Quick facts: Ann arbor, MI

Quick Facts

104.5
Cost of Living
above US average
119,875
Population
20.35
Crime Rate per 1000
below US average
$78,546
Median Income
below US average
$509,900
Median House Price
above US average
$2472.15
Average Rent
above US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $78,546.

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Income Needed to Buy

βœ— Stretch
$160k/year
Based on $509,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $160k vs median $78,546
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Income Needed to Rent

⚠ Stretch
$106k/year
Based on $2472.15/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $106k vs median $78,546
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Ann arbor, MI

Ann Arbor, located in southeastern Michigan, is renowned for its vibrant cultural scene, academic prowess, and picturesque landscapes. Home to the prestigious University of Michigan, the city boasts a population of around 120,000, fostering a youthful and progressive atmosphere. The university's influence permeates the community, contributing to a rich array of events, museums, and sports. Downtown Ann Arbor is bustling with unique shops, cafes, and restaurants that cater to a diverse palate, making it a culinary hotspot. The city also hosts the annual Ann Arbor Art Fair, one of the largest and most celebrated art fairs in the nation, attracting artists and visitors alike. Nature lovers can explore numerous parks and natural areas, including the scenic Nichols Arboretum and the Huron River, which offer outdoor activities like hiking, kayaking, and picnicking. The winters here are characterized by snowy conditions, allowing for winter sports and festivities. With a strong commitment to sustainability and community engagement, Ann Arbor is frequently recognized as one of the best places to live in the United States, offering a unique blend of academic excellence, arts, and outdoor adventures.

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