Why Live in Detroit
Detroit's cultural landscape features the renowned Detroit Institute of Arts, housing an encyclopedic collection, and the historic Motown Museum where legendary artists recorded timeless hits. The 982-acre Belle Isle Park includes the Anna Scripps Whitcomb Conservatory and aquarium, while the Henry Ford Museum showcases American innovation through iconic artifacts. The food scene has evolved with standout restaurants like Selden Standard, known for New American cuisine from locally sourced ingredients, and Marrow, an upscale bistro focusing on ethically sourced meats.
The housing market presents diverse options across distinct neighborhoods. Indian Village commands the highest median single family home price at $500,000, while Palmer Woods follows at $754,000. More moderate options exist in Rosedale Park, where the median single family home price is $237,000. Citywide, the median sale price sits at $92,000, with median townhome prices at $412,500. One-bedroom condos have a median price of $149,900, while two-bedroom condos reach $264,900.
Detroit's cost of living measures 2.9% above the national average. A married couple with children needs approximately $109,000 annually to live comfortably, while renters should aim for $58,000. The property tax rate in Wayne County is 1.64%, slightly higher than nearby Ann Arbor at 1.56%. Michigan maintains a 4.25% state income tax rate, with Detroit residents paying an additional 2.4% local income tax.
The city maintains strong educational options, including University Liggett School and Detroit Waldorf School, both highly rated private institutions. Wayne State University and the University of Detroit Mercy provide higher education opportunities. Public transportation includes the DDOT bus system and the QLine streetcar along Woodward Avenue. The city experiences four distinct seasons, with summer highs reaching the low 80s Fahrenheit and regular snowfall during winter months.
Frequently Asked Questions
What is the average home price in Detroit, MI?
Homes for sale in Detroit, MI have an average home price of $299,624.
Are home prices dropping in Detroit?
Yes, home prices in Detroit are down 5% in the last 12 months.
How many homes have sold over the last 12 months in Detroit, MI?
502 homes have sold in Detroit, MI over the last 12 months.
Is Detroit, MI a safe city?
What are the most popular zip codes in Detroit, MI?
What are the most popular neighborhoods in Detroit, MI?
How much do you need to make to afford a house in Detroit?
The median home price in Detroit is $247,500. If you put a 20% down payment of $49,500 and had a 30-year fixed mortgage with an interest rate of 6.74%, your estimated principal and interest payment would be $1,280 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $55K a year to afford the median home price in Detroit.
How are the schools in Detroit, MI?
Home Trends in Detroit, MI
On average, homes in Detroit, MI sell after 83 days on the market compared to the national average of 70 days. The median sale price for homes in Detroit, MI over the last 12 months is $192,500, down 9% from the median home sale price over the previous 12 months.
Median Sale Price
$192,500
Median Single Family Sale Price
$135,000
Median Townhouse Sale Price
$418,500
Median 2 Bedroom Sale Price
$324,900
Median 1 Bedroom Sale Price
$133,000
Average Price Per Sq Ft
$201
Number of Homes for Sale
98
Last 12 months Home Sales
502
Median List Price
$247,500
Median Change From 1st List Price
5%
Median Home Sale Price YoY Change
-9%
