| Index | Ferndale | Michigan | National |
| Cost of living | 99 | 91 | 100 |
| Groceries | 100 | 98 | 100 |
| Health care | 95 | 97 | 100 |
| Housing | 101 | 76 | 100 |
| Transportation | 99 | 96 | 100 |
| Utilities | 99 | 100 | 100 |
| Lifestyle & Entertainment | 99 | 96 | 100 |
| Household Items | 98 | 98 | 100 |
| Education & Childcare | 96 | 95 | 100 |
The cost of living in Ferndale affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Ferndale is 99, which is 1% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
In Ferndale, daily expenses such as food, housing, lifestyle expenses, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Ferndale will resemble that of an average city, contributing to a manageable cost of living.
Wondering if Ferndale is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Ferndale, for example, the median home price is 0.9% lower than what folks pay nationally, and monthly rent is 6.2% higher than the usual rates. Plus, income levels matter too, with Ferndale boasting a median household income of $115,262, which is 41.7% higher than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Ferndale, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 4.25%.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Ferndale, the transportation index is 0.8% lower than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Ferndale, the groceries index is 0.4% lower than the national average.
The cost of living estimates displayed for Ferndale are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $127,871 | $10,656 | $2,983 | $3,837 |
| Renters | $76,532 | $6,378 | $1,786 | $2,296 |
| State | General Sales Tax | With Max Surtax |
| Michigan | 6% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Michigan | 4.25% | 4.25% |
| City | Population | Cost of Living Index | National Avg. |
| River Rouge, MI | 7,756 | 79 | 21.5% |
| Highland Park, MI | 11,056 | 80 | 20.3% |
| Ecorse, MI | 9,684 | 82 | 18.3% |
| Detroit, MI | 692,044 | 82 | 17.6% |
| Inkster, MI | 25,333 | 82 | 17.5% |
| Ferndale, MI | 20,749 | 99 | 0.9% |
| City | Population | Cost of Living Index | National Avg. |
| West Chester, PA | 20,746 | 128 | 27.7% |
| Rocky River, OH | 20,753 | 106 | 5.9% |
| Sainte-Marthe-sur-le-Lac, QC | 20,759 | n/a | |
| Tullahoma, TN | 20,737 | 93 | 7.0% |
| Baie-Comeau, QC | 20,732 | n/a | |
| Ferndale, MI | 20,749 | 99 | 0.9% |
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