Cost Of Living in Detroit 2025

cost of living chart - average monthly expenditure in Detroit

Average monthly spending for singles, couples, students, and families in Detroit

Whether you're living in Detroit or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

Currency: USD
450 4,500 67,000
MINIMUM AVERAGE MAXIMUM

Monthly Expenditure ▶ Single

Currency: USD
580 4,100 45,000
MINIMUM AVERAGE MAXIMUM

Monthly Expenditure ▶ Couple

Currency: USD
910 5,900 54,000
MINIMUM AVERAGE MAXIMUM

Monthly Expenditure ▶ Family

Currency: USD
1,400 6,800 68,000
MINIMUM AVERAGE MAXIMUM

Monthly Expenditure ▶ Student

Currency: USD
450 2,900 32,000
MINIMUM AVERAGE MAXIMUM
Financial literacy and difficulty in budgeting and financial planning in Detroit

Financial Literacy in

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy77%


We asked residents of whether they acquired any adequate personal financial training in their lives. Approximately 23% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 77% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 19% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 81% said that they have everything under control.

Struggles with finance19%

Easily manages finances81%

The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Detroit is 4,100 USD. Expenses can range from 580 USD at the minimum level to 45,000 USD at the highest end.


Couples

The average monthly spending of couples in Detroit is 5,900 USD. Expenditure can range from 910 USD to 54,000 USD per month.


Families

The average cost of living for families in Detroit is 6,800 USD per month. Families spend anywhere from 1,400 USD to 68,000 USD.


Students

The average monthly expenditure for students in Detroit is 2,900 USD. Students spend from 450 USD to 32,000 USD per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
A typical and healthy budgeting structure. The 50-30-20 rule

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Where do people choose to put their savings in Detroit

Typical saving choices for people in Detroit

Where do people choose to put their savings?


Saving Type% People
Emergency Funds11%
Gold10%
Savings Accounts17%
Retirement Accounts11%
Cash Savings17%
Real Estate10%
Investment6%
Stocks6%
Bonds6%
Mutual Funds3%
Certificates of Deposit3%
Percentage of people who manage to save money from their income every month in Detroit

How much money can you save in Detroit every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Detroit manage to save money from their income every month?


Saving Money
73%
Not Saving
27%

Almost 73% of the surveyed people in Detroit said that they can save some money at the end of each month while 27% said that aren't saving anything.


Percentage of people saving money by population group in Detroit

GroupSaversNon Savers
Singles77%23%
Couples73%28%
Families67%33%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Savings to income ratio in Detroit

Saving to Income Ratio

15% 25% of income 35%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

190 USD
$190
1,900 USD
$1,900
29,000 USD
$29,000
MINIMUM AVERAGE MAXIMUM

For most people, 15% to 35% of their monthly income is what they can allocate to their savings, with 25% being the average. The amount of money that people can save is approximately 1,900 USD on average with savings ranging from 190 USD to 29,000 USD.

77% of surveyed singles reported some of their income going to savings while 73% of couples said the same. 67% of families confirmed their ability to save money.


How much money do people actually save in Detroit?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

18% 29% of income 37%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

190 USD
$190
1,700 USD
$1,700
19,000 USD
$19,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%29%
10% - 20%23%
20% - 30%16%
30% - 40%16%
40% - 50%12%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 18% to 37% of their monthly income to savings, with 29% being the average for most singles. The average amount of money that singles are able to save is 1,700 USD with 190 USD and 19,000 USD being the minimum and maximum respectively.


Couples

Saving to Income Ratio

16% 27% of income 36%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

390 USD
$390
2,500 USD
$2,500
23,000 USD
$23,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%33%
10% - 20%25%
20% - 30%19%
30% - 40%11%
40% - 50%9%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 16% to 36% of their monthly income, with 27% being the average for most couples. The average amount of money that couples can save is 2,500 USD with 390 USD and 23,000 USD being the minimum and maximum respectively.


