Housing costs in Detroit?
A typical home costs
$64,700, which is 80.9% less expensive than the national average of
$338,100 and 70.4% less expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Detroit costs
$980 per month, which is 10.9% cheaper than the national average of
$1,100 and 24.5% cheaper than the state average of
$1,220.
Can I afford Detroit?
To live comfortably in Detroit (zip 48227), Michigan, a minimum annual income of
$12,240 for a family, and
$30,800 for a single person is recommended.
What does A.I. say about Detroit?
The cost of living in 48227 Detroit, MI is relatively low compared to other cities in the US. The median home value is $50,700, which is lower than the national average of $184,700. Additionally, the median household income in the city is only $25,782—nearly half of the national average of $55,322. Rent prices are also quite low at an average of just over $650 per month for a one-bedroom apartment and just under $820 for a two-bedroom. The overall cost of living index for Detroit is 81.6 points—the second lowest among all major US cities—making it an affordable place to live despite its economic challenges.