Quick facts: Southfield, MI

Quick Facts

94.9
Cost of Living
below US average
75,431
Population
31.38
Crime Rate per 1000
above US average
$63,980
Median Income
below US average
$325,000
Median House Price
above US average
$1435
Average Rent
above US average
13%
Poverty Rate
above US average
6.2%
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 $63,980.

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Income Needed to Buy

βœ— Stretch
$102k/year
Based on $325,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $102k vs median $63,980
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Income Needed to Rent

βœ“ Affordable
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($63,980) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Southfield, MI

Southfield, Michigan, is a suburban city located in Oakland County, just northwest of Detroit. Known for its diverse population and robust business environment, Southfield boasts a mix of residential, commercial, and industrial areas. The city is home to several corporate headquarters, including major companies in various sectors such as finance, healthcare, and technology, making it a key player in the metropolitan area's economy. With a population of approximately 72,000, Southfield offers a rich cultural scene, featuring parks, shopping centers, and recreational facilities. The city is known for its well-maintained parks, including the 103-acre Woodward Park and the Southfield Parks and Recreation Center, which provide numerous outdoor activities and sports facilities. In terms of education, Southfield is served by several school districts and has access to higher education institutions, including Lawrence Technological University. The city is well-connected to Detroit and surrounding areas via major highways, making it a convenient location for commuters. Overall, Southfield presents a dynamic blend of urban convenience and suburban charm.

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