Housing costs in Fairbanks?
A typical home costs
$169,400, which is 49.9% less expensive than the national average of
$338,100 and 22.5% less expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Fairbanks costs
$790 per month, which is 44.8% more than the national average of
$1,430 and 39.2% more than the state average of
$1,100.
Can I afford Fairbanks?
To live comfortably in Fairbanks, Michigan, a minimum annual income of
$32,400 for a family, and
$24,000 for a single person is recommended.
What does A.I. say about Fairbanks?
Fairbanks, MI is a relatively affordable place to live. The cost of living index ranks the city as being slightly below average when compared to other U.S. cities, with housing costs being especially affordable. The median home price in Fairbanks is about $110,000, which is much lower than the national average of $200,000 and significantly lower than in many of Michigan's larger cities like Detroit and Grand Rapids. Additionally, many other basic necessities such as groceries and healthcare are also very reasonably priced for a city its size. In fact, Forbes Magazine recently named Fairbanks one of the top 10 best places to retire due to its low cost of living.