Oak Park, MI Cost Of Living
Cost Of Living In Oak Park, MI Summary
Cost of living in Oak Park research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Oak Park is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Oak Park is 93, with 100 being the average.
The cost of living index in Oak Park is 0.9x lower than the national average.
Oak Park ranks as the #110 cheapest in Michigan out of 175.
Oak Park ranks as the #2,137 cheapest out of 6,412 in the US.
The median home value in Oak Park is $143,700.
The median income in Oak Park is $58,700.
Table Of Contents
Oak Park's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Oak Park, MI?
According to the most recent data on the cost of living, Oak Park has an overall cost of living index of 93, which is 0.9x lower than the national index of 100.
Compared to Michigan, Oak Park has a cost of living index that's 1.0x higher than Michigan's index of 92.
The standard of living in Oak Park ranks as #110 most affordable out of the 175 places we measured in Michigan. By definition, that implies Oak Park ranks as the #65 most expensive place in the Wolverine State.
For more reading on life in Oak Park, check out:
- Living In Oak Park
- Oak Park Crime Report
- Search Homes For Sale In Oak Park, MI
In Michigan
In America
Oak Park Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Oak Park. Here is how it fairs on each of the criteria:
The Services index in Oak Park is 107.
The Groceries index in Oak Park is 102.
The Health index in Oak Park is 97.
The Housing index in Oak Park is 61.
The Transportation index in Oak Park is 106.
The Utilities index in Oak Park is 98.
| Living Expense | Oak Park | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 93 | 92 | 100 | |
| Services | 107 | 96 | 100 | |
| Groceries | 102 | 96 | 100 | |
| Health | 97 | 94 | 100 | |
| Housing | 61 | 80 | 100 | |
| Transportation | 106 | 97 | 100 | |
| Utilities | 98 | 100 | 100 | |
Oak Park, MI Housing Cost Breakdown
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Oak Park is $143,700.
The Median Rent in Oak Park is $1,176.
The Median Income in Oak Park is $58,700.
The Home Value To Income in Oak Park is 2.4x.
The Rent To Monthly Income in Oak Park is 0.24x.
| Statistic | Oak Park | Michigan | United States |
|---|---|---|---|
| Median Home Value | $143,700 | $172,100 | $244,900 |
| Median Rent | $1,176 | $946 | $1,163 |
| Median Income | $58,700 | $63,202 | $69,021 |
| Home Value To Income | 2.4x | 2.7x | 3.5x |
| Rent To Monthly Income | 0.24x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Oak Park, MI Costs By Category
Detailed Oak Park Services Costs Vs. Michigan
Detailed Oak Park Groceries Costs Vs. Michigan
Detailed Oak Park Health Costs Vs. Michigan
Detailed Oak Park Transportation Costs Vs. Michigan
Detailed Oak Park Utilities Costs Vs. Michigan
Oak Park SnackAbility
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Cost Of Living In Cities Around Oak Park
The cost of living varies in the cities and towns around Oak Park. Here's a quick look at the cost of living in the most populous nearby places:
Troy, MI has a cost of living index of 113, 1.2x Oak Park.
Southfield, MI has a cost of living index of 96, 1.0x Oak Park.
Rochester Hills, MI has a cost of living index of 111, 1.2x Oak Park.
| City | Population | Cost Of Living | Vs. Oak Park |
|---|---|---|---|
| Troy, MI | 86,912 | 113 | 1.2x |
| Southfield, MI | 76,196 | 96 | 1.0x |
| Rochester Hills, MI | 75,990 | 111 | 1.2x |
| Novi, MI | 65,369 | 113 | 1.2x |
| Royal Oak, MI | 58,368 | 101 | 1.1x |
| Madison Heights, MI | 28,719 | 88 | 0.9x |
| Birmingham, MI | 21,728 | 134 | 1.4x |
| Ferndale, MI | 19,414 | 94 | 1.0x |
| Berkley, MI | 15,234 | 102 | 1.1x |
| Hazel Park, MI | 15,213 | 90 | 1.0x |
