Exploring the Cost of Living in Plymouth, MI: What to Expect

Living in Plymouth, Michigan offers a unique blend of small-town charm and vibrant community life, making it a desirable place to call home. With a population of 36,000, Plymouth combines the tranquility of a smaller city with the amenities of a larger one. The cost of living in Plymouth, Michigan, though slightly higher than the state average, provides excellent value compared to national figures. Housing costs are competitive, with the average home priced at $470,000, offering a range of options from charming downtown bungalows to luxurious properties in the suburbs. For those considering moving to Plymouth, Michigan, the city boasts a variety of dining options, from affordable local favorites to upscale eateries. Utilities, while slightly above state averages, remain manageable and reflect the quality of services provided. Additionally, property taxes in Plymouth, though higher than many areas, support exceptional city services and infrastructure, making the investment in this community worthwhile.

Click here to read our blog Everything to Know About Moving to Plymouth Michigan

Small Town Charm

Plymouth stands out for its intimate atmosphere compared to its bustling neighbors. With a combined population of 36,000 residents in both the city and township, it ranks as the 74th most populated city in Michigan. In contrast, nearby Livonia boasts over 95,000 inhabitants. Plymouth's smaller size contributes to its beloved small-town vibe, attracting those who appreciate a close-knit community.

Affluent Earnings

In 2021, the median household income in Plymouth, Michigan reached $95,840, significantly surpassing the state's median annual income of $63,498 by 33.7%. The average annual household income in Plymouth stands at an impressive $129,721. Younger residents, aged 25 to 44, earn a median income of $106,263, while those in the 45 to 64 age bracket enjoy a median wage of $121,065. These figures underscore Plymouth's position as a relatively affluent community within the state.

Top-Ranked Living

Plymouth, Michigan has earned high marks both statewide and nationally as one of the premier places to live, according to various publications. Smart Asset placed Plymouth 13th in the nation, evaluating 11 key metrics such as home affordability, job opportunities, and quality healthcare. Backgroundchecks.com also ranks Plymouth among the top 20 cities in the country, while reviews.com consistently includes it in the top 100 Safest Cities list. These accolades highlight Plymouth's exceptional quality of life and desirability as a place to call home.

Housing Costs

Exploring the cost of living in Plymouth, Michigan begins with the essential question: How much does it cost to buy a house here? The average home price in Plymouth is approximately $470,000, reflecting an 8.6% increase over the past year. While this figure is slightly below the national average of $492,000, it significantly exceeds the state average of $278,000. For an upscale area in Michigan, Plymouth remains relatively affordable. For context, purchasing a $470,000 home with a 20% down payment translates to a monthly mortgage payment of around $2,502 at a 7% interest rate. Locally, Plymouth's housing costs are higher than neighboring Canton, where the average home costs $352,000, but lower than Northville, where the average home price is $535,000.

Renting in Plymouth

For those considering renting in Plymouth, a 900-square-foot, two-bedroom apartment typically costs around $1,207 per month. This is notably lower than the national average of $1,702 per month. Within Southeast Michigan, Plymouth's rental rates are mid-range—higher than Redford to the east, where the average is $1,097 per month, but lower than Novi to the northwest, where rents average $1,800 per month for a two-bedroom apartment.

For single-family homes, the average rent for a three or four-bedroom property is $2,483 per month. While the monthly cost of buying a home might be about $20 more than renting, the financial advantages of purchasing—such as the mortgage interest deduction and building home equity—make buying a more attractive option. It's worth noting that rental prices in Plymouth can vary significantly, reflecting the diverse housing market in this charming community.

Home Variety

The diversity of homes in Plymouth varies greatly depending on the specific area. Near downtown, you'll find a blend of newly constructed properties alongside beautifully restored older homes. West of Sheldon Road, homes are predominantly located within subdivisions.

A recently sold home on Holbrook Street exemplifies Plymouth's unique charm. This gorgeous bungalow, just a short walk from downtown, features an impressive kitchen and spans 1,541 square feet on a 0.19-acre lot, a typical size for downtown Plymouth. Originally built in 1925, it was meticulously restored in 2018.

