Cost of living in Berkley 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 Berkley 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 Berkley is 102, with 100 being the average.
The cost of living index in Berkley is 1.0x higher than the national average.
Berkley ranks as the #153 cheapest in Michigan out of 175.
Berkley ranks as the #3,380 cheapest out of 6,412 in the US.
The median home value in Berkley is $238,200.
The median income in Berkley is $96,993.
According to the most recent data on the cost of living, Berkley has an overall cost of living index of 102, which is 1.0x higher than the national index of 100.
Compared to Michigan, Berkley has a cost of living index that's 1.1x higher than Michigan's index of 92.
The standard of living in Berkley ranks as #153 most affordable out of the 175 places we measured in Michigan. By definition, that implies Berkley ranks as the #22 most expensive place in the Wolverine State.
For more reading on life in Berkley, check out:
Six factors go into calculating the cost of living index in Berkley. Here is how it fairs on each of the criteria:
The Services index in Berkley is 107.
The Groceries index in Berkley is 98.
The Health index in Berkley is 96.
The Housing index in Berkley is 95.
The Transportation index in Berkley is 106.
The Utilities index in Berkley is 95.
|Living Expense||Berkley||Michigan||National Average|
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 Berkley is $238,200.
The Median Rent in Berkley is $1,288.
The Median Income in Berkley is $96,993.
The Home Value To Income in Berkley is 2.5x.
The Rent To Monthly Income in Berkley is 0.16x.
|Median Home Value||$238,200||$172,100||$244,900|
|Home Value To Income||2.5x||2.7x||3.5x|
|Rent To Monthly Income||0.16x||0.18x||0.2x|
The cost of living varies in the cities and towns around Berkley. 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 Berkley.
Southfield, MI has a cost of living index of 96, 0.9x Berkley.
Rochester Hills, MI has a cost of living index of 111, 1.1x Berkley.
|City||Population||Cost Of Living||Vs. Berkley|
|Rochester Hills, MI||75,990||111||1.1x|
|Royal Oak, MI||58,368||101||1.0x|
|Oak Park, MI||29,677||93||0.9x|
|Beverly Hills, MI||10,593||123||1.2x|