The average amount rent costs in Michigan may surprise you. The cost of both renting and owning a home has gone up substantially in the past decade, not just in Michigan but across America. So, how much does rent cost in Michigan? Here’s what the experts say.
How Much Rent Costs in Michigan
A recent study from the experts at the Joint Center for Housing Studies of Harvard University looked into how much rent costs across America. They discovered that in 2022, half of all people in the U.S. who were renting were cost burdened, meaning that more than 30% of their income went to housing. What’s even crazier is that more than 12 million Americans were putting at least half of their paycheck, if not more, towards rent. All of this means that there are more homeless people in America. In fact, in 2023, homelessness rose to a new high in America. To be specific, an annual head count, conducted in January of 2023, discovered that the homeless population had increased by more than 70,000 people, or a whopping 12 percent.
According to the study from Harvard University, rent costs vary a lot depending on your state. The state with the highest median rent is the paradise of Hawaii, where renters pay around $1,868 per month. In turn, the state with the lowest median rent cost is West Virginia, where renters pay around $831 per month. That’s obviously a big difference. A different study, this one according to the Zumper National Rent Index, looked at prices for one-bedroom units in America. It found that the most expensive city to rent in is New York City at $4,200 per month in 2024. That’s very high, but that’s expected in New York City. No. 2 on the tally was Jersey City, New Jersey, at $3,330 per month. San Francisco was next at $2,950, followed by Boston at $2,830 and Miami at $2,770.
So, what’s the average rent in Michigan? According to the Harvard study, it’s $1,037. Some good news is that according to a separate study published in Visualcapitalist.com, one Michigan city has some of the most affordable rent costs that you’ll find anywhere. That city is Detroit. In the study, they note that both Detroit and Rockford, Illinois, “have affordable housing markets, after the Great Recession caused the local economies to tank, in turn causing an increase in crime and decline in population.” They add that, “Post-pandemic, however, both cities are on the rebound with an influx of industries, jobs, and people.” I’m excited to see Detroit on the list of the cheapest rent costs in America, because the city is truly coming back. Contact me with your thoughts.
