Cost of Living in Sterling Heights, MI

An Overview of Cost of Living in Sterling Heights, MI

Understanding the cost of living in Sterling Heights can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Sterling Heights cost of living index is 103, which is 3% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

In Sterling Heights, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Sterling Heights will resemble that of an average city, contributing to a manageable cost of living.

Is Sterling Heights Affordable?

Is Sterling Heights affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Sterling Heights, the median home price is 7.4% higher than the national average and monthly rent prices are 10.7% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Sterling Heights boasting a median household income of $66,346, 19.9% higher than the national average.

What Factors can Influence the Cost of Living in Sterling Heights?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Sterling Heights, healthcare costs are 2.2% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Sterling Heights, is 8.4% higher than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Sterling Heights, the groceries index is 3.4% higher than the national average.

Where is the Data From?

The cost of living in Sterling Heights, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.