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 111, 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 91.
The standard of living in Traverse City ranks as #162 most affordable out of the 179 places we measured in Michigan. By definition, that implies Traverse City ranks as the #17 most expensive place in the Wolverine State.
For more reading on life in Traverse City, check out:
Traverse City Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Traverse City. Here is how it fares on each of the criteria:
The Services index in Traverse City is 99.
The Groceries index in Traverse City is 95.
The Health index in Traverse City is 140.
The Housing index in Traverse City is 93.
The Transportation index in Traverse City is 98.
The Utilities index in Traverse City is 94.
| Living Expense | Traverse City | Michigan | National Average |
|---|---|---|---|
| Overall | 111 | 91 | 100 |
| Services | 99 | 97 | 100 |
| Groceries | 95 | 98 | 100 |
| Health | 140 | 75 | 100 |
| Housing | 93 | 98 | 100 |
| Transportation | 98 | 101 | 100 |
| Utilities | 94 | 98 | 100 |
Traverse City Cost Of Living Compared To Michigan Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Michigan, check out:
Protect your home budget Compare home warranties in Traverse City Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Traverse City is $437,525.
The Median Rent in Traverse City is $995.
The Median Income in Traverse City is $74,087.
The Home Value To Income in Traverse City is 5.9x.
The Rent To Monthly Income in Traverse City is 0.16x.
| Statistic | Traverse City | Michigan | United States |
|---|---|---|---|
| Median Home Value | $437,525 | $259,857 | $332,700 |
| Median Rent | $995 | $1,129 | $1,413 |
| Median Income | $74,087 | $72,875 | $80,734 |
| Home Value To Income | 5.9x | 3.6x | 4.1x |
| Rent To Monthly Income | 0.16x | 0.19x | 0.21x |
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 |
