Housing costs in Detroit?
A typical home costs
$177,400, which is 47.5% less expensive than the national average of
$338,100 and 18.9% less expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Detroit costs
$1,010 per month, which is 8.2% cheaper than the national average of
$1,100 and 20.8% cheaper than the state average of
$1,220.
Can I afford Detroit?
To live comfortably in Detroit (zip 48216), Michigan, a minimum annual income of
$33,840 for a family, and
$31,600 for a single person is recommended.
What does A.I. say about Detroit?
Living in 48216 Detroit, MI is affordable for most people. The median home value of $44,600 is much lower than the national median of $184,700, and the median rent of $628 per month is also lower than the national average of $949 per month. This makes it a great choice for those looking for an affordable place to live. Additionally, the unemployment rate has been trending downward over the past few years and currently stands at 3.3%. All this adds up to a cost of living that's relatively low compared to other cities in the United States.