Families

Saving to Income Ratio

13% 23% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

580 USD
$580
2,900 USD
$2,900
29,000 USD
$29,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%36%
10% - 20%28%
20% - 30%20%
30% - 40%8%
40% - 50%6%
> 50%2%

Interpretation and Analysis

Families in Detroit can save anywhere between 13% to 33% of their monthly income, with 23% being the average for most families. The average amount of money that families can put aside is 2,900 USD with 580 USD and 29,000 USD being the minimum and maximum respectively.

Distribution of monthly cost of living expenses in Detroit

How do people spend their money in Detroit?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure26%

26% of total expenses on average (15% to 34%)

LOW130 USD
AVERAGE1,300 USD
HIGH20,000 USD
Per Month

People living in Detroit typically spend from 15% to 34% of their total monthly expenditure on housing with 26% being the average. The average spend on housing is 1,300 USD with expenditure ranging from 130 USD to 20,000 USD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water, Internet, Mobile7%

7% of total expenses on average (4% to 11%)

LOW22 USD
AVERAGE220 USD
HIGH3,300 USD
Per Month

Utility expenditure like electricity, water, and gas in Detroit ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 220 USD with 22 USD and 3,300 USD being the upper and lower limits.

Transport, Fuel, Commute8%

8% of total expenses on average (4% to 12%)

LOW44 USD
AVERAGE440 USD
HIGH6,700 USD
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 44 USD to 6,700 USD on commuting with 440 USD being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.

Food and Groceries Cost27%

27% of total expenses on average (19% to 33%)

LOW110 USD
AVERAGE1,100 USD
HIGH17,000 USD
Per Month

The average outlay on groceries in a month in Detroit is 1,100 USD. The cost of groceries can range between 110 USD to 17,000 USD. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

Healthcare and Medical Services9%

9% of total expenses on average (4% to 12%)

LOW30 USD
AVERAGE300 USD
HIGH4,500 USD
Per Month

People in Detroit allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 30 USD to 4,500 USD with 300 USD being the norm.

Leisure and Shopping5%

5% of total expenses on average (3% to 9%)

LOW18 USD
AVERAGE180 USD
HIGH2,700 USD
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 18 USD to 2,700 USD with 180 USD being the average. Speaking of percentages, that equates to 3% to 9% of total expenses with an average of 5% for most residents.

Education and Schooling6%

6% of total expenses on average (4% to 12%)

LOW27 USD
AVERAGE270 USD
HIGH4,000 USD
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 270 USD per month with 27 USD being the minimum spent amount and 4,000 USD being the maximum.

Other Expenses12%

12% of total expenses on average (7% to 19%)

LOW58 USD
AVERAGE580 USD
HIGH8,700 USD
Per Month
Reasons that make it difficult for people to save money in Detroit

Saving Challenges in Detroit

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Detroit. Listed below are the answers given by the survey participants.


Reason% People
Low Income6%
High Expenses9%
Debt and Loans17%
Lack of Budgeting Skills11%
Impulsive Spending10%
Financial Emergencies6%
Living the moment6%
Will do it later18%
Inflation11%
Social Pressure3%
Market Instability3%

Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 17% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 10% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 18% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 11% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.

Income and cost of living compatibility. Is it affordable or economical to live in Detroit

Affordable living in Detroit

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Detroit?


Yes
82%
No
18%

Around 82% of surveyed residents think that living in Detroit is affordable with proper budgeting while 18% reported that it is just too expensive and not affordable even with frugality and thriftness.

Prices and cost of goods and services in Detroit

Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Detroit

Dining, food, and beverages costs


Fast food combo meal

6.2 USD 12 USD 21 USD
MINIMUM AVERAGE MAXIMUM

Restaurant meal for one

21 USD 31 USD 63 USD
MINIMUM AVERAGE MAXIMUM

Fine dining meal for one

41 USD 62 USD 250 USD
MINIMUM AVERAGE MAXIMUM

Cappuccino or latte

5.2 USD 8.3 USD 12 USD
MINIMUM AVERAGE MAXIMUM

Grocery and market costs


Milk large bottle

4.2 USD 5 USD 6.3 USD
MINIMUM AVERAGE MAXIMUM

12 eggs

3.1 USD 4.1 USD 6.2 USD
MINIMUM AVERAGE MAXIMUM

Fresh whole chicken

7.1 USD 9.2 USD 13 USD
MINIMUM AVERAGE MAXIMUM

Pack of beef

8.4 USD 13 USD 25 USD
MINIMUM AVERAGE MAXIMUM

Medium bag of rice

3.3 USD 4.5 USD 6.4 USD
MINIMUM AVERAGE MAXIMUM

Bag of tomatos

1.2 USD 1.7 USD 3.1 USD
MINIMUM AVERAGE MAXIMUM

Bag of apples

2.2 USD 2.9 USD 4.8 USD
MINIMUM AVERAGE MAXIMUM
Chart showing the prices and cost of commute, travel, and transportation in Detroit

