Quick facts: Detroit, MI

Quick Facts

85.3
Cost of Living
below US average
620,376
Population
65.73
Crime Rate per 1000
above US average
$37,761
Median Income
below US average
$125,000
Median House Price
above US average
$1761.82
Average Rent
above US average
29%
Poverty Rate
above US average
10.7%
Unemployment Rate
above 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 $37,761.

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Income Needed to Buy

βœ— Stretch
$39k/year
Based on $125,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $39k vs median $37,761
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Income Needed to Rent

⚠ Stretch
$76k/year
Based on $1761.82/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $76k vs median $37,761
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Detroit, MI

Detroit, Michigan, known as the "Motor City," is a vibrant urban center with a rich history in the automotive industry. Founded in 1701, Detroit played a pivotal role in manufacturing and innovation, particularly during the early 20th century with the rise of Ford, General Motors, and Chrysler. The city has a diverse cultural landscape, reflected in its music scene, celebrated for the rise of Motown, jazz, and techno genres. The downtown area features skyscrapers, the Detroit Riverwalk, and renowned landmarks like the Detroit Institute of Arts and the historic Fox Theatre. Detroit’s revitalization efforts have led to a booming food scene, bustling nightlife, and a resurgence of local businesses. Parkered within The Motor City, cultural festivals, such as the Detroit Jazz Festival and Movement Electronic Music Festival, attract visitors year-round. Although the city faced economic challenges, significant improvements in infrastructure and community engagement continue to promote growth and recovery. Today, Detroit embodies resilience and creativity, making it a dynamic destination for residents and visitors alike.

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