48205 Detroit, MI is a neighborhood in the city of Detroit. The average two bedroom rent in this area is $1,150 compared to the US average of $1,430, making it an affordable area. The grocery cost index of this area is 88 compared to 100 in the US. This means that groceries are cheaper here than other areas in the nation. There are numerous local companies such as Quicken Loans, Blue Cross Blue Shield of Michigan and Shinola Detroit that employ many local people and contribute to the economy of this area.
Detroit (zip 48205) has an unemployment rate of 9.6%. The US average is 6.0%.
Detroit (zip 48205) has seen the job market decrease by -10.5% over the last year. Future job growth over the next ten years is predicted to be 29.3%, which is lower than the US average of 33.5%.
Tax Rates for Detroit (zip 48205)
- The Sales Tax Rate for Detroit (zip 48205) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Detroit (zip 48205) is 6.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Detroit (zip 48205)
- The average income of a Detroit (zip 48205) resident is $21,627 a year. The US average is $37,638 a year.
- The Median household income of a Detroit (zip 48205) resident is $39,988 a year. The US average is $69,021 a year.