Here’s How Much You Must Earn To Afford Rent In Michigan

One of the basic needs of life is shelter, having a safe and stable place to live and lay your head at night is one of the most important needs to human life. It is extremely hard to focus and excel in life if you're concerned with your wellbeing and place to sleep. Some of us are fortunate enough to own our own homes or land, while others are renting from a landlord or apartment complex, either way we have somewhere to live.

It's not as easy for some people to keep their homes as there are many factors that can contribute to home loss. Some people have a tragic accident happen and couldn't afford insurance, others lose their job, and so much more but that doesn't mean they deserve to be homeless. Nonetheless, there are people who own multiple homes, landlords, who rent out their homes but those rent prices are beginning to skyrocket. What's your monthly rent payment? Well, here's how much you need to earn to afford a rent payment in Michigan.

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Rent and housing market prices have not been friendly to our wallets and have followed the trends of inflation as the cost of living continues to rise. They say that you aren't supposed to spend more than 1/3 of your income on rent but that is almost impossible as rents rise and salaries plateau. Living in Michigan has its pros and cons but sometimes we happen to fall right in the middle. Don't waste your money's survey shows exactly where Michigan falls when it comes to how much you need to earn to afford rent.

I think that Michigan has it better than some other states when it comes to the cost of living and rent prices. We still have to pay an amount of money that seems to large but we are still paying significantly less than others around the country. To afford rent here in Michigan you must be making at least $21.65 an hour, which is 29th in the country. Like I said, it's still pretty expensive but there are 28 other states paying more expensive rents than Michigan.

The ultimate goal is to save enough money to one day buy your own house or land but until then, keep these rent prices in mind when thinking about where to live. Michigan isn't the cheapest but it's definitely not in the most expensive either.