Cost of Living in Monroe, MI
Housing
The housing market plays a significant role in determining the cost of living in Monroe, MI.
- Housing Index: 91 / 100
- Median Home Price is: $163,000
- Average Rent (2 BR Apartment): $937 per month
- Average Rent (2 BR House): $1018 per month
Considering a move to Monroe, MI? With a housing index of 91, the cost of living here may be favorable compared to other metropolitan areas. The median home price stands at 163000, making home ownership attainable for many. Additionally, average rents for a 2-bedroom apartment and house are set at 937 and 1018, respectively. These figures suggest that while you can secure a rental at a reasonable rate, buying a home may represent a long-term investment in an otherwise affordable market. Be sure to weigh these options as part of your decision-making process.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Monroe, 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 Monroe, 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 Monroe is a financially viable option for your relocation.