In contrast, the most expensive home sold in the past year is on Maple Valley Drive. Listed at $1,120,000, it sold for $1,250,000 in May 2023. This luxurious property includes a four-car garage, a stunning kitchen, a walk-out basement, a pool, and over 4,300 square feet of living space. Located in the Country Acres neighborhood between Ridge and Napier, this home sits on a sprawling 0.7-acre lot, offering ample space and privacy.

On the other end of the spectrum, the least expensive home recently sold in Plymouth is on Arthur Street, priced at $170,000. Despite its lower price, this charming property remains highly desirable. Many investors purchased similar homes across the area during the housing market crash of 2008-2009, recognizing their potential as great rental properties.

For those considering a move to Plymouth, it's recommended to create a comprehensive needs and wants list to ensure you find the perfect home. Sometimes, other nearby cities might better suit a client's needs, but often Plymouth emerges as the ideal fit. With its variety of styles and neighborhoods, Plymouth offers something for everyone within its borders.

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Grocery Shopping

When it comes to groceries, everyone has to eat, and while Plymouth may not be large, it offers a range of shopping options that cater to different needs and budgets. The price range varies significantly depending on whether you choose a larger grocery store or a boutique market.

Here are the main grocery stores in Plymouth:

Busch's: Located on Sheldon Road, Busch's is a local Michigan chain similar to Kroger but without clothing and other non-grocery items.
Kroger: Found on Ann Arbor Road, Kroger offers a wide selection of groceries and household essentials.
Westborn Market: Situated on Penniman Avenue, Westborn leans more towards the boutique end of the spectrum, offering specialty items.
Cantoro Italian Market: Located on Haggerty Road, just barely within Plymouth, Cantoro's is very niche, with a fantastic attached restaurant and delicious gelato.

For those quick trips where you only need one item but end up with a cart full, there are three nearby Target locations: two in Livonia and one in Canton.

Cost Breakdown

Let's delve into the cost of some basic grocery items in Plymouth compared to the national average:

Bread: In Plymouth, a loaf of bread averages $2.35, which is about 35% cheaper than the national average of $3.17.
Milk: A gallon of milk costs $2.50 in Plymouth, significantly less than the national average of $3.83, making it over 50% cheaper.
Chicken: However, chicken is pricier in Plymouth, costing about a dollar more per pound than the national average.

If you're a fitness enthusiast who consumes a lot of chicken, those extra costs can add up quickly. Overall, the cost of living in Plymouth is about 4.8% lower than the national average, making it a relatively affordable place to live in terms of groceries.

Dining Out

Plymouth's dining scene is phenomenal, especially downtown, where the focus is on unique, local eateries rather than chains, offering a wide variety of options to suit every palate.

Popular Spots

One standout is Barrio Cocina, known for its delicious Mexican cuisine. This fairly large restaurant boasts an extensive menu with most dinner items priced between $12 and $15 per plate. It's not the most expensive spot, but the food is incredibly tasty. A typical meal for two, including appetizers, main courses, and dessert, averages about $80, though this can vary depending on drink preferences.

For those seeking a slightly more upscale dining experience, Campari's on the Park is an excellent choice. As the name suggests, dining outside offers a lovely park view. Expect to spend closer to $150 for two here, reflecting its higher-end menu and ambiance.

Another hidden gem is Aqua, located just north of town. This spot is highly underrated and has the added benefit of easier parking. Aqua's diverse menu and quality dishes make it a favorite among locals who appreciate great food in a convenient location.

Cost Considerations

While some sources might suggest that an average meal with one drink in Plymouth costs around $20, this estimate is quite outdated. Realistically, dining out in Plymouth offers a range of prices depending on the restaurant and dining experience you choose. From affordable yet flavorful meals at Barrio Cocina to more luxurious experiences at Campari's on the Park, Plymouth's dining scene caters to various budgets and tastes, ensuring that everyone can enjoy the culinary delights this charming town has to offer.

