South Lyon, MI

Below Avg · 88

Michigan · Population 11,825 · Updated March 2026

$1,208
Median Rent / Month
$83,822
Median Income
$280,900
Median Home Value
$1,275
Owner Costs / Month

Affordability

How far your income goes in South Lyon

17.3%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Michigan

State-level tax rates that affect your costs

4.25%
Income Tax (Top Rate)
6.0%
Sales Tax
1.38%
Property Tax Rate

Estimated Annual Costs

$14,496
Annual Rent
$3,562
State Income Tax
$3,876
Property Tax (est.)

Cost of Living Overview

South Lyon offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 88 (where 100 equals the national median), South Lyon residents can expect to pay median rent of $1,208/month while earning a median household income of $83,822/year.

The median home value in South Lyon, MI is $280,900, with typical monthly owner costs around $1,275 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.3% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Michigan has a moderate income tax rate of 4.25%. Combined with a 6.0% sales tax rate and 1.38% effective property tax rate, the overall tax environment is a factor in the total cost of living in South Lyon.

Frequently Asked Questions

Common questions about living costs in South Lyon

What is the cost of living in South Lyon, MI?
The cost of living index in South Lyon, MI is 88 (US average = 100). Median monthly rent is $1,208, median household income is $83,822/year, and the median home value is $280,900.
Is South Lyon, MI affordable?
Yes, South Lyon is more affordable than the national average with a cost index of 88. The rent-to-income ratio is 17.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in South Lyon, MI?
The median gross rent in South Lyon, MI is $1,208 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $14,496.
What is the median household income in South Lyon?
The median household income in South Lyon, MI is $83,822 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Michigan?
Michigan has a top income tax rate of 4.25%, a sales tax of 6.0%, and an effective property tax rate of 1.38%.