COST OF LIVING IN DETROIT
It is important to know how much it will cost to live in a certain city, whenever you are planning to move. Here we breakdown the cost benefits of living in Detroit versus any other city in the country.
One of the main reasons people move to Detroit is because they want to live in the city and be where all the action happens. This choice would have a big impact on costs in any other city, but not in the city of Detroit.
Renting in Detroit
Both renting and buying in the city of Detroit are incredibly cost-friendly. It is easy to find an apartment for under $800
Make Your Money Last
The cost of living in Detroit is so low that for every $100 you would spend anywhere else in the US, you only spend $87.60. That means you can save the other $12.40 for anything else you may want or need.
Calculating Your Mortgage
On average, your mortgage every month would be about $60-80, let’s say $70, for every $10,000 you borrow. So if your mortgage is $200,000, then dividing it by 10 gives you 20 times $70 comes out to a $1,400 mortgage.
Buying in Detroit
However, most homes in the surrounding area cost less than $100,000 to own, which means the mortgage can easily be under $1,000. And the minimum wage in Michigan is currently $9.65, which gives you a monthly income of $1,544. So a single person, on a full-time minimum wage income could potentially be able to afford a home.
In Detroit, the affordability of the homes does not compromise the quality of the home. Most of these homes are brick homes with brick basements. There are also many newly remodeled homes. A family with 3 kids recently purchased a fully remodeled home, from top to bottom, for only $115,000.
Utilities for a home, don’t usually go over $300 a month. This includes AC, Heating, Electricity, Water, Gas, Internet, Cable, etc. There is also lots of local agriculture, which means you will get the freshest, highest quality produce and meats for super affordable prices. For example, you can fill your cart to the brim at your local “Joe Randazzo’s: Fruit & Vegetable Market” and still be under $50.
If you want to learn more about real-estate in Southern Michigan or what to expect during the process, make sure to check out our YouTube Channel TJ Brisbois & Associates.