Cost of Living in Waterford, MI
Housing
The housing market plays a significant role in determining the cost of living in Waterford, MI.
- Housing Index: 115.0 / 100
- Median Home Price is: $312,000
- Average Rent (2 BR Apartment): $1350 per month
- Average Rent (2 BR House): $1400 per month
When considering a move to Waterford, MI, it's essential to evaluate the housing market context. With a housing index of 115.0, the real estate pricing indicates a moderately competitive market, suggesting homes may be priced slightly above the national average. The median home price stands at 312000, which makes it secure for long-term investment amidst economic shifts. Meanwhile, rental prices for a 2-bedroom apartment at 1350 and a house at 1400 suggest affordability for individuals or families. Anticipating future market trends can further enhance your decision-making process.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Waterford, MI.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $15.42 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Waterford, MI could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $15.42 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Waterford is a financially viable option for your relocation.