Chicago · Registered nurse · $98,500 · One adult, renting a 1-bedroomSaved on this device

Chicago · Registered nurse · $98,500 · One adult, renting a 1-bedroom

Detroit, MI

Housing in Detroit, MI: Rent, Home Prices & Property Tax

$1,185/mo (1 bd) in Detroit. Median home $237,100. Property tax 1.38%.

Compare vs Chicago Rank metros from DetroitHow we figure this

Rent (1 bd): $1,185; /mo
Buy: $1,689; Mortgage, tax, insurance
Buying costs more: $504; /mo

State tax and rent

To buy

20% down payment$47,420
Mortgage at 6.5%$1,199
Property tax (1.38% of value)$273/mo · $3,272/yr
Insurance and upkeep$217
Monthly total$1,689

46.3% of renters spend 30% or more of income on rent. Census ACS 2023.

Months to 20% down

$2,505 left each month. About 19 months (1.6 years) to save $47,420.

Asking rent. Census median home price. 30-year fixed, 6.5%, 20% down. Not lending advice.

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