Imagine a place where nature meets luxury in a quiet haven nestled amid the bustling vibe of the Midwest. Welcome to Bloomfield Hills, an affluent suburb of Detroit with plenty of charm and prestige. This coveted residential oasis has not only clinched a spot on Bloomberg's list of the top 20 most affluent cities in the Midwest but is the wealthiest zip code in Michigan.
Here, winding streets are flanked by wooded lots that promise privacy and serenity, leading to grand, gorgeous homes that make a statement of elegance. Many of these residences belong to distinguished Fortune 500 executives and renowned professional athletes, a testament to the allure of Bloomfield Hills.
The financial aspect of life in Bloomfield Hills
The cost of living in Bloomfield Hills is 62% higher than the national average, reflecting its upscale reputation and the luxurious amenities it offers. The most significant chunk of this difference comes from housing expenses, which are 177% above the national average. It reflects the expansive, stately homes that dot the city, offering their residents unparalleled luxury and privacy.
Yet, for those contemplating the move, knowing that a livable salary in Bloomfield Hills is around $87,466 is comforting. While it's a premium to pay for the privilege of living in such a prestigious area, many find the investment worthwhile for the amazing lifestyle and environment it promises.
Bloomfield Hills vs. other Michigan cities
When sizing up living in Bloomfield Hills against its neighbors, the city is distinct in its luxury and pricing. Take Auburn Hills, for example. Located near Bloomfield, Auburn Hills' cost of living is 8% below the national average, making it a more affordable choice for many. The housing costs are also significantly lower — 40% below the national average — and the livable salary is pegged at a modest $49,695.
Then there's Farmington Hills. While it's closer to Bloomfield Hills regarding its affluence, there are clear differences. The cost of living in Farmington Hills is 25% above the national average, and residents require a livable salary of about $67,417. However, the housing costs in Farmington Hills can be quite a surprise, soaring to 386% above the national average. In comparison, while Bloomfield Hills demands a premium, it's evident that the price reflects its unique position as one of Michigan's crown jewels of suburban living.
Those looking to purchase a home can expect a median sold price of around $580,000, which translates to around $225 per square foot. These numbers signal the city's upscale nature. The market remains reasonably active and competitive, with the vast majority of homes being snapped up in less than a month. These trends indicate that the allure and demand for Bloomfield Hills real estate remains strong over time.
The rental market in Bloomfield Hills for investors
The current average rent for a two-bedroom apartment is roughly $1,650. It's worth noting that there's been a 13% decline in the average rent from the previous year. Yet, despite these numbers, Bloomfield Hills remains a community deeply rooted in ownership, as a remarkable 89% of homes are owner-occupied. This trend underscores the city's emphasis on long-term residency and wealth building.
For real estate investors, this suggests a unique market with limited competition in the rental sphere and a strong potential for stable, long-term tenants. However, it's a gentle reminder for potential renters: while renting provides a life of flexibility, home ownership truly builds personal wealth, turning every mortgage payment into a step towards a more financially secure future.
The cost of utilities in Bloomfield Hills
Living in Bloomfield Hills, residents can expect to pay an average of $.1926 per kilowatt-hour for electricity. It might raise a few eyebrows, as these electricity rates are about 20% higher than the national average. However, before one jumps to conclusions, there's a silver lining.
When it comes to natural gas, the scenario is more favorable. The average cost stands at a modest $16 per thousand cubic feet, a rate that's a refreshing 25% less than the national average. This balance between electricity and natural gas prices showcases Bloomfield Hills' unique utility landscape, offering a blend of premium and affordability that residents have come to appreciate.
A look at the grocery costs
Food has its own pricing story in Bloomfield Hills. While grocery shopping, residents will find that the average costs are just a smidgen above what most Americans in other areas pay, with prices being just about 1% higher than the national average. Breaking it down further, essential items like a loaf of bread will be about $3.90, while a gallon of milk is $2.44. And for those delightful morning breakfasts? A carton of eggs costs approximately $2.26. Overall, while Bloomfield Hills is undoubtedly known for its affluence and luxury, the costs of everyday essentials remain relatively grounded, ensuring that residents can enjoy their meals without breaking the bank.
Transportation and transit costs
The current price of gasoline hovers around $3.40 per gallon. Interestingly, despite its affluent status, Bloomfield Hills' transportation costs align closely with the national average. Residents, whether commuting to work or exploring the picturesque streets of their city, won't find their pockets unduly pinched by transportation expenses. It's yet another feather in the cap for Bloomfield Hills, blending luxury living with the everyday practicalities of life.
Finding your Bloomfield bliss with Shain Park, Realtors®
If living in Bloomfield Hills sounds like the perfect fit, the exceptional team at Shain Park, Realtors® is ready to help you achieve all your goals. They boast a full suite of services, including property management and real estate development. With such comprehensive offerings and in-depth market knowledge, you will have only the very best by your side. Reach out to Shain Park, Realtors® today to transform all your real estate dreams into reality.
*Header photo courtesy of Shain Park, Realtors®
*Header photo courtesy of Shain Park, Realtors®