DETROIT (WWJ) -- A new report says rent prices in Detroit are skyrocketing, while the cost of buying a home is well below the national average.
Rent.com recently released a report detailing the cost of living in Detroit, saying overall costs in the city are about 3.5% above the national average -- a number that jumped by 2.9% from last year.
A main focus of the report is housing costs in Detroit -- one of the largest costs in everyone’s monthly budget.
Rent.com says the average price of rent in Detroit is $2,660 -- a whopping 73% higher than last year, according to the data they used from The Council for Community and Economic Research.
“Of course, this is just the average. Some neighborhoods cost less, others cost more,” the report says. “The neighborhood with the highest rental rates is the Capitol Park Historic District, where renters pay an average of $2,864 each month. However, if you decide to move to the neighborhood of Brooks, you can pay as low as $750 per month in rent.”
On average, overall housing costs in Detroit are about 2.3% higher than the median housing cost in the U.S.
Home prices in the city, though, are among some of the lowest in the country, with the average sale price coming in at $75,000, though that figure doesn’t include costs of maintenance, insurance and property taxes.
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Other highlights of the cost-of-living report include food costs, utilities, transportation and taxes.
When it comes to food, the report says “you'll be happy to know that your monthly grocery/dining out bill is on par with the national average” in Detroit.
Overall, food prices in the city are just 0.6% higher than in other cities in the country.
“According to Eater.com, some of the restaurants in Detroit are absolutely essential,” the report says. “You'll find delectable international cuisine serving Lebanese, Polish, Mexican and Thai cuisine. Residents also have their pick of delis, steakhouses and breweries, as well as restaurants serving New American cuisine. On average, a single meal will cost around $15 per person. Of course, at a fine dining or specialty restaurant, the prices will be higher.”
The full report and more details on the cost of living in Detroit can be found on Rent.com.
Rent.com offers a free rent calculator to “find out if you can afford the cost of living in Detroit.”
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