Coldwater 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.
IndexColdwaterMichiganNational
Cost of living index8089100
IndexColdwaterMichiganNational
Goods & Services index8995100
Groceries index8392100
Health care index9596100
Housing index5373100
Transportation index9797100
Utilities index101100100
A general overview of the cost of living index for Coldwater, MI is displayed above. In Coldwater, MI, the overall cost of living index is 80, which is 10% lower than the Michigan average and 20% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Coldwater, MI, the city's goods and services are 6% lower than the Michigan average and 11% lower than the U.S. average.

Did you know?

  • The cost of living in Coldwater is 10% lower than the Michigan average.
  • The cost of living in Coldwater is 20% lower than the national average.
  • The cost of housing in Coldwater is 47% 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 Coldwater, MI Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
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Groceries index
Health care index
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Transportation index
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Using the salary calculator lets you compare the salary you earn in Coldwater, 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 Coldwater, MI, you have to earn a higher income in order to still have the same standard of living. To operate the Coldwater, 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$50,975$4,248$1,189$1,529
Renters$21,373$1,781$499$641
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Coldwater, MI, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Coldwater, MI homeowners have a median income of $50,975. Using that number, you will come up with a maximum of $1,189 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $21,373, which means there is a maximum of $499 to be spent on the costs of renting a home or apartment.

Michigan Sales Tax

StateGeneral Sales TaxWith Max Surtax
Michigan6%6%

Michigan Income Tax

StateIncome Tax (Low)Income Tax (High)
Michigan4.25%4.25%
When assessing the complete cost of living in Coldwater, MI, the Michigan income tax and the Michigan sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Michigan maximum surtax is 6%, and the Michigan sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 4.25% to 4.25% in Michigan.

Goods & Services

ItemColdwaterNational avg.Difference
Haircut $14.95$14.592.4%
Beauty Salon $18.31$34.6847.2%
Toothpaste $1.67$2.4732.5%
Shampoo $0.85$1.0216.8%
Movie $7.85$9.8720.5%
Bowling $3.20$4.3927.1%

Groceries

ItemColdwaterNational avg.Difference
Ground Beef $3.65$4.4818.5%
Fried Chicken $1.14$1.4622.1%
Milk $2.61$2.3610.7%
Potatoes $2.40$3.0621.6%
Pizza $9.00$9.242.6%
Beer $8.10$8.636.2%

Health Care

ItemColdwaterNational avg.Difference
Optometrist $57.14$99.7842.7%
Doctor $88.50$105.0315.7%
Dentist $95.43$88.707.6%
Ibuprofen $8.10$9.4113.9%
Lipitor $301.16$298.500.9%

Housing

ItemColdwaterNational avg.Difference
Home Price $78,300.00$175,700.0055.4%
Avg. Mortgage Payment $687.82$1,081.0336.4%
Apartment Rent $673.00$920.0026.8%

Transportation

ItemColdwaterNational avg.Difference
Gasoline $1.93$2.097.9%
Tire Balancing $49.66$45.299.7%

Utilities

ItemColdwaterNational avg.Difference
All Electricity$173.63$170.801.7%
Phone $28.01$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.
Burlington, MI27376-24%
Camden, MI56278-22%
Sherwood, MI31776-24%
Homer, MI1,79377-23%
Montgomery, MI32979-21%
Coldwater, MI10,86380-20%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Suffern, NY10,86412828%
Van Wert, OH10,85987-13%
Totowa, NJ10,87213636%
Waxhaw, NC10,87811111%
Chino Valley, AZ10,87992-8%
Coldwater, MI10,86380-20%
Source: The Coldwater, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.