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The Cost of Living
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  • 1. The Cost of Living inDetroit, Michigan
    Michelle Chan
    Christopher Wong
  • 2. Detroit, Michigan
    Location
  • 3. Total Income: initial and post-tax
    Christopher Wong
    Michelle Chan
  • 4. Savings
    Christopher Wong
    (10% of adjusted income = $3,065.00)
    Savings account at Bank of America in Detroit: $2,065.00
    APY = 0.05% for a regular account
    No monthly fee
    Checking account at Bank of America in Detroit: $1,000.00
    Michelle Chan
    • (10% of adjusted income = $5,065.00)
    • 5. Savings account at Bank of America in Detroit: $4,065.00
    • 6. APY = 0.05% for a regular account
    • 7. No monthly fee
    • 8. Checking account at Bank of America in Detroit: $1,000.00
  • Remaining Income
    Christopher Wong
    $31,825.00
    - $3,065.00 (savings)
    $28,760
    Michelle Chan
    $45,150.00
    - $5,065.00 (savings)
    $40,085
  • 9. Housing
    4382 Seebaldt St
    City: Detroit
    Zip Code: 48204
    Located in Wayne County
    Single family house
    Two stories plus basement
    2 bedrooms/2 bathrooms
    2-car garage
  • 10. Housing Costs
    Buying for $5,500
    House size: 2,704 square feet
    $2.03 per sq. foot
    Lot size: 5,227 square feet
    Property taxes: $2,519.00
    Homeowner’s Insurance from Allstate: $800/year
    (If we decided to make a 10% down payment: $550
    A 30-year fixed mortgage would be $92 per month.)
    Housing, property taxes, and homeowner’s insurance are equally shared costs.
    ($2,750.00; $1,259.50; and $400.00 each, respectively. Total of $4,409.50 each)
  • 11. Remaining Income
    Christopher Wong
    $28,760.00
    - $2,750.00 (cost)
    - $1,259.50 (tax)
    - $400.00 (insurance)
    $24,350.00
    Michelle Chan
    $40,085.00
    - $2,750.00 (cost)
    - $1,259.50 (tax)
    - $400.00 (insurance)
    $35,675.50
  • 12. Healthcare
    Blue Cross Blue Shield of Michigan
    Christopher Wong
    • Young Adult Blue Max
    • 13. $1,144.92 annually (age 25)
    • 14. $95.41 per month per person
    • 15. $1,000 deductible
    • 16. 70% coinsurance for in-network services
    • 17. 30% copay for in-network services
    • 18. Individual coverage
    Michelle Chan
    Young Adult Blue Max
    $1,144.92 annually (age 25)
    $95.41 per month per person
    $1,000 deductible
    70% coinsurance for in-network services
    30% copay for in-network services
    Individual coverage
    Ouch!
  • 19. Remaining Income
    Christopher Wong
    $24,350.00
    - $1144.92 (healthcare)
    $23,205.58
    Michelle Chan
    $35,675.50
    - $1144.92 (healthcare)
    $34,530.58
  • 20. Transportation
    Lease for one year: $7395.24
    $616.27/month (for 36 months)
    Michelle, who makes more money, is paying this total
    Car Insurance: Allstate Michigan coverage adhering to Michigan state laws; $130.00/month = $1,560.00 annually
    Split cost: $780per .00/person
    Price of Gas Gallon: $3.85 (regular)
    Roughly estimated 10 gallon usage: $38.50/week = $2,002.00/year
    Split cost: $1,001.00/person
    Umbrella Policy: $1,000/annually = $500.00 per person per year
    2011 Honda Pilot 4WD LX
    • Upgrades
    • 21. Automatic transmission
    • 22. Black side steps
    • 23. All-season floor mats
    • 24. Electronic back-up sensors
  • Remaining Income
    Christopher Wong
    $23,205.58
    - $780.00 (insurance)
    - $1,001.00 (gas)
    - $500.00 (umbrella)
    $20,924.58
    Michelle Chan
    $34,530.00
    - $7,395.00 (lease)
    - $780.00 (insurance)
    - $1,001.00 (gas)
    - $500.00 (umbrella)
    $24,854.00
  • 25. Utilities
    (equally shared costs calculated on annual basis)
    Cox Deluxe Bundle Service ($82.44 per month): $989.28
    Includes cable, Internet, and land line phone services
    Electricity (about $90.00 per month through Detroit Edison): $1,080.00
    Water (about $65.00 per month through Detroit Water and Sewage Department): $780.00
    Gas (about $95.00 per month through Detroit Edison): $1,140.00
    + Cell Phone Plan (Verizon Unlimited Talk, Text, and Data plan; $120.00 per month EACH): $1,440.00 EACH
    Total cost for all utilities will be $3,434.64 each.
