Quick facts: Erie, MI

Quick Facts

94.9
Cost of Living
below US average
4,302
Population
0.23
Crime Rate per 1000
below US average
$68,688
Median Income
below US average
$239,900
Median House Price
above US average
$1435
Average Rent
above US average
6%
Poverty Rate
below US average
3.0%
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 $68,688.

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Income Needed to Buy

βœ— Stretch
$75k/year
Based on $239,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $75k vs median $68,688
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Income Needed to Rent

βœ“ Affordable
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($68,688) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Erie, MI

Erie, Michigan, is a small town located in Monroe County, near the shores of Lake Erie. As part of the larger Detroit metropolitan area, it offers a peaceful, suburban lifestyle while still being close to urban amenities. The area is predominantly residential, featuring a mix of single-family homes and local businesses. Erie is known for its picturesque landscapes, including nearby parks and access to waterfront activities. Outdoor enthusiasts can enjoy fishing, boating, and hiking, thanks to its proximity to the Great Lakes. The community has a friendly atmosphere with local events and a strong sense of hometown pride. Education is served by local public schools, and the town is close to larger educational institutions in Monroe and surrounding areas. Erie is conveniently situated near major highways, making travel to Detroit and Toledo easy, allowing residents to enjoy both the tranquility of small-town living and the excitement of city life. Overall, Erie, MI is an ideal spot for those seeking a quiet lifestyle with convenient access to urban resources.

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