7 months ago · Justin Becker · Comments Off on Cost of Living in Farmington Hills, MI
Looking to move to a new place, as is the norm, is always accompanied by research. As such, you will want to go into details about the location before making a decision.
Is the place strategically located? How about the availability of amenities? Besides, you will want to uncover the cost of living in the city before officially making the move.
Ranked one of the best cities to live in Michigan by Time Magazine, Farmington Hills thrives on factors such as strong economic and educational performance, convenience, safety, and an overall pleasant way of life. One thing is for sure, anyone new to Farmington Hills will fall in love with the city at first sight.
Cost of Living in Farmington Hills, MI
One of the easiest ways to understand the cost of living of a place is by using scores and indexes. Cost of Living scores and indexes are a way to compare the overall price of goods and services between different areas of the United States.
If a place has a cost of living index of 130, it means it is 30 percent more expensive to live there than the national average. In contrast, if a place has a cost of living index of 80, then it is 20 percent less expensive than the national average.
In this article, we’ll break down the cost of living for anyone looking to move to Farmington Hills, MI using these main factors:
● Housing Cost
● Healthcare Cost
● Utility Bills
● Fitness and Entertainment
Farmington Hills has a cost of living index of 108.5, meaning it is slightly more expensive compared to the national average. On the other hand, the median income in Farmington Hills, Michigan is $83,262, and the median home value is $261,459.
The housing in Farmington Hills, Michigan is very competitive. For example, the average homes sell for about 3% above the list price, and they go pending in around 8 days. Hot homes, on the other hand, can sell for about 7% above the list price, and they go pending in around 4 days.
For a one-bedroom apartment, the average rent in Farmington Hills, Michigan is currently $1,001 per month. For a two-bedroom apartment, the average rent is $1,457 per month, while studio apartments in Farmington Hills cost an average of $1,890 per month.
As you can see, the cost of living in Farmington Hills is a little more expensive, however that doesn’t rule out the chances of landing affordable apartments.
The Healthcare cost of living in Farmington Hills is almost 20% cheaper compared to the national average. With an 81.4 index on health, you expect to find cheaper facilities around the city.
Getting a health insurance policy will definitely be paramount considering the rising healthcare costs. In 2020, the average national cost for health insurance was $456 for an individual and $1,152 for a family, per month.
When it comes to nursing homes, the average cost of nursing home care in the United States is $7,441, which is about $1,650 less than the average in Farmington Hills.
The utility bill cost of living in Farmington Hills, Michigan is 4% lower than the national average. You’ll spend about $159.51 on electricity bills, which is lower than the national average of $167.67.
On the other hand, phone bills will cost you about $178.81, on average, in Farmington Hills, which is slightly higher than that of the national average, which is $175.64.
During winter and summer, the energy bills are likely to rise as you seek to warm the home and cool it down, respectively. However, making the home energy-efficient will curb the sky-rocketing cost at the end of each month.
Fitness and Entertainment
Residents in Farmington Hills have several options when it comes to fitness and entertainment. Whether you are a beginner or a fitness regular, the choices you have at your disposal will help you achieve a healthier life, but the options will vary in terms of cost of living.
If you are looking for a normal gym set-up, expect to pay around $30 a month. If you are looking to have access to more amenities, expect to pay a lot more.
You’ll find professional fitness centers that fuse fitness with entertainment to give you a serious workout. Here are some of the best fitness centers you should check out:
● Crunch Fitness
● Jazzercise Farmington Hills Fitness Center
● The Edge Fitness Clubs
● Orangetheory Fitness
Our Final Thought
If you are moving to a new city, consider using the cost of living calculator to see how far your salary will go to maintain your standard of living. Check out economic research published throughout Michigan to get more insights.