Housing costs in Norwood?
A typical home costs
$236,400, which is 30.1% less expensive than the national average of
$338,100 and 8.1% more expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Norwood costs
$900 per month, which is 37.1% cheaper than the national average of
$1,430 and 22.2% cheaper than the state average of
$1,100.
Can I afford Norwood?
To live comfortably in Norwood, Michigan, a minimum annual income of
$45,360 for a family, and
$28,800 for a single person is recommended.
What does A.I. say about Norwood?
The cost of living in Norwood, MI is quite reasonable compared to many other places in the country. The median household income here is about $35,000 a year and the median home value is just over $70,000. This makes it an excellent choice for those looking for an affordable place to live. Prices for basic items like food and clothing are also quite low, making it easy to be able to afford life’s necessities. Additionally, there are lots of opportunities for employment provided by both local businesses and larger corporations such as General Motors. All these factors combine to make Norwood an attractive location with a very reasonable cost of living.