Cost of Living in Bloomfield Hills, MI

With a cost of living index of 210, Bloomfield Hills, MI is one of the most expensive cities in the United States. Living here is 110% more expensive than the national average and 132% above the Michigan state average of 78. Bloomfield Hills is a small community of 4,412 residents.

Housing costs are the biggest factor in Bloomfield Hills's cost of living. The median monthly rent is $3,250 (146% above the US median of $1,319), and the median home value sits at $942,900 (209% above the national median of $304,900). At current prices, the median home costs roughly 4.7x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Bloomfield Hills is $200,318, which is 167% higher than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Everyday prices in the Detroit-Warren-Dearborn, MI (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.