Are houses expensive in Ann Arbor?

Summary: The median home sold price in Ann Arbor was $487,904 in January 2024, up 10.8% from last year, and the median price per square foot was $268.

Is Ann Arbor an expensive place to live?

The cost of living in Ann Arbor, MI is 8% higher than the state average and 4% higher than the national average. Ann Arbor, MI housing is 16% more expensive than the U.S average, while utilities are about 5% less pricey.

Why are homes in Ann Arbor so expensive?

However, the supply of available homes has not been able to keep up with this demand, leading to a limited inventory. This situation of high demand and low supply is a classic economic scenario that drives up prices, making the real estate market in Ann Arbor an expensive one for potential buyers.

Is Ann Arbour a good place to live?

Ann Arbor is a city in Michigan with a population of 122,216. Ann Arbor is in Washtenaw County and is one of the best places to live in Michigan. Living in Ann Arbor offers residents an urban suburban mix feel and most residents rent their homes. In Ann Arbor there are a lot of restaurants, coffee shops, and parks.

Why is Michigan housing so cheap?

One reason is that the state has a shrinking population. Michigan lost population from 2000 to 2010, and the problem is getting worse, not better. This decline in population has led to a decrease in demand for housing and land. Another reason why land is so cheap in Michigan is that the state has a lot of vacant land.

What 2.6M buys you in Ann Arbor, MI | Michigan Luxury Real Estate

What city in Michigan has the most affordable housing?

1. Flint. Flint is an affordable place to live in Michigan. Its median house rent ranges from $375 – $1,800.

What city has the worst housing prices?

Is Ann Arbor a wealthy town?

Ann Arbor's residents benefit from the intellectual stimulation and cultural enrichment that the university fosters. In conclusion, Ann Arbor stands out among Michigan's wealthiest cities due to the presence of the University of Michigan.

What is the nicest part of Ann Arbor?

Is Ann Arbor or Chicago more expensive?

You would need around 7,142.7$ in Chicago, IL to maintain the same standard of life that you can have with 5,700.0$ in Ann Arbor, MI (assuming you rent in both cities). This calculation uses our Cost of Living Plus Rent Index to compare the cost of living and assume net earnings (after income tax).

Are Ann Arbor taxes high?

High Property Taxes. Washtenaw County has some of the highest property taxes in Michigan, and Michigan itself ranks among the country's highest in property taxes. Specifically, property taxes within the City of Ann Arbor are approximately 25 percent higher than those in nearby townships.

Do people like living in Ann Arbor?

Ann Arbor is a desirable area for inhabitants of all ages due to its excellent public schools, growing diverse job market, extensive public parks system, and low crime rates, among other things.

Why move to Ann Arbor?

Aside from the university, excellent public schools, an increasingly diverse job market, a robust public parks system and low crime rates make Ann Arbor an attractive place to live for locals of all ages.

Do you need a car to live in Ann Arbor?

It is possible to survive in Ann Arbor without a car, although having access to a car may make certain aspects of life more convenient. Yes! Ann Arbor has a great mass transit system, and is a very compact city.

Is Ann Arbor a party town?

Ann Arbor is home to a thriving nightlife scene that offers a little something for everyone. The bars, clubs, and breweries in Ann Arbor are bursting with local flavor and uncommon offerings.

What is so great about Ann Arbor?

Ann Arbor is a bustling university town, culinary hotspot and tech hub with a walkable downtown. Experience the University of Michigan , globally-inspired dining , unique retail and world-class arts and culture . This is where creative ideas come to life through events, retail, food, nightlife, art and music.

What is Ann Arbor most known for?

The home to the University of Michigan and its more-than 38,000 students, as well as other nearby colleges and universities including Cleary, Concordia and Washtenaw Community College, Ann Arbor can be considered the education capital of the Midwest.

Is Ann Arbor a walkable city?

Walking Around Downtown Ann Arbor

Downtown Arbor is made up of four commercial districts covering 67 city blocks making it a wonderfully walkable downtown.

Where do most millionaires live in Michigan?

According to Forbes, as of 2022, the richest city in Michigan is Barton Hills.

Where do rich people live in Ann Arbor?

Northwest Ann Arbor includes three neighborhoods: Wines – This hilly area offers easy access to Bird Hills Nature Area and Bluffs Park. Barton Hills, one of Ann Arbor's wealthiest areas, is also here.

What salary is considered upper class in Michigan?

The average upper-class salary in Michigan is $57,220 per year, although you should keep in mind that pay-range variance can be as much as $25,467. This breaks down to approximately $27.51 per hour, $1,100 per week, or $4,768 per month.

What four cities will have big house prices decline?

In a recent note to clients, the strategists warned that by the end of 2024, home prices are set to plunge by 19% in Austin, 16% in Phoenix, 15% in San Francisco and 12% in Seattle.

What four cities are home prices declining?