Cost of Living in Michigamme, MI
Housing
The housing market plays a significant role in determining the cost of living in Michigamme, MI.
- Housing Index: 91 / 100
- Median Home Price is: $160,000
- Average Rent (2 BR Apartment): $1435 per month
- Average Rent (2 BR House): $1560 per month
In evaluating the housing market in Michigamme, MI, we observe a concerning perspective. With a housing index of 91, it indicates limited availability or significant affordability challenges in the area. The median home price stands at a competitive 160000, making homeownership potentially accessible. However, with both average rents for 2-bedroom apartments and houses seemingly at zero, it's crucial to understand local trends comprehensively. Whether you aim to rent or buy, deeper research into the reasons behind these figures will better inform your decision-making when considering this locality for your next home.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Michigamme, 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 Michigamme, 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 Michigamme is a financially viable option for your relocation.