Commute, travel, and transportation costs


20 minutes taxi ride

5.2 USD 6.3 USD 13 USD
MINIMUM AVERAGE MAXIMUM

Average car full tank

31 USD 41 USD 83 USD
MINIMUM AVERAGE MAXIMUM

Average car 1-day rental

31 USD 41 USD 61 USD
MINIMUM AVERAGE MAXIMUM

Average car price

15,000 USD 31,000 USD 41,000 USD
MINIMUM AVERAGE MAXIMUM

Bus ticket one way

1 USD 1.5 USD 3.1 USD
MINIMUM AVERAGE MAXIMUM

Car Service

41 USD 62 USD 120 USD
MINIMUM AVERAGE MAXIMUM
Chart showing the prices and cost of utility, energy, water, and gas in Detroit

Utility cost (monthly)


Utility Bill - Individual

34 USD 240 USD 2,600 USD
MINIMUM AVERAGE MAXIMUM

Utility Bill - Couple

35 USD 260 USD 2,900 USD
MINIMUM AVERAGE MAXIMUM

Utility Bill - Family

66 USD 330 USD 3,300 USD
MINIMUM AVERAGE MAXIMUM

Internet and cable

31 USD 63 USD 84 USD
MINIMUM AVERAGE MAXIMUM

Mobile phone charges

24 USD 40 USD 120 USD
MINIMUM AVERAGE MAXIMUM

Leisure and activities costs


Movie ticket

15 USD 20 USD 30 USD
MINIMUM AVERAGE MAXIMUM

One month gym membership

50 USD 62 USD 120 USD
MINIMUM AVERAGE MAXIMUM
Chart showing the prices and cost of clothing and accessories in Detroit

Cloths and accessories costs


Pair of jeans or pants

37 USD 52 USD 78 USD
MINIMUM AVERAGE MAXIMUM

Woman dress

35 USD 48 USD 160 USD
MINIMUM AVERAGE MAXIMUM

Woman shoes

33 USD 44 USD 100 USD
MINIMUM AVERAGE MAXIMUM

Men's shoes

28 USD 35 USD 69 USD
MINIMUM AVERAGE MAXIMUM

Men suit

31 USD 39 USD 210 USD
MINIMUM AVERAGE MAXIMUM

Regular t-shirt

16 USD 21 USD 63 USD
MINIMUM AVERAGE MAXIMUM
Chart showing the prices and cost of housing, accommodation, and rent in Detroit

Housing costs / monthly rent


Studio apartment

530 USD 800 USD 2,100 USD
MINIMUM AVERAGE MAXIMUM

1-bedroom apartment

800 USD 1,300 USD 3,200 USD
MINIMUM AVERAGE MAXIMUM

2-bedroom apartment

1,100 USD 1,600 USD 4,300 USD
MINIMUM AVERAGE MAXIMUM

Housing costs / Buying


Studio apartment

110,000 USD 160,000 USD 320,000 USD
MINIMUM AVERAGE MAXIMUM

1-bedroom apartment

130,000 USD 220,000 USD 810,000 USD
MINIMUM AVERAGE MAXIMUM

2-bedroom apartment

210,000 USD 640,000 USD 1.3M USD
MINIMUM AVERAGE MAXIMUM
Chart showing the prices and cost of furniture in Detroit