    Christopher’s
    Hello Kitty iPhone 4
  • 26. Remaining Income
    Christopher Wong
    $20,924.58
    - $494.64 (Cox bundle)
    - $540.00 (electricity)
    - $390.00 (water)
    - $570.00 (gas)
    - $1440.00 (Verizon)
    $17,489.94
    Michelle Chan
    $24,854.00
    - $494.64 (Cox bundle)
    - $540.00 (electricity)
    - $390.00 (water)
    - $570.00 (gas)
    - $1440.00 (Verizon)
    $21,419.70
  • 27. Food & Furniture
    Michelle Chan
    ‍Food: $3,000.00 (not a big eater)
    ‍Household Furniture: $500.00 (split cost)
    ‍+ Bed (frame and mattress): $250.00 (split cost)
    ‍+ Television (LG 55" HDTV Flat-Panel): $575.00 (split cost)
    ‍Household Supplies: $300.00
    ‍Total: $4,625.00
    Christopher Wong
    ‍Food: $9,500.00 (bigger eater)
    ‍Household Furniture: $500.00 (split cost)
    ‍+ Bed (frame and mattress): $250.00 (split cost)
    ‍+ Television (LG 55" HDTV Flat-Panel): $575.00 (split cost)
    ‍Household Supplies: $300.00
    ‍Total: $11,125.00
  • 28. Remaining Income
    Christopher Wong
    $17,489.94
    -$9,500.00 (food)
    -$1,325.00 (furniture)
    - $300.00 (supplies)
    $6,364.94
    Michelle Chan
    $21,419.70
    - $3,000.00 (food)
    - $1,325.00 (furniture)
    - $300.00 (supplies)
    $16,794.70
  • 29. Extracurricular Activities
    Christopher Wong
    Michelle Chan
  • 30. Remaining Income
    Christopher Wong
    $6,314.00
    - $1,500.00 (clothes)
    - $150.00 (movies)
    - $3,000.00 (travel)
    - $800.00 (water)
    - $264.00 (gym)
    - $600.00 (games)
    $50.94
    Michelle Chan
    $16,794.70
    - $7,200.00 (clothes)
    - $150.00 (movies)
    - $3,000.00 (travel)
    - $800.00 (water)
    - $313.08 (Netflix)
    $5,331.62
  • 31. End
    Christopher Wong
    • ‍Salary: $40,000.00
    • 32. ‍Taxes: $8,175.00
    • 33. ‍Disposable Income: $31,825.00
    • 34. ‍Savings: $3,065.00
    • 35. ‍Housing: $4,409.50
    • 36. ‍Healthcare: $1,144.92
    • 37. ‍Transportation: $2,281.00
    • 38. ‍Utilities: $3,434.64
    • 39. ‍Food/Furniture: $11,125.00
    • 40. ‍Extracurricular: $6,314.00
    • 41. ‍Remaining Income: $50.94
    Michelle Chan
    • ‍Salary: $60,000.00
    • 42. ‍Taxes: $14,850.00
    • 43. ‍Disposable Income: $45,150.00
    • 44. ‍Savings: $5,065.00
    • 45. ‍Housing: $4,409.50
    • 46. ‍Healthcare: $1,144.92
    • 47. ‍Transportation: $9,676.24
    • 48. ‍Utilities: $3,434.64
    • 49. ‍Food/Furniture: $4,625.00
    • 50. ‍Extracurricular: $11,463.08
    • 51. ‍Remaining Income: $5,331.62