Quick facts: Vanderbilt, MI

Quick Facts

94.9
Cost of Living
below US average
525
Population
47.62
Crime Rate per 1000
above US average
$39,821
Median Income
below US average
$245,000
Median House Price
above US average
$1435
Average Rent
above US average
9%
Poverty Rate
below US average
4.5%
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 $39,821.

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Income Needed to Buy

βœ— Stretch
$77k/year
Based on $245,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $77k vs median $39,821
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Income Needed to Rent

⚠ Stretch
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $61k vs median $39,821
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Vanderbilt, MI

Vanderbilt, Michigan is a small village located in Otsego County in the northern part of the state. With a population of around 500 residents, Vanderbilt is known for its charming, tight-knit community and serene rural surroundings. It is situated within the scenic landscape of northern Michigan, characterized by lush forests, clear lakes, and rolling hills. Vanderbilt has a historical connection to the lumber industry, which played a significant role in its development during the late 19th and early 20th centuries. The village offers a quaint downtown area with local shops and restaurants, reflecting its small-town charm. Outdoor enthusiasts will appreciate the many recreational opportunities available in the area. Nearby state forests and parks provide ample hiking, fishing, and camping options. In the winter, activities such as snowmobiling and cross-country skiing are popular among locals and visitors alike. Vanderbilt serves as a peaceful retreat for those looking to enjoy the tranquility of rural living while being within a short drive from larger towns like Gaylord, which is approximately 15 miles away. Visitors and newcomers will find the community welcoming, making it a great place to explore or settle down.

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