Oakland County, Michigan
Local mortgage guidance for Walled Lake buyers and homeowners, with options shopped across multiple wholesale lenders and one Michigan broker who stays with your file.
Tucked along the shoreline of its namesake lake in southwest Oakland County, Walled Lake is a compact city of roughly 7,500 residents whose identity is built around the water. Locals still trade stories about the old Walled Lake Amusement Park and Casino ballroom that drew summer crowds from 1919 until 1968, and the lakefront, Mercer Beach, and downtown shops along Pontiac Trail keep that small-town-by-the-water feel alive today. The local economy leans on Walled Lake Consolidated Schools, city government, and small manufacturers, while many residents commute to white-collar jobs along the I-96 / M-5 corridor in Novi and Commerce Township. With a median household income near $72,000, the ZIP offers near-lake living at one of Oakland County's more attainable price points.
By the numbers
Values move. Treat these as orientation and let us pull current figures for the address you are considering.
Typical home value, from the market research on this page
Typical rise in taxable value the year after a home sells, 2026 Uncapping Study
Property tax current owners pay, as a share of value. A buyer's bill can reset higher the year after a sale
Residential ZIP code: 48390
To comfortably carry the $280,000 median home, including Walled Lake's homestead millage, plan on a household income around $80,000 to $90,000. Since the local median income (about $72,000) sits modestly below that, many buyers put more down, add a second income, or target a condo or smaller subdivision home. Property taxes run about 1.3% effective, with the city levying roughly 32.7 mills for a principal residence versus 49.4 mills non-homestead, so investors should budget the higher rate. Nearly every home here falls well under conforming limits, so jumbo financing rarely applies; instead, ask us about MSHDA down-payment assistance and FHA options.
Nearly every Walled Lake purchase fits well under the 2026 conforming limit of $832,750, so loan size is rarely the constraint.
The market
Pinning down a single median price for 48390 is tricky because the ZIP stretches past city limits into parts of Commerce Township and Wolverine Lake. Zillow puts the typical home value around $231,000, while Redfin and current listing medians land closer to $268,000 to $284,000, so figure roughly $280,000 for a typical move-up purchase. Values are up about 3.5% year over year. This is a competitive market: homes generally sell in 20 to 34 days (as quick as 17 to 20 days in peak spring) at or near asking price. Demand is driven by lake access and an easy reach to the metro job corridor without an Oakland County premium.
Where to look
Older homes, condos, and small businesses along Pontiac Trail, steps from the lakefront. Prices run about $200,000 to $300,000.
An established single-subdivision. Prices run about $200,000 to $320,000.
Larger, newer single-family homes. Prices run about $250,000 to $400,000.
Near-lake homes on the Commerce/Walled Lake border. Prices run about $250,000 to $400,000 and up.
A smaller established residential pocket. Prices run about $200,000 to $300,000.
Premium lakefront properties top the market. Prices run about $350,000 to $700,000 and up.
Walled Lake's housing splits between its walkable lake-town core and surrounding subdivisions: All of 48390 is served by Walled Lake Consolidated Schools, a roughly 21-school district whose high schools are Walled Lake Central, Northern and Western.
Downtown Detroit is about 29 to 32 miles southeast, a 35 to 45 minute drive via M-5 and I-96.
Michigan property taxes
The year after a Michigan home sells, its taxable value resets to half of the assessor's market value, so the seller's tax bill is not your tax bill.
In the City of Walled Lake, our 2026 Uncapping Study found taxable value typically rises about 52% the year after a sale. On a $225,000 home, near the typical Walled Lake value, the first-year tax goes up roughly $1,570 at the Walled Lake schools rate. We build your payment on that post-sale number.
Looking at a Walled Lake address? Our Michigan property tax calculator finds that property's published 2025 millage and works out the tax to plan for after you buy.
In Michigan, don't just look at the current tax bill. Understand what could happen after ownership changes.
Local resources
The official offices behind the tax and school details on this page.
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Individual experiences. Results vary.
If yours is not here, ask it on the call. There are no dumb questions.
As of 2026 the typical home in Walled Lake runs roughly $230,000 to $285,000 depending on the source: Zillow pegs the typical home value near $231,000, while Redfin and listing medians put recent sale/list prices closer to $268,000 to $284,000. Values are up about 3.5% year over year, and lakefront homes can exceed $400,000 to $700,000.
To comfortably carry the roughly $280,000 median home with taxes and insurance included, plan on a household income around $80,000 to $90,000; what fits you depends on your down payment, rate and debts, so Samantha runs the real numbers with you. Since the local median household income is about $72,000, many buyers put more money down, buy a condo, or use two incomes. Ask Align Lending about first-time-buyer and down-payment-assistance programs that can lower the bar.
The effective property tax rate is roughly 1.3% of value, in line with Michigan’s median. The City of Walled Lake millage is about 32.7 mills for a principal residence (homestead) and around 49.4 mills for non-homestead/investment property. Remember Michigan caps annual increases in taxable value while one owner holds a home, and the year after a sale taxable value resets to half of the assessor’s estimate of market value, so a buyer’s bill can be higher than the seller’s.
Walled Lake is served by Walled Lake Consolidated Schools. Its high schools include Walled Lake Central, Northern, and Western.
Downtown Detroit is about 29 to 32 miles southeast, roughly a 35 to 45 minute drive via M-5 and I-96 outside of rush hour. Public transit is limited, so Walled Lake is very much a car-commuter community, though many residents work much closer in Novi, Commerce Township, and Farmington Hills.
It’s a competitive market: homes typically sell in about 20 to 34 days (faster, 17 to 20 days, in peak spring season), often at or near asking price. With steady about 3.5% annual appreciation and lake-access living at an attainable Oakland County price point, Walled Lake appeals to both owner-occupants and investors. Non-homestead properties carry a higher millage (about 49 mills), so factor that into rental return calculations.
Yes, Walled Lake, plus the nearby Commerce and Wolverine Lake chain, gives the ZIP a healthy supply of waterfront and lake-access properties, generally running $350,000 to $700,000+. Most still fall within conforming loan limits, so standard conventional financing usually applies, but appraisals on unique lakefront parcels can take longer. Talk to Align Lending early so we can structure the right loan and timeline for a waterfront purchase.
Tell Samantha what you are trying to do in Walled Lake and she will tell you what actually matters for your situation, including whether the timing is right.
Not what product you want. What you are actually trying to accomplish.
She works out what matters most for you specifically.
Your options, the tradeoffs, and your next step. No obligation to go further.
Align Lending LLC, NMLS #2041154. Samantha Shelton, NMLS 1647301. Equal Housing Opportunity. Licensed in Michigan, Ohio, North Carolina, Florida, Louisiana and Texas. Figures on this page are market research for orientation, not a quote. This page is for educational purposes only. It is not a credit decision, a preapproval, a commitment to lend, or an offer of credit.
The 48390 ZIP runs into Commerce and Wolverine Lake. I'll check your taxes.
Samantha Shelton · Broker Owner and Senior Loan Originator · NMLS 1647301
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Texts go to Samantha at (248) 506-5727. 7 days a week, evenings included.