Royal Oak, MI Cost Of Living
Cost Of Living In Royal Oak, MI Summary
Cost of living in Royal Oak 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 Royal Oak 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 Royal Oak is 101, with 100 being the average.
The cost of living index in Royal Oak is 1.0x higher than the national average.
Royal Oak ranks as the #148 cheapest in Michigan out of 175.
Royal Oak ranks as the #3,263 cheapest out of 6,412 in the US.
The median home value in Royal Oak is $249,900.
The median income in Royal Oak is $87,316.
Table Of Contents
Royal Oak's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Royal Oak, MI?
According to the most recent data on the cost of living, Royal Oak has an overall cost of living index of 101, which is 1.0x higher than the national index of 100.
Compared to Michigan, Royal Oak has a cost of living index that's 1.1x higher than Michigan's index of 92.
The standard of living in Royal Oak ranks as #148 most affordable out of the 175 places we measured in Michigan. By definition, that implies Royal Oak ranks as the #27 most expensive place in the Wolverine State.
For more reading on life in Royal Oak, check out:
- Living In Royal Oak
- Royal Oak Crime Report
- Search Homes For Sale In Royal Oak, MI
In Michigan
In America
Royal Oak Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Royal Oak. Here is how it fairs on each of the criteria:
The Services index in Royal Oak is 109.
The Groceries index in Royal Oak is 102.
The Health index in Royal Oak is 97.
The Housing index in Royal Oak is 97.
The Transportation index in Royal Oak is 105.
The Utilities index in Royal Oak is 98.
| Living Expense | Royal Oak | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 101 | 92 | 100 | |
| Services | 109 | 96 | 100 | |
| Groceries | 102 | 96 | 100 | |
| Health | 97 | 94 | 100 | |
| Housing | 97 | 80 | 100 | |
| Transportation | 105 | 97 | 100 | |
| Utilities | 98 | 100 | 100 | |
Royal Oak, 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 Royal Oak is $249,900.
The Median Rent in Royal Oak is $1,190.
The Median Income in Royal Oak is $87,316.
The Home Value To Income in Royal Oak is 2.9x.
The Rent To Monthly Income in Royal Oak is 0.16x.
| Statistic | Royal Oak | Michigan | United States |
|---|---|---|---|
| Median Home Value | $249,900 | $172,100 | $244,900 |
| Median Rent | $1,190 | $946 | $1,163 |
| Median Income | $87,316 | $63,202 | $69,021 |
| Home Value To Income | 2.9x | 2.7x | 3.5x |
| Rent To Monthly Income | 0.16x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Royal Oak, MI Costs By Category
Detailed Royal Oak Services Costs Vs. Michigan
Detailed Royal Oak Groceries Costs Vs. Michigan
Detailed Royal Oak Health Costs Vs. Michigan
Detailed Royal Oak Transportation Costs Vs. Michigan
Detailed Royal Oak Utilities Costs Vs. Michigan
Royal Oak SnackAbility
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Cost Of Living In Cities Around Royal Oak
The cost of living varies in the cities and towns around Royal Oak. 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, 1.1x Royal Oak.
Rochester Hills, MI has a cost of living index of 111, 1.1x Royal Oak.
Novi, MI has a cost of living index of 113, 1.1x Royal Oak.
| City | Population | Cost Of Living | Vs. Royal Oak |
|---|---|---|---|
| Troy, MI | 86,912 | 113 | 1.1x |
| Rochester Hills, MI | 75,990 | 111 | 1.1x |
| Novi, MI | 65,369 | 113 | 1.1x |
| Oak Park, MI | 29,677 | 93 | 0.9x |
| Madison Heights, MI | 28,719 | 88 | 0.9x |
| Birmingham, MI | 21,728 | 134 | 1.3x |
| Ferndale, MI | 19,414 | 94 | 0.9x |
| Berkley, MI | 15,234 | 102 | 1.0x |
| Hazel Park, MI | 15,213 | 90 | 0.9x |
| Clawson, MI | 11,482 | 99 | 1.0x |
