Belding cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexBeldingMichiganNational
Cost of living index8489100
IndexBeldingMichiganNational
Goods & Services index10195100
Groceries index9492100
Health care index9596100
Housing index5073100
Transportation index9797100
Utilities index96100100
An overview of the general cost of living index for Belding, MI is displayed above for your reference. Residents in Belding, MI enjoy a cost of living index of 84. This index is 6% lower than the Michigan average, and 16% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Belding, MI, the average cost of goods and services is 6% higher than it is in Michigan, and it is 1% higher than the national average.

Did you know?

  • The cost of living in Belding is 6% lower than the Michigan average.
  • The cost of living in Belding is 16% lower than the national average.
  • The cost of housing in Belding is 50% lower than the national average.
  • Michigan general sales tax is 18% higher than the national average.
  • Michigan state income tax is 91% higher than the national average.

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Compare Belding, MI Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Belding, MI to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Belding, MI, you have to earn a higher income in order to still have the same standard of living. To operate the Belding, MI salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$51,157$4,263$1,194$1,535
Renters$14,604$1,217$341$438
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Belding, MI as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Belding, MI homeowners, is $51,157. This would allow for a maximum of $1,194 per month to be spent on housing costs. For renters, the median monthly income is $14,604 which would result in a maximum of $341 to be spent on rental costs.

Michigan Sales Tax

StateGeneral Sales TaxWith Max Surtax
Michigan6%6%

Michigan Income Tax

StateIncome Tax (Low)Income Tax (High)
Michigan4.25%4.25%
The Michigan sales tax and Michigan income tax rates should definitely be considered when determining the overall cost of living in Belding, MI. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Michigan sales tax is 6% and the maximum surtax is 6%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Michigan income tax rates range from 4.25% to 4.25%.

Goods & Services

ItemBeldingNational avg.Difference
Haircut $16.00$14.599.6%
Beauty Salon $35.00$34.680.9%
Toothpaste $1.72$2.4730.5%
Shampoo $0.98$1.024.1%
Movie $10.15$9.872.9%
Bowling $4.27$4.392.8%

Groceries

ItemBeldingNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.19$1.4618.7%
Milk $2.45$2.364.0%
Potatoes $2.82$3.067.9%
Pizza $8.96$9.243.1%
Beer $9.04$8.634.7%

Health Care

ItemBeldingNational avg.Difference
Optometrist $84.50$99.7815.3%
Doctor $94.00$105.0310.5%
Dentist $79.67$88.7010.2%
Ibuprofen $8.48$9.419.9%
Lipitor $342.99$298.5014.9%

Housing

ItemBeldingNational avg.Difference
Home Price $79,200.00$175,700.0054.9%
Avg. Mortgage Payment $849.65$1,081.0321.4%
Apartment Rent $569.00$920.0038.2%

Transportation

ItemBeldingNational avg.Difference
Gasoline $1.95$2.096.8%
Tire Balancing $48.00$45.296.0%

Utilities

ItemBeldingNational avg.Difference
All Electricity$159.83$170.806.4%
Phone $27.99$28.260.9%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Sand Lake village, MI50382-18%
Stanton, MI1,58983-17%
Lyons, MI94384-16%
Saranac, MI1,46984-16%
Sheridan, MI62485-15%
Belding, MI5,76484-16%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
McRae, GA5,76281-19%
Lucerne Valley, CA5,76796-4%
Gardnerville, NV5,76112424%
Holdenville, OK5,76873-27%
Belmar, NJ5,76014949%
Belding, MI5,76484-16%
Source: The Belding, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.