Cost of Living in Detroit, MI

Housing

The housing market plays a significant role in determining the cost of living in Detroit, MI.

• Housing Index: 72.0 / 100
• Median Home Price is: $100000
• Average Rent (2 BR Apartment): $1200 per month
• Average Rent (2 BR House): $1360 per month

Considering a move to Detroit, MI? With a housing index of 72.0 indicating a relatively balanced market, potential buyers may find the median home price at 100000 quite appealing, particularly for first-time buyers. Furthermore, average rents of 1200 for a 2-bedroom apartment and 1360 for a 2-bedroom house suggest that renting can be a feasible option as well. Remember, properties in Detroit often appreciate over time, making now a good time to consider your housing options. Long-term factors like the local economy and job market will also influence your decision.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Detroit, 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.): $200 per month

Living in Detroit, 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 200 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 Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 85.3

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $37761

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Detroit, MI, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.