Quality of Life in Detroit, MI: An Income of $76,720

Cost of Living

• Income Comparison: Earning $76,720 per year in Detroit positions an individual above the median household income in the city, which provides a comfortable standard of living.
• Overall Expenses: The cost of living in Detroit is generally lower than the national average. This means that day-to-day expenses such as groceries, utilities, and transportation are relatively affordable.
• Saving Potential: Although costs are lower, personal saving potential can vary based on lifestyle and spending habits. The competitive cost of living allows for greater financial flexibility.

Housing Market

• Home Prices: The median home price in Detroit is substantially lower than the national average, making home ownership accessible to individuals earning $76,720 annually.
• Renting vs. Buying: Renting can also be affordable, but purchasing a home often presents a sound financial decision due to low property prices and opportunities for investment growth.
• Market Trends: The housing market in Detroit has been recovering over recent years, leading to stable growth in property values.

Quality of Life

• Community: Detroit boasts vibrant cultural scenes, including music, art, and dining, enriching the lifestyle of residents.
• Recreational Activities: There are numerous parks, entertainment venues, and museums, contributing to a diverse and engaging environment.
• Transportation: The city has public transportation options and is car-friendly, although urban infrastructure can vary in maintenance.

Access to Healthcare

• Healthcare Facilities: Detroit hosts several renowned healthcare facilities, offering a range of services and specialties.
• Affordability: Healthcare costs are in line with national averages, although availability and quality can vary across different neighborhoods.
• Insurance Coverage: Those with employer-provided health insurance can access care more conveniently, offsetting potential cost burdens.

Quality of K-12 Schools

• School System Overview: Public schools in Detroit have historically faced challenges in funding and resources, impacting educational outcomes.
• School Choice: Charter schools and private institutions provide alternatives, often achieving better performance ratings.
• Investment in Education: Ongoing efforts are being made to improve school infrastructure and educational opportunities in the city.

Assessment Summary

Living in Detroit, MI on an income of $76,720 per year offers a relatively higher quality of life compared to many other U.S. cities due to