Housing costs in Farmington Hills?
A typical home costs
$381,500, which is 12.8% more expensive than the national average of
$338,100 and 74.4% more expensive than the average Michigan home, at
$218,700. Renting a two-bedroom unit in Farmington Hills costs
$1,830 per month, which is 66.4% more than the national average of
$1,100 and 33.3% more than the state average of
$1,220.
Can I afford Farmington Hills?
To live comfortably in Farmington Hills (zip 48331), Michigan, a minimum annual income of
$73,080 for a family, and
$57,600 for a single person is recommended.
What does A.I. say about Farmington Hills?
The cost of living in 48331 Farmington Hills, MI is relatively high compared to other cities in Michigan due to its suburban location and proximity to Detroit. The median home value is over $200,000 and the median household income is around $68,000, giving it a high cost-of-living index score of 119.5. Additionally, groceries tend to be more expensive than many other Michigan cities due to the much higher demand for them in this area. Other costs like gas, public transportation, healthcare, and utilities are also above average when compared with other areas in Michigan. Overall, residents of 48331 Farmington Hills can expect to pay more for goods and services than those living elsewhere in the state.