Detroit, MN is an attractive city for those looking to rent or buy a home. Its cost of living index is very low at 100 compared to the United States at large with an index of 100. With two bedroom rentals costing only $880 per month, Detroit offers some of the most economical housing in the country. The city boasts many local companies such as Ford Motor Company, Quicken Loans, General Motors, and Little Caesars making it a great destination for job seekers. Additionally, due to its pleasant environment and high quality of life, Detroit is a highly sought after area for families wanting to settle down. All in all, Detroit provides its residents with low costs of living and numerous job opportunities making it a desirable place to live.
Detroit has an unemployment rate of 5.3%. The US average is 6.0%.
Detroit has seen the job market increase by 3.4% over the last year. Future job growth over the next ten years is predicted to be 34.0%, which is higher than the US average of 33.5%.
Tax Rates for Detroit
- The Sales Tax Rate for Detroit is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Detroit is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Detroit
- The average income of a Detroit resident is $30,215 a year. The US average is $28,555 a year.
- The Median household income of a Detroit resident is $84,330 a year. The US average is $69,021 a year.