Furniture Costs


King Size Bed

620 USD 770 USD 1,000 USD
MINIMUM AVERAGE MAXIMUM

Double Bed

410 USD 620 USD 780 USD
MINIMUM AVERAGE MAXIMUM

Single Bed

370 USD 480 USD 630 USD
MINIMUM AVERAGE MAXIMUM

Living Room

700 USD 900 USD 3,100 USD
MINIMUM AVERAGE MAXIMUM

Dining Table

310 USD 410 USD 770 USD
MINIMUM AVERAGE MAXIMUM

Sofa or Couch

410 USD 570 USD 1,200 USD
MINIMUM AVERAGE MAXIMUM
Chart showing the prices and cost of electronic devices and appliances in Detroit

Electronics and House Appliance Costs


TV Set

420 USD 620 USD 1,200 USD
MINIMUM AVERAGE MAXIMUM

Fridge or Freezer

370 USD 570 USD 780 USD
MINIMUM AVERAGE MAXIMUM

Washing Machine

470 USD 690 USD 1,200 USD
MINIMUM AVERAGE MAXIMUM

Stove or Cooker

440 USD 560 USD 770 USD
MINIMUM AVERAGE MAXIMUM

Mobile Phone

520 USD 620 USD 890 USD
MINIMUM AVERAGE MAXIMUM

Laptop or Computer

570 USD 700 USD 1,300 USD
MINIMUM AVERAGE MAXIMUM
Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Detroit

Housing costs, accommodation, and housing affordability in Detroit

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Detroit

Monthly Rent Prices

Studio apartment monthly rent cost

530 USD 800 USD 2,100 USD
MINIMUM AVERAGE MAXIMUM

1-bedroom apartment monthly rent cost

800 USD 1,300 USD 3,200 USD
MINIMUM AVERAGE MAXIMUM

2-bedroom apartment monthly rent cost

1,100 USD 1,600 USD 4,300 USD
MINIMUM AVERAGE MAXIMUM

3-bedroom apartment monthly rent cost

1,300 USD 2,200 USD 5,900 USD
MINIMUM AVERAGE MAXIMUM

Furnished apartment monthly rent cost

2,600 USD 6,400 USD 13,000 USD
MINIMUM AVERAGE MAXIMUM

Townhouse monthly rent cost

2,100 USD 3,200 USD 9,100 USD
MINIMUM AVERAGE MAXIMUM

House monthly rent cost

2,600 USD 6,400 USD 13,000 USD
MINIMUM AVERAGE MAXIMUM

Villa monthly rent cost

3,200 USD 8,000 USD 13,000 USD
MINIMUM AVERAGE MAXIMUM

The monthly rental cost of a studio apartment in Detroit ranges between 530 USD and 2,100 USD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 800 USD to 3,200 USD. Two-bedroom rentals rate ranges between 1,100 USD and 4,300 USD per month. The monthly rental for a three-bedroom apartment ranges from 1,300 USD to 5,900 USD. The average rent of a townhouse in Detroit is around 3,200 USD while house rental costs can be as high as 6,400 USD per month. Finally, if you want to rent a villa, expect to pay anywhere from 3,200 USD to 13,000 USD per month.



Apartment and house prices in Detroit

Cost of buying a property

Studio apartment price

110,000 USD 160,000 USD 320,000 USD
MINIMUM AVERAGE MAXIMUM

1-bedroom apartment price

130,000 USD 220,000 USD 810,000 USD
MINIMUM AVERAGE MAXIMUM

2-bedroom apartment price

210,000 USD 640,000 USD 1.3M USD
MINIMUM AVERAGE MAXIMUM

3-bedroom apartment price

710,000 USD 1.1M USD 3.2M USD
MINIMUM AVERAGE MAXIMUM

Townhouse price

920,000 USD 2.2M USD 8.1M USD
MINIMUM AVERAGE MAXIMUM

House price

1.1M USD 6.5M USD 9.3M USD
MINIMUM AVERAGE MAXIMUM

Villa price

1.3M USD 7.2M USD 11M USD
MINIMUM AVERAGE MAXIMUM

The average price of a studio apartment in Detroit can range from 110,000 USD to 320,000 USD depending on location. One bedroom cost can be anywhere from 130,000 USD to 810,000 USD. A villa can cost you 7.2M USD on average with prices ranging from 1.3M USD to 11M USD.


