Key Economic Benchmarks
Median Household Income
$59,813$4,984 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Monroe, MI
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Monroe, MI
Official FY2026 HUD Fair Market Rents for Monroe, MI MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $914 | $10,968 | $36,560 | 18.3% |
| 1-Bedroom Apartment | $1,011 | $12,132 | $40,440 | 20.3% |
| 2-Bedroom ApartmentBenchmark | $1,326 | $15,912 | $53,040 | 26.6% |
| 3-Bedroom Home | $1,605 | $19,260 | $64,200 | 32.2% |
| 4-Bedroom Home | $2,147 | $25,764 | $85,880 | 43.1% |
50/30/20 Living Budget in Monroe, MI
Based on the local median household income of $59,813/year ($4,984/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Michigan
Explore net income after federal income tax, FICA, and Michigan state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Michigan with official federal datasets:
Frequently Asked Questions About Living in Monroe, MI
What is the median household income in Monroe, MI?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Monroe, MI is $59,813 per year (approximately $4,984 per month).
What is the average rent in Monroe, MI?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Monroe, MI are $914 for a studio, $1,011 for 1 bedroom, $1,326 for 2 bedrooms, $1,605 for 3 bedrooms, and $2,147 for 4 bedrooms.
How does the cost of living in Monroe, MI compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Monroe, MI is 93.5 (6.5% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Monroe, MI?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,326/month) in Monroe, MI requires a minimum gross household income of $53,040 per year ($4,420 per month).
What is a balanced 50/30/20 monthly budget in Monroe, MI?
For a typical household earning the median income of $59,813/year ($4,984/month) in Monroe, MI, a balanced 50/30/20 budget allocates $2,492/month to essential needs (rent, utilities, groceries), $1,495/month to discretionary spending, and $997/month to savings and debt repayment.
What are typical electricity and utility costs in Monroe, MI?
Residential electricity rates in Michigan average 23¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $207 per month.