Quick facts: Ferndale, MI

Quick Facts

94.9
Cost of Living
below US average
18,969
Population
23.09
Crime Rate per 1000
above US average
$86,120
Median Income
above US average
$239,900
Median House Price
above US average
$1806.65
Average Rent
above US average
10%
Poverty Rate
below US average
4.7%
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 $86,120.

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Income Needed to Buy

βœ“ Affordable
$75k/year
Based on $239,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($86,120) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$77k/year
Based on $1806.65/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($86,120) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Ferndale, MI

Ferndale, Michigan, is a vibrant and eclectic city located in Oakland County, just north of Detroit. Known for its progressive atmosphere and diverse community, Ferndale has become a popular destination for both residents and visitors. The city features a lively downtown area filled with unique shops, art galleries, and a variety of dining options, ranging from trendy cafes to upscale restaurants. Ferndale is renowned for its strong sense of community, exemplified through numerous events, festivals, and farmers' markets held throughout the year. The city's commitment to inclusivity and the arts is showcased in its many public art installations and cultural events, including the annual Ferndale Pride celebration. Outdoor enthusiasts can enjoy the city's parks, like Geary Park and Martin Road Park, which offer recreational facilities and green spaces for relaxation and play. Ferndale also has a robust public transportation system, making it easy to access neighboring cities and downtown Detroit. With its rich history, vibrant nightlife, and welcoming ambiance, Ferndale stands out as a unique suburban gem within the metro Detroit area.

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