Housing costs in Newark?
A typical home costs
$201,000, which is 40.6% less expensive than the national average of
$338,100 and 8.1% less expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Newark costs
$820 per month, which is 42.7% more than the national average of
$1,430 and 34.1% more than the state average of
$1,100.
Can I afford Newark?
To live comfortably in Newark, Michigan, a minimum annual income of
$38,520 for a family, and
$26,000 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in Newark, MI is relatively low compared to other parts of the state. According to Best Places, the cost of living index for Newark is at 87.7, which is 6% lower than the Michigan average and 13% lower than the national average. Housing costs are particularly low in Newark, with a median home value of $106,000 and a median rent of only $737 per month. The overall cost of goods and services in Newark is 5% lower than the United States average but is still higher than many rural areas in Michigan. Despite this slightly higher cost of goods and services, the low housing costs make Newark an attractive option for those looking to save money on their living expenses.