If you're leasing or purchasing, housing costs in Detroit will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


52 x156 monthly income 243
MINIMUM AVERAGE MAXIMUM

Property prices in Detroit can be x156 to x243 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x156 multiples of the average monthly salary in Detroit.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


26% 36% of income 47%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Detroit is around 36%. This means that people pay 36% of their income for rent. Those figures can range from 26% to 47% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
33%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
2.5%
AVERAGE
3.5%
TO
4.5%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


9 USD 90 USD 1,300 USD
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Financial goals and targets of people living in Detroit

Financial goals of people in Detroit

In an attempt to understand the economic situation in Detroit, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund7%
Debt Reduction35%
Retirement Savings8%
Education Funding8%
Homeownership17%
Investing8%
Travel or Lifestyle10%
Healthcare Expenses10%
Financial Independence8%

Around 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 35% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 10% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 10% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

How easily is cost-cutting. Are there plenty of low-cost options in Detroit

Low-cost alternatives in Detroit

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options63%

Few low-cost options37%


Based on the survey, 63% of the people living in Detroit have no problem finding low-cost alternatives to support a frugal lifestyle while 37% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents whether they have an emergency fund and the answers were as follows.

Yes80%

No20%


Based on the survey, 20% of the people living in Detroit said that they don't have an emergency fund while 80% said that they do.

Chart showing the percentage of people who are in debt in Detroit

Debt, loans, and mortgages in Detroit


Percentage of people who are in debt


In Debt
24%
Debt Free
76%

According to the survey, 24% of the people in Detroit have some kind of debt, loan, mortgage, or credit card payments while 76% reported that they don't have financial obligations to banks.


Chart showing debt-to-income ratio in Detroit

Debt-to-income ratio in Detroit

Debt to income ratio

25%

15% to 35%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 25% of the people's monthly income in Detroit goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%13%
40% - 50%12%
30% - 40%14%
20% - 30%14%
10% - 20%17%
0% - 10%27%

According to our data, 3% of the debtors in Detroit pay 60%+ of their income as debt settlement while 13% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 12% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 14% dedicated 30% to 40% of income for same. Things are looking brighter for 14% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Detroit

Debt% People
Real Estate Mortgage12%
Auto Loan21%
Student Loan3%
Credit Card26%
Personal Loan38%

12% of debtors in Detroit confirm that real estate mortgages constitutes the main part of their outstanding debt while 26% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 21% of people and personal loans rose at 38%. Lastly, student loans are the main source of debt for 3% of debtors in Detroit.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Detroit

Besides measuring the loan-to-income ratio, we asked residents how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never54%
Once a year22%
Twice a year12%
Three times a year8%
Four times a year4%

Retirement, pension plans, and life after work in Detroit

What does the retirement lifestyle look like in Detroit and how much retirement savings are required?

Retirement age

The retirement age for most employees in is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Detroit:
AgeAmount
2512,000 USD
3025,000 USD
3543,000 USD
4062,000 USD
4592,000 USD
50130,000 USD
55160,000 USD
60190,000 USD
65230,000 USD

Retirement Income Distribution

We asked residents about their retirement income sources and below are the results.

Source% People
Pensions13%
Savings22%
Investments13%
Social Security8%
Annuities8%
Part-time Job11%
Real Estate17%
Dividends and Interest8%

Retirement Monthly Expenses in Detroit

320 USD
$320
2,900 USD
$2,900
32,000 USD
$32,000
MINIMUM AVERAGE MAXIMUM

Expenditure to Income Ratio in Detroit

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.

Cost of living and expenditure to income ratio in Detroit

Spending to Income Ratio

82%

73% to 93%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%6%
50% - 60%11%
60% - 70%18%
70% - 80%26%
80% - 90%16%
90% - 100%9%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Detroit is 82% This means that on average, people spend around 82% of their income for living. According to the distribution table, 18% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
74%
Spending-Income-Ratio
66%
84%

Couple
79%
Spending-Income-Ratio
70%
89%

Family
86%
Spending-Income-Ratio
76%
97%

Monthly costs and expenses of energy and basic utilities in Detroit

Utilities expenditure can vary slightly between different areas and locations.


