Cost of Living in Luther, MI
Housing
The housing market plays a significant role in determining the cost of living in Luther, MI.
- Housing Index: 91 / 100
- Median Home Price is: $148,000
- Average Rent (2 BR Apartment): $1435 per month
- Average Rent (2 BR House): $1560 per month
When considering a move to Luther, MI, the housing landscape looks promising with a median home price of 148000. However, the housing index standing at 91 suggests a lack of competitive rentals, with the average rent for a 2-bedroom apartment and house both at 1435 and 1560, respectively. This could indicate a good time to buy rather than rent, as home prices are generally more stable than rental costs during uncertain economic conditions. A deeper investigation into local amenities and job opportunities will further refine your decision.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Luther, 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.): $237 per month
Living in Luther, 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 $237 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 Luther is a financially viable option for your relocation.