Cost of Living in Monroe, MI

Housing

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

• Housing Index: 90.4 / 100
• Median Home Price is: $163000
• Average Rent (2 BR Apartment): $900 per month
• Average Rent (2 BR House): $1000 per month

Considering a move to Monroe, MI? With a housing index of 90.4, the cost of living here may be favorable compared to other metropolitan areas. The median home price stands at 163000, making home ownership attainable for many. Additionally, average rents for a 2-bedroom apartment and house are set at 900 and 1000, respectively. These figures suggest that while you can secure a rental at a reasonable rate, buying a home may represent a long-term investment in an otherwise affordable market. Be sure to weigh these options as part of 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 Monroe, 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 Monroe, 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 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: 95.2

Median Income

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

• Median Income: $57779

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.

• Click here for more information

Summary

When considering a move to Monroe, 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.