Energy, electricity, water, gas, internet, and mobile cost in Detroit

Utility Bill Cost / Electricity + Water + Gas / Individual

34 USD 240 USD 2,600 USD
MINIMUM AVERAGE MAXIMUM

Utility Bill Cost / Electricity + Water + Gas / Couple

35 USD 260 USD 2,900 USD
MINIMUM AVERAGE MAXIMUM

Utility Bill Cost / Electricity + Water + Gas / Family

66 USD 330 USD 3,300 USD
MINIMUM AVERAGE MAXIMUM

Internet and cable cost

31 USD 63 USD 84 USD
MINIMUM AVERAGE MAXIMUM

Mobile phone bill and charges

24 USD 40 USD 120 USD
MINIMUM AVERAGE MAXIMUM

Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.


The average monthly expenditure for individuals on electricty, water, and gas in Detroit ranges between 34 USD and 2,600 USD with average being 240 USD, meanwhile the expenditure of couples is slightly higher at 260 USD with 35 USD and 2,900 USD being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 330 USD. The cost of internet and WiFi is unchanged among the three groups and ranges from 31 USD to 84 USD with 63 USD being the average internet bill. Finally, the average monthly mobile charges is around 40 USD but can range between 24 USD and 120 USD depending on consumption. Mobile charges include both calling minutes as well as data packages.


Energy / Utility expense to income ratio


( monthly utility expenses / monthly income ) x 100


1% 4.1% of income 8.3%
MINIMUM AVERAGE MAXIMUM

The average utility-to-income ratio in Detroit is around 4.1%. This means that people pay 4.1% of their income for energy, water, internet, and mobile charges. Those figures can range from 1% to 8.3% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Detroit

Grocery / Food expenditure and prices can vary drastically between different areas and locations.


Prices and cost of goods and services in Detroit

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

6.2 USD 12 USD 21 USD
MINIMUM AVERAGE MAXIMUM

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Detroit is approximatly 12 USD with meal cost ranging from 6.2 USD to 21 USD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

21 USD 31 USD 63 USD
MINIMUM AVERAGE MAXIMUM

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 21 USD and 63 USD with 31 USD being the average price of a plate for one person at a regular restaurant in Detroit.

Fine dining meal for one price

41 USD 62 USD 250 USD
MINIMUM AVERAGE MAXIMUM

The price range of a meal at fine-dining restaurant is 41 USD to 250 USD with the average cost being 62 USD for one person. This is what you would expect to pay a top-tier diner in Detroit.

Beverage prices, cappuccino, latte etc..

5.2 USD 8.3 USD 12 USD
MINIMUM AVERAGE MAXIMUM

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Detroit is around 8.3 USD. Price ranges between 5.2 USD and 12 USD depending on the type of beverage, the size, and optional add-ons.



Grocery and market costs

Large bottle of milk price

4.2 USD 5 USD 6.3 USD
MINIMUM AVERAGE MAXIMUM

The average price of a large bottle of milk in Detroit is 5 USD. The maximum what you would pay for milk is 6.3 USD and the minimum being 4.2 USD depending on the brand of milk and other properties.

12 eggs price

3.1 USD 4.1 USD 6.2 USD
MINIMUM AVERAGE MAXIMUM

A dozen eggs costs around 4.1 USD on average with 3.1 USD and 6.2 USD being the lower and upper limits respectively.

Fresh whole chicken price

7.1 USD 9.2 USD 13 USD
MINIMUM AVERAGE MAXIMUM

The price range of a fresh whole chicken in Detroit is between 7.1 USD and 13 USD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 9.2 USD.

Pack of beef price

8.4 USD 13 USD 25 USD
MINIMUM AVERAGE MAXIMUM

The price of a regular pack of beef or meat is around 13 USD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

3.3 USD 4.5 USD 6.4 USD
MINIMUM AVERAGE MAXIMUM

A bag of rice in Detroit costs around 4.5 USD on average with prices rangeing between 3.3 USD and 6.4 USD depending on the brand and quality.

