A+
14%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
49%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Hamtramck Michigan National
Cost of living8689100
Goods & Services10293100
Groceries10399100
Health care10293100
Housing5174100
Transportation10097100
Utilities94101100

An Overview of Cost of Living in Hamtramck, MI

Getting a feel for the cost of living in Hamtramck is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Hamtramck is 86, which is 14% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Hamtramck housing costs are 49% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Hamtramck residents can earmark a more manageable portion of their income to housing.

What Do Locals Say About the Cost of Living in Hamtramck?

Nobody knows their city better than the people who actually live there. So, we asked 6 local residents how they would rate the cost of living in Hamtramck and this is how they responded. 67% of people said that the cost of living was affordable, with prices decreasing, while 33% of people said that the cost of living was very expensive and prices continue to rise.

Is Hamtramck Affordable?

Is Hamtramck affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Hamtramck, for instance, where the median home price falls 60.7% lower than the national average, and monthly rent rates are 21.7% lower than usual. Additionally, median income levels contribute to the equation, with Hamtramck flaunting a median household income of $29,230, 47.2% lower than the national norm.

What Factors can Influence the Cost of Living in Hamtramck?

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Hamtramck, the utilities index registers at 5.6% lower than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Hamtramck, the housing index is 49% lower than the national average.

Where is the Data From?

The Hamtramck cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Hamtramck is 4% lower than the Michigan average
  • The cost of living in Hamtramck is 14% lower than the national average
  • Hamtramck housing is 49% lower than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 88% higher than the national average

Most Affordable Places to Live in and Around Hamtramck

See all the best places to live around Hamtramck

Compare Hamtramck, MI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$32,288$2,691$753$969
      Renters$24,587$2,049$574$738
      The affordability of the housing market in Hamtramck, MI as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Hamtramck homeowners, the median income is $32,288. This indicates that a monthly maximum of $753 should be spent by homeowners on all housing related costs. Renters have a median income of $24,587. This indicates that renters would have a maximum of $574 for their rent related monthly costs.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Goods & Services

      Item Hamtramck National avg. Difference
      Haircut $16.80$24.2630.8%
      Beauty Salon $24.78$45.5645.6%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.13$1.2811.8%
      Movie $12.99$12.137.1%
      Bowling $12.33$18.0031.5%

      Groceries

      Item Hamtramck National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.78$4.672.3%
      Potatoes $4.80$4.932.8%
      Pizza $8.99$12.0925.6%
      Beer $9.04$10.4113.2%

      Health Care

      Item Hamtramck National avg. Difference
      Optometrist $85.00$125.6832.4%
      Doctor $103.33$135.7823.9%
      Dentist $91.00$113.2919.7%
      Ibuprofen $10.22$10.654.1%
      Lipitor $490.11$468.604.6%

      Housing

      Item Hamtramck National avg. Difference
      Home Price $72,600.00$184,700.0060.7%
      Avg. Mortgage Payment $1,709.07$2,346.6927.2%
      Apartment Rent $743.00$949.0021.7%

      Transportation

      Item Hamtramck National avg. Difference
      Gasoline $3.35$3.463.1%
      Tire Balancing $56.00$59.926.5%

      Utilities

      Item Hamtramck National avg. Difference
      All Electricity $219.20$193.9913.0%
      Phone $184.44$192.254.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      River Rouge, MI7,4658019.9%
      Highland Park, MI10,8188218.3%
      Ecorse, MI9,4568316.8%
      Detroit, MI672,3518415.5%
      Inkster, MI24,3988515.1%
      Hamtramck, MI21,7048614.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Yucca Valley, CA21,7011098.8%
      Roselle, NJ21,69911212.0%
      Squamish, BC21,730n/a 
      Raymore, MO21,6761032.9%
      Pascagoula, MS21,7328712.9%
      Hamtramck, MI21,7048614.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.