Quick facts: Hazel park, MI

Quick Facts

94.9
Cost of Living
below US average
14,838
Population
19.81
Crime Rate per 1000
below US average
$59,576
Median Income
below US average
$184,000
Median House Price
above US average
$1602.02
Average Rent
above US average
15%
Poverty Rate
above US average
4.1%
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 $59,576.

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Income Needed to Buy

βœ“ Affordable
$58k/year
Based on $184,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($59,576) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$69k/year
Based on $1602.02/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $69k vs median $59,576
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Hazel park, MI

Hazel Park is a vibrant city located in Oakland County, Michigan, just north of Detroit. Known for its friendly atmosphere and community-oriented spirit, Hazel Park offers a mix of residential neighborhoods, parks, and local businesses. The city boasts a diverse population and is well-connected to the greater metropolitan area, making it an appealing spot for commuters. With several parks such as Green Acres Park and Hazel Park Memorial Park, residents enjoy outdoor activities, sports, and playgrounds. The city also hosts events throughout the year, fostering community engagement. Hazel Park is home to the famous Hazel Park Racetrack, attracting horse racing enthusiasts and visitors alike. The local economy features a blend of small businesses and chain establishments, providing residents with various shopping and dining options. The city is served by Hazel Park Schools, emphasizing education and youth development. Overall, Hazel Park combines suburban charm with accessibility to urban amenities, making it an attractive place to live and work in Michigan.

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