Bag of tomatos price

1.2 USD 1.7 USD 3.1 USD
MINIMUM AVERAGE MAXIMUM

A bag of tomatoes costs anywhere from 1.2 USD to 3.1 USD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2.2 USD 2.9 USD 4.8 USD
MINIMUM AVERAGE MAXIMUM

A bag of apples costs 2.9 USD on average. A bag of apples denotes 1Kg or 1lb depending on location.


Grocery and food expenditure to income ratio


( monthly grocery expenses / monthly income ) x 100


17% 25% of income 31%
MINIMUM AVERAGE MAXIMUM

The average grocery-to-income ratio in Detroit is around 25%. This means that people spend 25% of their income on grocery and basic household items. The expenditure can range from 17% to 31% depending on salary and location.


Expenditure on food and grocery for every population group

A single person living alone spends approximately 640 USD per month on grocery and food with expenditure fluctuating between 91 USD and 7,100 USD depending on location and the type of person. The average cost of food and groceries for a couple is around 800 USD per month. That number can be get as low as 120 USD or a high as 7,400 USD. Families' spending on grocery ranges from 240 USD to 12,000 USD with the location, income, and size of the family being the most determinite factors.

Cost of living comparison by city

#1 Bristol

The average cost of living in Bristol is 2,200 USD, which is 50% less than the country average. Bristol is ranked first in United States in terms of expendenture and cost of living.


#2 Iowa City

The average cost of living in Iowa City is 2,200 USD, which is 50% less than the country average. Iowa City is ranked second in United States in terms of expendenture and cost of living.


#3 Kent

The average cost of living in Kent is 2,300 USD, which is 50% less than the country average. Kent is ranked third in United States in terms of expendenture and cost of living.


#4 Vancouver

The average cost of living in Vancouver is 2,400 USD, which is 50% less than the country average. Vancouver is ranked fourth in United States in terms of expendenture and cost of living.


#5 Orlando

The average cost of living in Orlando is 2,500 USD, which is 50% less than the country average. Orlando is ranked fifth in United States in terms of expendenture and cost of living.


#6 Cincinnati

The average cost of living in Cincinnati is 2,600 USD, which is 50% less than the country average. Cincinnati is ranked sixth in United States in terms of expendenture and cost of living.


#7 Honolulu

The average cost of living in Honolulu is 2,700 USD, which is 50% less than the country average. Honolulu is ranked seventh in United States in terms of expendenture and cost of living.


#8 Tampa

The average cost of living in Tampa is 2,800 USD, which is 50% less than the country average. Tampa is ranked eighth in United States in terms of expendenture and cost of living.


#9 Cleveland

The average cost of living in Cleveland is 2,900 USD, which is 50% less than the country average. Cleveland is ranked ninth in United States in terms of expendenture and cost of living.


#10 New Orleans

The average cost of living in New Orleans is 3,000 USD, which is 25% less than the country average. New Orleans is ranked tenth in United States in terms of expendenture and cost of living.


#11 Minneapolis

The average cost of living in Minneapolis is 3,100 USD, which is 25% less than the country average. Minneapolis is ranked eleventh in United States in terms of expendenture and cost of living.


#12 Oakland

The average cost of living in Oakland is 3,200 USD, which is 25% less than the country average. Oakland is ranked twelfth in United States in terms of expendenture and cost of living.


#13 Miami

The average cost of living in Miami is 3,300 USD, which is 25% less than the country average. Miami is ranked thirteenth in United States in terms of expendenture and cost of living.


#14 Long Beach

The average cost of living in Long Beach is 3,500 USD, which is 25% less than the country average. Long Beach is ranked fourteenth in United States in terms of expendenture and cost of living.


#15 Atlanta

The average cost of living in Atlanta is 3,600 USD, which is 25% less than the country average. Atlanta is ranked fifteenth in United States in terms of expendenture and cost of living.


#16 Kansas City

The average cost of living in Kansas City is 3,700 USD, which is 25% less than the country average. Kansas City is ranked sixteenth in United States in terms of expendenture and cost of living.


#17 Sacramento

The average cost of living in Sacramento is 3,800 USD, which is 25% less than the country average. Sacramento is ranked seventeenth in United States in terms of expendenture and cost of living.


#18 Baltimore

The average cost of living in Baltimore is 3,900 USD, which is 25% less than the country average. Baltimore is ranked eighteenth in United States in terms of expendenture and cost of living.


