Is $18,000 to finish my basement a fair price?

I am planning to finish my basement, which is about 1200 sq.ft. It's going to be very simple with framing, drywall, black-out ceiling, and recessed lights. Nothing fancy. Vinyl flooring planks too. The contractor quoted $13k for labor and roughly $5k for material. In my opinion, this is very expensive. I am based in Michigan (Metro Detroit area) and am looking for thoughts and experiences on typical costs for a job like this.