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Last month, we talked about how much income was needed to live comfortably in Detroit ($42,772 to be exact). Readers thought it was either way too high or way too low (no one agreed?). Now we're looking at renting in the city, and according to SmartAsset, you should make $37,971 to rent in Detroit.
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They looked at the fair market rent for two-bedroom apartment in major cities. The market rent for 2016 for a two-bedroom in Detroit is $886. The positive in all this is that out of the 15 biggest metro areas, Detroit came up as the most affordable.
The drawback is that rents are on the rise in Detroit right now.
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SmartAsset used a 28% rent-to-income ratio to determine their numbers.
If you follow our Curbed Comparisons, you know that yes, rents are higher in Downtown, Midtown, and West Village right now. You're more likely to find a good sized rental out near Palmer Park or even New Center (but that could change with the impending M-1 rail). We're also watching hundreds of new rentals being built that should be ready in the next few years.
We're always on the lookout for good rentals. If you ever see one we should feature, send us a tip on the tipline!
- How Much Should You Make to Live Comfortably in Detroit? [Curbed Detroit]
- The Income Needed to Pay Rent in the Largest U.S. Cities [SmartAssets]
- Detroit Curbed Comparisons
- Mapping Detroit's Construction Boom [Curbed Detroit]