#19 Las Vegas

The average cost of living in Las Vegas is 4,100 USD, which is same as the country average. Las Vegas is ranked nineteenth in United States in terms of expendenture and cost of living.


#20 Oklahoma City

The average cost of living in Oklahoma City is 4,200 USD, which is same as the country average. Oklahoma City is ranked twentyth in United States in terms of expendenture and cost of living.


#21 Memphis

The average cost of living in Memphis is 4,300 USD, which is same as the country average. Memphis is ranked twenty-onth in United States in terms of expendenture and cost of living.


#22 Detroit

The average cost of living in Detroit is 4,500 USD, which is same as the country average. Detroit is ranked twenty-twoth in United States in terms of expendenture and cost of living.


#23 Boston

The average cost of living in Boston is 4,600 USD, which is same as the country average. Boston is ranked twenty-threth in United States in terms of expendenture and cost of living.


#24 Washington D.C.

The average cost of living in Washington D.C. is 4,800 USD, which is same as the country average. Washington D.C. is ranked twenty-fourth in United States in terms of expendenture and cost of living.


#25 Denver

The average cost of living in Denver is 4,900 USD, which is same as the country average. Denver is ranked twenty-fivth in United States in terms of expendenture and cost of living.


#26 Seattle

The average cost of living in Seattle is 5,100 USD, which is 25% more than the country average. Seattle is ranked twenty-sixth in United States in terms of expendenture and cost of living.


#27 Indianapolis

The average cost of living in Indianapolis is 5,200 USD, which is 25% more than the country average. Indianapolis is ranked twenty-seventh in United States in terms of expendenture and cost of living.


#28 San Francisco

The average cost of living in San Francisco is 5,400 USD, which is 25% more than the country average. San Francisco is ranked twenty-eightth in United States in terms of expendenture and cost of living.


#29 Jacksonville

The average cost of living in Jacksonville is 5,500 USD, which is 25% more than the country average. Jacksonville is ranked twenty-ninth in United States in terms of expendenture and cost of living.


#30 Austin

The average cost of living in Austin is 5,700 USD, which is 25% more than the country average. Austin is ranked thirtyth in United States in terms of expendenture and cost of living.


#31 San Jose

The average cost of living in San Jose is 5,900 USD, which is 25% more than the country average. San Jose is ranked thirty-onth in United States in terms of expendenture and cost of living.


#32 Dallas

The average cost of living in Dallas is 6,000 USD, which is 50% more than the country average. Dallas is ranked thirty-twoth in United States in terms of expendenture and cost of living.


#33 San Diego

The average cost of living in San Diego is 6,200 USD, which is 50% more than the country average. San Diego is ranked thirty-threth in United States in terms of expendenture and cost of living.


#34 San Antonio

The average cost of living in San Antonio is 6,400 USD, which is 50% more than the country average. San Antonio is ranked thirty-fourth in United States in terms of expendenture and cost of living.


#35 Philadelphia

The average cost of living in Philadelphia is 6,600 USD, which is 50% more than the country average. Philadelphia is ranked thirty-fivth in United States in terms of expendenture and cost of living.


#36 Phoenix

The average cost of living in Phoenix is 6,700 USD, which is 50% more than the country average. Phoenix is ranked thirty-sixth in United States in terms of expendenture and cost of living.


#37 Houston

The average cost of living in Houston is 6,900 USD, which is 50% more than the country average. Houston is ranked thirty-seventh in United States in terms of expendenture and cost of living.


#38 Chicago

The average cost of living in Chicago is 7,100 USD, which is 75% more than the country average. Chicago is ranked thirty-eightth in United States in terms of expendenture and cost of living.


#39 Los Angeles

The average cost of living in Los Angeles is 7,300 USD, which is 75% more than the country average. Los Angeles is ranked thirty-ninth in United States in terms of expendenture and cost of living.


#40 New York

The average cost of living in New York is 7,500 USD, which is 75% more than the country average. New York is ranked fortyth in United States in terms of expendenture and cost of living.


Published: March 31, 2024   Last Update: April 8, 2025



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