Housing costs in Lima?
A typical home costs
$383,600, which is 13.5% more expensive than the national average of
$338,100 and 75.4% more expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Lima costs
$1,440 per month, which is 0.7% more than the national average of
$1,430 and 23.6% more than the state average of
$1,100.
Can I afford Lima?
To live comfortably in Lima, Michigan, a minimum annual income of
$73,440 for a family, and
$48,000 for a single person is recommended.
What does A.I. say about Lima?
The cost of living in Lima, MI is quite average compared to other towns of similar size. Housing prices are slightly below the national average, with a median list price of $150,000 for a three-bedroom home. Food and transportation costs are also lower than the national averages and utilities are competitively priced as well. The overall cost of living index for Lima is estimated to be 96.8%, which is slightly lower than the US average. This makes it an affordable place to live for families or retirees looking to take advantage of the small town atmosphere while still being close enough to larger cities such as Detroit or Toledo.