Cost of Living in Hancock, MI
Housing
The housing market plays a significant role in determining the cost of living in Hancock, MI.
- Housing Index: 105.5 / 100
- Median Home Price is: $143,500
- Average Rent (2 BR Apartment): $1196 per month
- Average Rent (2 BR House): $1300 per month
Considering a move to Hancock, MI? The housing index stands at 105.5, indicating a relatively affordable market. With the median home price at 143500 and average rents for a 2-bedroom apartment at 1196 and a house at 1300, it becomes evident that buying could be a smarter long-term investment compared to renting. Additionally, local amenities and job availability are essential factors that could greatly contribute to your lifestyle here. Evaluate your financial situation and future plans to determine the best choice for you!
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Hancock, MI.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $15.42 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Hancock, MI could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $15.42 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Hancock is a financially viable option for your relocation.