Quick facts: Wakefield, MI

Quick Facts

94.9
Cost of Living
below US average
1,695
Population
Crime rate Data is updating, will be available soon
$41,837
Median Income
below US average
$135,000
Median House Price
above US average
$1435
Average Rent
above US average
Poverty rate Data is updating, will be available soon
Unemployment Data is updating, will be available soon

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 $41,837.

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Income Needed to Buy

βœ— Stretch
$42k/year
Based on $135,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $42k vs median $41,837
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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 $41,837
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Wakefield, MI

Wakefield, located in Gogebic County in the upper peninsula of Michigan, is a small city known for its scenic beauty and outdoor recreational opportunities. Stretched along U.S. Route 2, it sits near the western border of the state, adjacent to the majestic Ottawa National Forest. The population is relatively small, contributing to a tight-knit community atmosphere. Wakefield is celebrated for its stunning landscapes, featuring lush forests, pristine lakes, and the nearby Black River Harbor. The city is a hub for outdoor enthusiasts, offering activities such as hiking, fishing, and snowmobiling, especially during the winter months when the area's snow conditions attract winter sports lovers. Local attractions include the historic Wakefield Mill and several small parks that provide great spots for picnicking and relaxation. The city also hosts seasonal events that celebrate the culture and history of the region. Despite its size, Wakefield's charm and access to nature make it a hidden gem in Michigan's upper peninsula, perfect for those seeking tranquility and adventure alike.

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