Cost of living in Albion research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Albion is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Albion is 75, with 100 being the average.
The cost of living index in Albion is 0.8x lower than the national average.
Albion ranks as the #2 cheapest in Michigan out of 175.
Albion ranks as the #35 cheapest out of 6,412 in the US.
The median home value in Albion is $65,800.
The median income in Albion is $36,891.
According to the most recent data on the cost of living, Albion has an overall cost of living index of 75, which is 0.8x lower than the national index of 100.
Compared to Michigan, Albion has a cost of living index that's 0.8x lower than Michigan's index of 92.
The standard of living in Albion ranks as #2 most affordable out of the 175 places we measured in Michigan. By definition, that implies Albion ranks as the #173 most expensive place in the Wolverine State.
For more reading on life in Albion, check out:
Six factors go into calculating the cost of living index in Albion. Here is how it fairs on each of the criteria:
The Services index in Albion is 86.
The Groceries index in Albion is 75.
The Health index in Albion is 95.
The Housing index in Albion is 40.
The Transportation index in Albion is 98.
The Utilities index in Albion is 100.
|Living Expense||Albion||Michigan||National Average|
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Albion is $65,800.
The Median Rent in Albion is $738.
The Median Income in Albion is $36,891.
The Home Value To Income in Albion is 1.8x.
The Rent To Monthly Income in Albion is 0.24x.
|Median Home Value||$65,800||$172,100||$244,900|
|Home Value To Income||1.8x||2.7x||3.5x|
|Rent To Monthly Income||0.24x||0.18x||0.2x|
The cost of living varies in the cities and towns around Albion. Here's a quick look at the cost of living in the most populous nearby places:
Portage, MI has a cost of living index of 87, 1.2x Albion.
Holt, MI has a cost of living index of 86, 1.1x Albion.
Okemos, MI has a cost of living index of 101, 1.3x Albion.
|City||Population||Cost Of Living||Vs. Albion|
|Grand Ledge, MI||7,792||87||1.2x|
|Comstock Northwest, MI||5,438||84||1.1x|