Utilities Breakdown

When it comes to utilities in Plymouth, costs can vary significantly depending on the size of the home and personal usage habits. Some residents prefer to keep their homes toasty in the winter and cool in the summer, which impacts their bills.

Electric Bill

On average, according to DTE Energy, the typical electric bill in Plymouth is around $110 per month. This is higher than the Michigan state average of $95 per month but slightly below the national average of $115 per month. Personal usage can greatly affect this cost. For instance, during winter, some residents, especially those who go all out with holiday decorations, may see their bills soar to around $250 per month. A true story from a local includes a winter electric bill reaching this amount due to the installation of 20,000 Christmas lights.

Gas Bill

Most homes in Plymouth use natural gas for heating, with the average gas bill coming in at approximately $119.75 per month. This cost is relatively standard for the region, reflecting the typical consumption patterns during colder months.

Internet and Cable

Internet plans in Plymouth can be found for as low as $50 per month, though these tend to be basic packages. More comprehensive plans range from $75 to $120 per month. For those who bundle internet with cable, the total can rise to about $200 per month. However, many residents find streaming services like Netflix or Apple TV to be sufficient alternatives to traditional cable, offering flexibility and potentially lower costs.

Water Bill

City water costs in Plymouth vary, with about 80% of homes falling between $29 and $92 per month. The exact amount depends on factors such as lawn watering habits and household water usage. Anecdotes from locals highlight the variability—one resident's sister was infamous for her 108-minute showers, which undoubtedly contributed to higher water bills.

Total Monthly Costs

Taking all utilities into account, residents can expect to pay around $379 on the low end to $567 on the high end per month, depending on their usage patterns and service selections. This comprehensive range includes electric, gas, internet, cable, and water services, providing a realistic picture of utility costs in Plymouth.

Property Taxes

For many newcomers, Michigan's property taxes can be a bit of a shock. The state ranks 14th highest in the nation for property taxes, largely due to high millage rates in cities like Detroit, Pontiac, and Flint. However, Plymouth's property taxes are relatively more moderate, though still significant.

Millage Rates

In the City of Plymouth, the current millage rate is 42.94. In Plymouth Township, it's about 25% lower at 32.86. To understand what this means in practical terms: $43 is paid per year for every $1,000 of taxable value, which is generally half the property's market value.

Tax Calculation

For a home purchased at Plymouth's average sales price of $470,000, the taxable value would be half of that, or $235,000. Dividing $235,000 by 1,000 gives you 235, which is then multiplied by the millage rate:

City of Plymouth: 235 x 43 = $10,105 per year or about $842 per month if included in the mortgage payment.
Plymouth Township: 235 x 33 = $7,755 per year or about $646 per month.

Comparison

While $7,755 to $10,105 per year is a considerable amount, it supports the excellent city services Plymouth offers. For comparison, the same home in other Michigan cities would average around $6,200 per year in property taxes, while the national average would be about $4,600 per year.

State Property Tax Estimator

To help estimate property taxes for any area in Michigan, you can use this handy tool: Michigan Property Tax Calculator.

Understanding property taxes is crucial for budgeting and planning your finances, especially when moving from out of state. Plymouth, with its higher tax rates, provides a range of services and amenities that contribute to its high quality of life, making the investment worthwhile for many residents.

In conclusion, living in Plymouth, Michigan, offers a balanced cost of living that combines affordability with quality. The housing market provides a range of options from cozy downtown homes to more expansive suburban properties, making it an attractive choice for many. Dining options abound, with a mix of reasonably priced and upscale restaurants catering to all tastes. Utility costs, while slightly above the state average, are offset by the excellent services provided by the city. Property taxes may be higher than some areas, but they contribute to Plymouth's outstanding amenities and infrastructure. For those considering moving to Plymouth, Michigan, the city's strong community, excellent services, and diverse housing options make it a compelling place to settle down. Whether you're seeking the charm of a small town or the conveniences of a well-served community, Plymouth strikes an ideal balance that appeals to both individuals and families.