Traverse City, MI Cost Of Living
Cost Of Living In Traverse City, MI Summary
Cost of living in Traverse City 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 Traverse City 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 Traverse City is 108, with 100 being the average.
The cost of living index in Traverse City is 1.1x higher than the national average.
Traverse City ranks as the #157 cheapest in Michigan out of 180.
Traverse City ranks as the #3,467 cheapest out of 6,489 in the US.
The median home value in Traverse City is $436,562.
The median income in Traverse City is $71,731.
Table Of Contents
Traverse City's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Traverse City, MI?
According to the most recent data on the cost of living, Traverse City has an overall cost of living index of 108, which is 1.1x higher than the national index of 100.
Compared to Michigan, Traverse City has a cost of living index that's 1.2x higher than Michigan's index of 90.
The standard of living in Traverse City ranks as #157 most affordable out of the 180 places we measured in Michigan. By definition, that implies Traverse City ranks as the #23 most expensive place in the Wolverine State.
For more reading on life in Traverse City, check out:
In Michigan
In America
Traverse City Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Traverse City. Here is how it fairs on each of the criteria:
The Services index in Traverse City is 97.
The Groceries index in Traverse City is 97.
The Health index in Traverse City is 96.
The Housing index in Traverse City is 135.
The Transportation index in Traverse City is 100.
The Utilities index in Traverse City is 99.
| Living Expense | Traverse City | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 108 | 90 | 100 | |
| Services | 97 | 93 | 100 | |
| Groceries | 97 | 97 | 100 | |
| Health | 96 | 91 | 100 | |
| Housing | 135 | 72 | 100 | |
| Transportation | 100 | 96 | 100 | |
| Utilities | 99 | 99 | 100 | |
Traverse City, MI Housing Cost Breakdown
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 2019-2023. The key points are:
The Median Home Value in Traverse City is $436,562.
The Median Rent in Traverse City is $983.
The Median Income in Traverse City is $71,731.
The Home Value To Income in Traverse City is 6.1x.
The Rent To Monthly Income in Traverse City is 0.16x.
| Statistic | Traverse City | Michigan | United States |
|---|---|---|---|
| Median Home Value | $436,562 | $258,642 | $303,400 |
| Median Rent | $983 | $1,084 | $1,348 |
| Median Income | $71,731 | $71,149 | $78,538 |
| Home Value To Income | 6.1x | 3.6x | 3.9x |
| Rent To Monthly Income | 0.16x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Traverse City, MI Costs By Category
Detailed Traverse City Services Costs Vs. Michigan
| Item | Traverse City | Michigan |
|---|---|---|
| Shampoo | $1.29 | $1.28 |
| Movie | $14.24 | $12.13 |
| Bowling | $17.83 | $18 |
| Haircut | $20.11 | $24.26 |
| Beauty Salon | $30.55 | $45.56 |
Detailed Traverse City Groceries Costs Vs. Michigan
| Item | Traverse City | Michigan |
|---|---|---|
| Ground Beef | $6.1 | $5.84 |
| Fried Chicken | $1.42 | $1.57 |
| Milk | $4.73 | $4.67 |
| Potatoes | $4.35 | $4.93 |
| Pizza | $10.54 | $12.09 |
| Beer | $8.87 | $10.41 |
| Toothpaste | $3.73 | $3.7 |
Detailed Traverse City Health Costs Vs. Michigan
| Item | Traverse City | Michigan |
|---|---|---|
| Optometrist | $78.75 | $125.68 |
| Doctor | $157.9 | $135.78 |
| Dentist | $104.06 | $113.29 |
Detailed Traverse City Transportation Costs Vs. Michigan
| Item | Traverse City | Michigan |
|---|---|---|
| Gasoline | $3.32 | $3.46 |
| Tire Balancing | $63.04 | $59.92 |
Detailed Traverse City Utilities Costs Vs. Michigan
| Item | Traverse City | Michigan |
|---|---|---|
| All Electricity | $191.22 | $193.99 |
| Phone | $185.4 | $192.25 |
Traverse City SnackAbility
/10
