Parma, MI
Population 653 · Michigan
About Parma, MI
Parma is a small community located in Michigan with a population of 653 residents according to the latest US Census Bureau American Community Survey data. The median household income is $71,413 per year, which is 5% below the national median of $75,149. The median age of 35.6 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Parma features a median home value of $121,300, which is 50% below the national median of $244,900. This makes Parma one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $1,050, 10% below the national average of $1,163/month. Of the 277 total housing units, 78% are owner-occupied (188 units) and 22% are renter-occupied (54 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Parma shows an unemployment rate of 14.6%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 12.4%, above the national average of 12.4%. Workers in Parma have an average one-way commute time of 26.9 minutes.
Education & Demographics
20.5% of Parma residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 3.2% White, 0.8% Hispanic or Latino, 0.9% Black or African American, and 0.9% Asian residents, with 1.2% of the population being foreign-born.
Cost of Living in Parma, MI
Compared to national averages, Parma has a median household income of $71,413 (5% below the national median of $75,149). Home values average $121,300, which is 50% below the national median. Monthly rent at $1,050 is 10% below the US average of $1,163. Within Michigan, Parma's income is 8% above the state average of $66,017, and home values are 34% below the state median of $183,391.
Why Live in Parma, MI?
Parma offers affordable housing with a median home value of $121,300, below the US average of $244,900, and rent that’s lower than the national average at $1,050/month.
Potential considerations include median household income ($71,413) that falls below the national average. However, Parma’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Parma has a population of 653 with a median age of 35.6 years. Compare Parma with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Parma
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Byron | 654 | $64,135 | $177,500 | Compare |
| Maybee | 654 | $53,333 | $248,500 | Compare |
| Sunfield | 654 | $66,406 | $134,200 | Compare |
| Mackinaw City | 647 | $40,536 | $210,500 | Compare |
| Atlanta | 645 | $31,500 | $91,000 | Compare |
| Ida | 661 | $122,885 | $209,700 | Compare |
| Mackinac Island | 663 | $100,125 | $834,600 | Compare |
| New Lothrop | 640 | $78,500 | $178,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Parma With Other Cities
Frequently Asked Questions about Parma
What is the population of Parma, MI?
The population of Parma, MI is 653 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Michigan.
What is the median household income in Parma?
The median household income in Parma, MI is $71,413 per year, which is 5% below the national median of $75,149.
What is the median home value in Parma?
The median home value in Parma, MI is $121,300, which is 50% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Parma?
The median monthly rent in Parma, MI is $1,050, which is 10% below the national average of $1,163/month.
What is the unemployment rate in Parma?
The unemployment rate in Parma, MI is 14.6%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Parma, MI a good place to live?
Parma offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 653 and a median age of 35.6, the city appeals to a broad range of residents.
How educated is Parma, MI?
20.5% of residents in Parma aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Parma?
Key cost-of-living indicators for Parma, MI: median home value is $121,300 (50% below national), median rent is $1,050/month, and median household income is $71,413. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Parma?
The poverty rate in Parma, MI is 12.4%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Parma, MI?
Parma's population is 3.2% White, 0.8% Hispanic or Latino, 0.9% Black or African American, 0.9% Asian, and 4.3% two or more races. 1.2% of residents are foreign-born.