Housing costs in Detroit?
A typical home costs
$405,800, which is 20.0% more expensive than the national average of
$338,100 and 85.6% more expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Detroit costs
$1,060 per month, which is 3.6% cheaper than the national average of
$1,100 and 15.1% cheaper than the state average of
$1,220.
Can I afford Detroit?
To live comfortably in Detroit (zip 48201), Michigan, a minimum annual income of
$77,760 for a family, and
$33,200 for a single person is recommended.
What does A.I. say about Detroit?
The cost of living in 48201 Detroit, MI is relatively low compared to the national average. According to the most recent data, the overall cost of living index for this zip code is 87.4, which is 13.6% lower than the U.S. average of 100. Its housing index score is even lower at 76.5, indicating that home prices are significantly more affordable here than in other parts of the country. Additionally, food and transportation costs are also below average in Detroit when compared to other cities across the country. Overall, 48201 Detroit has a very reasonable cost of living that can help individuals and families save money while still having access to many different amenities and services.