Property Prices in Detroit, MI, United States

Index Info
Price to Income Ratio: 1.52
Mortgage as Percentage of Income: 11.02%
Loan Affordability Index: 9.08
Price to Rent Ratio - City Centre: 3.36
Price to Rent Ratio - Outside of Centre: 2.32
Gross Rental Yield (City Centre): 29.72%
Gross Rental Yield (Outside of Centre): 43.16%
Rent Per Month
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Apartment (1 bedroom) in City Centre 1,466.92 $ 900.00-1,905.00
Apartment (1 bedroom) Outside of Centre 1,164.60 $ 799.00-1,905.00
Apartment (3 bedrooms) in City Centre 2,306.25 $ 1,500.00-3,000.00
Apartment (3 bedrooms) Outside of Centre 1,500.00 $ 1,000.00-2,800.00
Buy Apartment Price
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Price per Square Feet to Buy Apartment in City Centre 94.33 $ 52.00-140.23
Price per Square Feet to Buy Apartment Outside of Centre 47.69 $ 29.64-150.00
Salaries And Financing
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Average Monthly Net Salary (After Tax) 2,521.46 $
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate 4.00 2.80-4.50

These data are based on 146 entries in the past 18 months from 40 different contributors.
Last update: January 2021

Sources and References
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1 Comments so far
Tipu on May 20, 2018:
How come the average income of an Islamabad resident is 5 times lower than a Detroit resident, but prices of apartments are lower for Detroit city centre?