Cost of Living in Lathrup Village, MI

With a cost of living index of 102, Lathrup Village, MI is right around the national average in cost. Living here is 2% more expensive than the national average and 24% above the Michigan state average of 78. Lathrup Village is a small community of 4,049 residents.

Housing costs are the biggest factor in Lathrup Village's cost of living. The median monthly rent is $1,497 (13% above the US median of $1,319), and the median home value sits at $270,900 (11% below the national median of $304,900). At current prices, the median home costs roughly 2.7x the median household income — well within traditional affordability guidelines.

The median household income in Lathrup Village is $99,286, which is 32% higher than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.