Quick facts: Dearborn, MI

Quick Facts

105.1
Cost of Living
above US average
107,710
Population
21.92
Crime Rate per 1000
below US average
$64,600
Median Income
below US average
$179,900
Median House Price
above US average
$2100.0
Average Rent
above US average
12%
Poverty Rate
above US average
4.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $64,600.

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Income Needed to Buy

βœ“ Affordable
$56k/year
Based on $179,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($64,600) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$90k/year
Based on $2100.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $90k vs median $64,600
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Dearborn, MI

Dearborn, Michigan, located just southwest of Detroit, is a vibrant city known for its rich history and cultural diversity. With a population of around 93,000, it boasts a strong sense of community and is home to one of the largest Arab American populations in the United States. The city was founded in 1836 and has evolved significantly, becoming a hub for the automobile industry, largely due to the presence of the Ford Motor Company. Visitors and residents alike enjoy the Henry Ford Museum, which showcases American innovation and history. Dearborn is also known for its extensive parks and recreational areas, with places like Ford Woods Park and the picturesque Campus Martius Park providing green spaces for relaxation and outdoor activities. The annual Arab International Festival highlights the city's cultural diversity and fosters community engagement. With a blend of historic and modern attractions, Dearborn offers a unique experience with a wide array of dining options, particularly Middle Eastern cuisine. It’s a city that respects its traditions while embracing progress, making it a unique place to live and visit.

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