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: $100,000
- 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 Detroit is a financially viable option for your relocation.