Quick facts: Monroe, MI

Quick Facts

94.9
Cost of Living
below US average
20,295
Population
24.59
Crime Rate per 1000
above US average
$57,779
Median Income
below US average
$198,000
Median House Price
above US average
$1123.75
Average Rent
below US average
12%
Poverty Rate
above US average
5.8%
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 $57,779.

🏠

Income Needed to Buy

βœ— Stretch
$62k/year
Based on $198,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $62k vs median $57,779
🏒

Income Needed to Rent

βœ“ Affordable
$48k/year
Based on $1123.75/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($57,779) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Monroe, MI

Monroe, Michigan, situated along the banks of Lake Erie, is a city with a rich history and diverse community. As the county seat of Monroe County, it boasts a population of approximately 20,000 residents. Established in the early 19th century, Monroe is named after President James Monroe and features a blend of historic architecture and modern amenities. The city's downtown area is vibrant, with charming shops, restaurants, and cultural attractions. A highlight is the Monroe County Historical Museum, which showcases the area’s history and heritage. Outdoor enthusiasts can explore various parks, such as Sterling State Park, which offers opportunities for fishing, hiking, and picnicking. Monroe has a strong sense of community, hosting events like the River Raisin Jazz Festival and summer farmer's markets. Its location provides convenient access to Detroit, only about 45 minutes away, allowing residents to enjoy suburban living while being close to the urban amenities of a major city. The mix of natural beauty, historical significance, and community spirit makes Monroe a unique and inviting place to live and visit.

πŸ” Search & Compare Places

First Location πŸ“