Michigan’s diverse economy relies heavily on the auto industry, with its largest city, Detroit, known as the automotive capital of the world. It is the only state in the United States to consist of two peninsulas, so many of its cities are close to the water, attracting outdoor enthusiasts and those who wish to reside by the water or on a property adjacent to the water. The Straits of Mackinac is a five-mile channel that separates the two peninsulas and connects Lake Huron to Lake Michigan.
How much does an apartment cost in Michigan?
Michigan’s cost of living is slightly lower than the national average, making it an affordable place to live. The average rent for a studio is around $ 600 per month, while a one-bedroom apartment costs an average of $ 700 in the state. If you need more space, a two-bedroom apartment can cost you around $ 900 per month, while a three-bedroom apartment goes up to almost $ 1,200 per month. A four-bedroom apartment costs an average of $ 1,300 per month.
Some cities are more expensive than others in the state of Michigan. Ann Arbor is one of the most expensive towns in the state, with an average monthly rent of $ 1,175 per month. The higher cost of housing in this city is not too surprising, as it is the location of the University of Michigan. Higher demand, tax laws, and zoning rules all contribute to the higher cost of living in this part of Michigan.
Among the state’s largest cities, Detroit falls in the lower end of rental prices. The average monthly rent in Detroit is $ 975, while renters in Grand Rapids pay an average of $ 1,098 per month. Sterling Heights is more expensive, with an average rent of almost $ 1,400 per month, while Warren’s rent averages around $ 1,200 per month. If you live in one of the smaller towns or rural areas in the state, you can expect to pay less rent.
One of the factors contributing to the fluctuation of rental prices in the state is the high percentage of ownership. Almost 70% of Michigan residents own a home – one of the highest rates in the country. Ann Arbor has the highest real estate prices with the median price of $ 416,000. The median home price in Detroit is about a tenth of that cost at $ 48,100, while the statewide median price is $ 161,000.
How To Find Cheap Apartments in Michigan?
Since the cost of living in Michigan is lower than many surrounding states, you can probably find an apartment that fits your budget. You can rate apartments available for rent in different cities in Michigan on Zumper, where it’s easy to filter your search and find the location that meets your needs.
The location will determine what you pay for rent, so if you want to keep your housing costs down, you may need to be flexible in where you live. As mentioned, Ann Arbor is the most expensive city in the state. If you are planning to attend the University of Michigan, you might consider living in one of the nearby suburbs or towns and going to school, rather than paying more for an apartment close to campus.
You can further reduce your housing costs by living with roommates and sharing an apartment with multiple bedrooms. The average cost of a two-bedroom apartment in the state is $ 900, which means you and a roommate will each pay $ 450 in rent. This amount is cheaper than the average studio, which costs around $ 600 per month, and a one-bedroom apartment, which costs on average $ 700 per month.
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What’s the cheapest rent in Michigan?
Rental prices vary throughout the state of Michigan. In some small towns and rural areas, you may be able to rent a small single-family home for the same price you would pay for a studio or one-bedroom apartment in another area. Big cities, like Detroit, have more apartment rentals. If you want to live in the heart of downtown Detroit, you can expect to pay more.
When creating your budget for living in Michigan, it’s helpful to include some of the other costs you might be responsible for in your rental. Many landlords require tenants to pay for electricity and gas, while potential additional monthly costs include water, garbage, sewage, and internet service.
How does Michigan compare to other states?
The cost of living in Michigan is slightly lower than the national average, which includes the costs of housing, food, health care, transportation, and other factors. Average housing costs are around 65% of the national average, although transportation costs are higher at 115% of the national average.
Those who live in the state can expect to pay more for utilities, as gas and electricity are slightly more expensive in Michigan. According to a report by the US Energy Information Administration, the average monthly energy bill in Michigan was $ 97.41. You can reduce your energy bills by reducing your consumption or by sharing your home with a roommate and sharing the cost of utilities.
The state of Michigan has a fixed income tax rate of 4.25%. Each city adds its own taxes for residents living within its boundaries, which can bring the rate up to 6.65%. The state’s property tax rate is the ninth highest in the country at 1.71%, which can also affect rental prices. The base sales tax rate is 6% and counties are not added to this rate, so no matter which city or county you live in, you’ll pay the same sales tax rate on applicable purchases.
Michigan offers beautiful natural surroundings, access to water, and plenty of attractive amenities, all with a cost of living below the national average. It is an attractive place to live, especially for those who work in the industries that thrive in this part of the country.
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