Key Economic Benchmarks
Median Household Income
$97,760$8,147 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Oakland County, MI
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Oakland County, MI
Official FY2026 HUD Fair Market Rents for Detroit-Warren-Livonia, MI HUD Metro FMR Area. 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 | $1,009 | $12,108 | $40,360 | 12.4% |
| 1-Bedroom Apartment | $1,122 | $13,464 | $44,880 | 13.8% |
| 2-Bedroom ApartmentBenchmark | $1,411 | $16,932 | $56,440 | 17.3% |
| 3-Bedroom Home | $1,724 | $20,688 | $68,960 | 21.2% |
| 4-Bedroom Home | $1,868 | $22,416 | $74,720 | 22.9% |
50/30/20 Living Budget in Oakland County, MI
Based on the local median household income of $97,760/year ($8,147/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 Oakland County, MI
What is the median household income in Oakland County, MI?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Oakland County, MI is $97,760 per year (approximately $8,147 per month).
What is the average rent in Oakland County, MI?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Oakland County, MI are $1,009 for a studio, $1,122 for 1 bedroom, $1,411 for 2 bedrooms, $1,724 for 3 bedrooms, and $1,868 for 4 bedrooms.
How does the cost of living in Oakland County, MI compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Oakland County, MI is 100.3 (0.3% higher than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Oakland County, MI?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,411/month) in Oakland County, MI requires a minimum gross household income of $56,440 per year ($4,703 per month).
What is a balanced 50/30/20 monthly budget in Oakland County, MI?
For a typical household earning the median income of $97,760/year ($8,147/month) in Oakland County, MI, a balanced 50/30/20 budget allocates $4,073/month to essential needs (rent, utilities, groceries), $2,444/month to discretionary spending, and $1,629/month to savings and debt repayment.
What are typical electricity and utility costs in Oakland County, 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.