48207 Detroit, MI is a great place to live for those looking for an affordable rent. A two bedroom apartment in this area is only $1,240 per month – much less expensive than the US average of $1,430. Not only is the rent lower, but groceries are also more affordable here. According to the Grocery Cost Index, local prices in 48207 are 92 compared to 100 in the rest of the US. Those looking to move to this area can find more than enough options when it comes to goods and services with plenty of local companies available. For example, Detroit Mower Works provides lawn care and landscaping services while Auto X-Press offers automotive repair services. Other companies include Metro Detroit Electrical Sales & Repair Inc., Quality Environmental Solutions LLC., and Michigan Tile & Marble Inc.
Detroit (zip 48207) has an unemployment rate of 9.6%. The US average is 6.0%.
Detroit (zip 48207) has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 29.3%, which is lower than the US average of 33.5%.
Tax Rates for Detroit (zip 48207)
- The Sales Tax Rate for Detroit (zip 48207) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Detroit (zip 48207) is 6.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Detroit (zip 48207)
- The average income of a Detroit (zip 48207) resident is $19,841 a year. The US average is $28,555 a year.
- The Median household income of a Detroit (zip 48207) resident is $37,139 a year. The US average is $69,021 a year.