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City Report · MI

Monroe

Pop. 20,320·87th most expensive in Michigan·Monroe rents have dropped 5.8%, currently a renter's market
Median rent (all units)
$1,140/mo
Year-over-Year
-5.8%
Month-over-Month
-1.1%
vs US Median
-$822
Falling (Monthly)
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Most AffordableMost Expensive
Monroe · $1,140
More affordable than 94% of US cities · National median $1,962/mo
Affordability
23% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,140/mo, rent takes about 23% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$46,000/yr
Local median income
$59,813/yr
Based on the 30%-of-income rule using Monroe's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$810
1 BR
$900
2 BR
$1,180
3 BR
$1,470
4 BR+
$1,880
Fair Market Rent (HUD)
$1,180/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,140 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$13,680/yr
At $1,140/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 5.8% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-5.8% YoY, -1.1% MoM), not inventory.
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Demographics

Who lives here

Monroe, MI is majority owner-occupied, has a median income below the national average, 19.9% of residents hold a bachelor's degree or higher.

Population
20,320
Median income
$59,813
Median age
37.6
Renters
30.7%
Age distribution
23.5%
22.5%
25.3%
12.9%
15.8%
Under 1823.5%
18–3422.5%
35–5425.3%
55–6412.9%
65+15.8%
Gender
46.3%
53.7%
Male46.3%
Female53.7%
Race & ethnicity
83.8%
White83.8%
Black7.5%
Hispanic2.7%
Asian0.5%
Other5.5%
Education (25+)
30.5%
38.6%
19.9%
No HS diploma11.1%
HS diploma30.5%
Some college38.6%
Bachelor's+19.9%
Housing tenure
69.3%
30.7%
Owner69.3%
Renter30.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Monroe, MI has changed in 5 years

Income
$53,644 → $59,813
up 11.5%
Population
20,344 → 20,320
down 0.1%
Renter share
32.9% → 30.7%
-2.2 pts
Bachelor's+
19.9% → 19.9%
+0.0 pts

Census figures show median household income at $59,813 today, compared with $53,644 five years earlier. Renters now make up 30.7% of households, compared with 32.9% five years ago.

Community

Discussions about Monroe

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View Monroe rent history (2015–2026) →
Salary vs rent

Can you afford rent in Monroe on your salary?

At $1,140/mo, how Monroe rent compares to typical pay (30% rule).

By apartment size

Monroe rent by bedroom count

Median rent for each apartment size in Monroe. Click any size for full breakdown.

Local insights

Tips for renters in Monroe

About renting in Monroe, MI

Last updated: August 17, 2026

The median rent in Monroe is $1,140/mo as of August 2026. A studio apartment averages $810/mo while a 2-bedroom runs $1,180/mo. One-bedroom apartments average $900/mo and 3-bedroom units go for $1,470/mo.

At 23% of local median household income ($59,813/yr), Monroe ranks as affordable compared to the national benchmark of 30%. Rents have decreased 5.8% over the past year.

FAQ

Frequently asked questions

Is Monroe an affordable city for renters?

Monroe is considered very affordable for renters. At $1,140/mo, rent takes approximately 23% of the local median household income ($59,813/yr). The standard benchmark is 30%. Monroe falls comfortably within that range.

How much income do you need to rent in Monroe?

To keep rent at or below 30% of gross income, you would need to earn at least $46,000/year (~$22/hour full-time) to afford the median rent of $1,140/mo in Monroe. The local median household income is $59,813/yr, meaning the typical Monroe household meets that threshold.

Is rent going up or down in Monroe?

Rent in Monroe has decreased 5.8% over the past year as of August 2026, offering some relief compared to 12 months ago.

Which Monroe neighborhoods have the lowest rent?

The most affordable ZIP codes in Monroe are 48161 ($1,076/mo), and 48162 ($1,083/mo). Citywide, the median rent in Monroe is $1,140/mo.

How does Monroe rent compare to other cities in Michigan?

Monroe is one of the more affordable cities in Michigan for rent, ranking #87 out of 96 tracked cities at $1,140/mo.

What percentage of Monroe residents rent vs. own?

According to Census data, approximately 30.7% of Monroe households are renters, while 69.3% are owner-occupied. Monroe leans toward homeownership, which can mean a smaller rental inventory.

How does Monroe rent compare to the national average?

Monroe's median rent of $1,140/mo is $822 (42%) below the US national median of $1,962/mo. Within Michigan, it ranks #87 out of 96 tracked cities.
Income Affordability
23%
VERY AFFORDABLE

At $1,140/mo, rent takes ~23% of Monroe's median household income ($59,813/yr). The standard benchmark is 30%.

Monroe 23%Benchmark 30%
State income tax4.25%
Run the Monroe affordability calculator →
Lowest-rent ZIP codes in Monroe
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Monroe, MI

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