Quick facts: Elkton, MI

Quick Facts

94.9
Cost of Living
below US average
796
Population
5.03
Crime Rate per 1000
below US average
$45,625
Median Income
below US average
$175,000
Median House Price
above US average
$1435
Average Rent
above US average
10%
Poverty Rate
below US average
4.5%
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 $45,625.

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Income Needed to Buy

βœ— Stretch
$55k/year
Based on $175,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $55k vs median $45,625
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Income Needed to Rent

⚠ Stretch
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $61k vs median $45,625
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Elkton, MI

Elkton is a charming village located in Huron County, Michigan. Nestled in the heart of the Thumb region, Elkton boasts a rural atmosphere complemented by its picturesque landscapes and small-town charm. The village is surrounded by farmland and natural beauty, making it an ideal retreat for nature enthusiasts and those looking to escape the hustle and bustle of larger cities. The population of Elkton is relatively small, fostering a close-knit community where residents often know their neighbors. The area offers a variety of outdoor activities, including hiking, boating, and fishing, particularly in nearby lakes and rivers. Elkton is also known for its seasonal events and community gatherings, which often reflect the town's agricultural roots. Key amenities in Elkton include local shops, restaurants, and essential services that cater to the needs of residents. The village's location allows for easy access to nearby towns and attractions, making it a convenient spot for those seeking a quiet lifestyle while still being close to larger urban areas. Overall, Elkton is a delightful location for people who appreciate a slower pace of life in a friendly community setting.

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