Cost of Living in Southfield, MI
Housing
The housing market plays a significant role in determining the cost of living in Southfield, MI.
- Housing Index: 105.0 / 100
- Median Home Price is: $264000
- Average Rent (2 BR Apartment): $1400 per month
- Average Rent (2 BR House): $1440 per month
With a housing index of 105.0, Southfield in MI displays a relatively competitive market. The median home price stands at 264000, indicating potential value for buyers. Average rents for a 2-bedroom apartment and house are both quite reasonable at 1400 and 1440, respectively. This suggests a balanced market for both renters and homeowners. Additionally, consider the local amenities and job market, as these factors can significantly impact your overall quality of life. Assess these elements alongside the data to make an informed moving decision.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Southfield, 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.): $260 per month
Living in Southfield, 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 $260 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 Southfield is a financially viable option for your relocation.