65th
Diversity Index	# 426	39th

Parma, MI Profile: Facts & Data

Parma, Michigan - Basic Facts

Parma, MI Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Parma, MI - Peer Comparisons by Rank and Percentile

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