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These days, finding an affordable place to live in the Manchester area can be challenging. Home prices in Manchester are now at a median cost of $310,321, higher than the Michigan average of $250,415.
The average cost of rent is $1,168/mo in Manchester, primarily driven by the current value of real estate in the Manchester area. In Manchester, 11.85% of households rent, and 32.88% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Manchester is $8,017 per month. Households that rent pay about 14.57% of their income on rent here. Manchester’s most expensive areas are in the northeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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