Quality of Life Assessment for a $92,480 Annual Salary in Detroit, MI

Overview of Annual Income

• Annual Salary: $92,480
• Monthly Gross Income: Approximately $7,707

Cost of Living in Detroit

General Cost of Living

• Below National Average: The cost of living in Detroit is generally lower than the U.S. average.
• Affordability: Residents often find necessities such as groceries, transportation, and healthcare to be more affordable compared to national costs.

Housing Market

• Median Home Price: Significantly lower than the national median, offering accessible homeownership opportunities.
• Rental Costs: Renting is also affordable, with lower average rental prices compared to many major U.S. cities.

Quality of Life in Detroit

Housing Affordability

• Home Buying Potential: With an income of $92,480, purchasing a home is more feasible due to the low median home prices.
• Renting: Those opting to rent will find a variety of options within a comfortable budget.

Healthcare Access

• Network of Facilities: Detroit boasts a robust healthcare network, including reputable hospitals and clinics.
• Healthcare Costs: Generally consistent with or slightly below the national average, ensuring broad medical access.

Education: K-12 Schools

• School Quality: Mixed reviews, with some schools providing exceptional education and others struggling with performance metrics.
• School Choice: Options for charter schools and magnet programs are available, offering alternatives to public schooling.

Summary of Assessment

Living in Detroit on an annual salary of $92,480 generally provides a comfortable lifestyle due to the relatively low cost of living, especially in terms of housing. The city's more affordable housing market allows for both buying and renting opportunities at a lower cost than the national average. Healthcare is accessible and reasonably priced, although the quality and performance of K-12 schools can vary significantly, presenting both challenges and opportunities in education. Overall, Detroit offers a feasible and quality lifestyle for those earning around $92,480 annually.