C+
14%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
45%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Grosse Pointe Woods Michigan National
Cost of living11489100
Goods & Services10293100
Groceries10399100
Health care10293100
Housing14574100
Transportation10097100
Utilities94101100

An Overview of Cost of Living in Grosse Pointe Woods, MI

Understanding the cost of living in Grosse Pointe Woods can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Grosse Pointe Woods cost of living index is 114, which is 14% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Housing costs are a very significant part of the Grosse Pointe Woods cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 45.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Grosse Pointe Woods Affordable?

Is Grosse Pointe Woods an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Grosse Pointe Woods is 40.6% higher than the national average, while the average monthly rent prices are 56.5% higher than average. The affordability of any location can also be influenced by median income levels. Grosse Pointe Woods has a median household income of $111,392, which is 101.4% higher than the national average.

What Factors can Influence the Cost of Living in Grosse Pointe Woods?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Grosse Pointe Woods, the utilities index registers 5.6% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Grosse Pointe Woods starts at 6% and the income tax rates start at 4.25%.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Grosse Pointe Woods, the housing index stands at 45.3% higher than the national average.

Where is the Data From?

The Grosse Pointe Woods cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Grosse Pointe Woods is 28% higher than the Michigan average
  • The cost of living in Grosse Pointe Woods is 14% higher than the national average
  • Grosse Pointe Woods housing is 45% higher than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 88% higher than the national average

Most Affordable Places to Live in and Around Grosse Pointe Woods

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Compare Grosse Pointe Woods, MI Cost of Living

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      Salary Calculator

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$119,295$9,941$2,783$3,579
      Renters$51,917$4,326$1,211$1,558
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Grosse Pointe Woods, 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 Grosse Pointe Woods homeowners, is $119,295. This would allow for a maximum of $2,783 per month to be spent on housing costs. For renters, the median monthly income is $51,917 which would result in a maximum of $1,211 to be spent on rental costs.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Goods & Services

      Item Grosse Pointe Woods National avg. Difference
      Haircut $16.80$24.2630.8%
      Beauty Salon $24.78$45.5645.6%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.13$1.2811.8%
      Movie $12.99$12.137.1%
      Bowling $12.33$18.0031.5%

      Groceries

      Item Grosse Pointe Woods National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.78$4.672.3%
      Potatoes $4.80$4.932.8%
      Pizza $8.99$12.0925.6%
      Beer $9.04$10.4113.2%

      Health Care

      Item Grosse Pointe Woods National avg. Difference
      Optometrist $85.00$125.6832.4%
      Doctor $103.33$135.7823.9%
      Dentist $91.00$113.2919.7%
      Ibuprofen $10.22$10.654.1%
      Lipitor $490.11$468.604.6%

      Housing

      Item Grosse Pointe Woods National avg. Difference
      Home Price $259,600.00$184,700.0040.6%
      Avg. Mortgage Payment $1,709.07$2,346.6927.2%
      Apartment Rent $1,485.00$949.0056.5%

      Transportation

      Item Grosse Pointe Woods National avg. Difference
      Gasoline $3.35$3.463.1%
      Tire Balancing $56.00$59.926.5%

      Utilities

      Item Grosse Pointe Woods National avg. Difference
      All Electricity $219.20$193.9913.0%
      Phone $184.44$192.254.1%
      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 Population Cost of Living Index National Avg.
      River Rouge, MI7,4658019.9%
      Highland Park, MI10,8188218.3%
      Ecorse, MI9,4568316.8%
      Detroit, MI672,3518415.5%
      Hamtramck, MI21,7048614.3%
      Grosse Pointe Woods, MI15,40911414.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Talladega, AL15,4058217.7%
      Fullerton, PA15,4151054.7%
      Glasgow, DE15,39911717.4%
      Powder Springs, GA15,3901000.3%
      Addison, TX15,42813130.7%
      Grosse Pointe Woods, MI15,40911414.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.