Property Prices in Detroit, MI, United States

Index Info
Price to Income Ratio: 1.30
Mortgage as Percentage of Income: 9.18%
Loan Affordability Index: 10.89
Price to Rent Ratio - City Centre: 4.40
Price to Rent Ratio - Outside of Centre: 3.28
Gross Rental Yield (City Centre): 22.72%
Gross Rental Yield (Outside of Centre): 30.53%
Rent Per Month
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Apartment (1 bedroom) in City Centre 1,314.58 $ 800.00-1,905.00
Apartment (1 bedroom) Outside of Centre 1,147.62 $ 799.00-1,905.00
Apartment (3 bedrooms) in City Centre 1,875.00 $ 1,200.00-2,500.00
Apartment (3 bedrooms) Outside of Centre 1,483.33 $ 1,200.00-1,850.00
Buy Apartment Price
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Price per Square Feet to Buy Apartment in City Centre 106.33 $ 57.50-140.23
Price per Square Feet to Buy Apartment Outside of Centre 66.53 $ 29.64-150.00
Salaries And Financing
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Average Monthly Net Salary (After Tax) 3,575.20 $
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate 3.66 2.80-4.10

These data are based on 119 entries in the past 18 months from 22 different contributors.
Last update: July 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?