Wayne, MI

Very Low · 59

Michigan · Population 17,413 · Updated March 2026

$924
Median Rent / Month
$54,467
Median Income
$142,200
Median Home Value
$948
Owner Costs / Month

Affordability

How far your income goes in Wayne

20.4%
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

$11,088
Annual Rent
$2,315
State Income Tax
$1,962
Property Tax (est.)

Cost of Living Overview

Wayne is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 59 (where 100 equals the national median), Wayne residents can expect to pay median rent of $924/month while earning a median household income of $54,467/year.

The median home value in Wayne, MI is $142,200, with typical monthly owner costs around $948 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.4% 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 Wayne.

Frequently Asked Questions

Common questions about living costs in Wayne

What is the cost of living in Wayne, MI?
The cost of living index in Wayne, MI is 59 (US average = 100). Median monthly rent is $924, median household income is $54,467/year, and the median home value is $142,200.
Is Wayne, MI affordable?
Yes, Wayne is more affordable than the national average with a cost index of 59. The rent-to-income ratio is 20.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Wayne, MI?
The median gross rent in Wayne, MI is $924 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,088.
What is the median household income in Wayne?
The median household income in Wayne, MI is $54,467 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%.