Holt 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.
IndexHoltMichiganNational
Cost of living index9389100
IndexHoltMichiganNational
Goods & Services index9394100
Groceries index8994100
Health care index94100100
Housing index8673100
Transportation index112101100
Utilities index10196100
An overview of the general cost of living index for Holt, MI is displayed above for your reference. Residents in Holt, MI enjoy a cost of living index of 93. This index is 4% higher than the Michigan average, and 7% 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 Holt, MI, the average cost of goods and services is 2% lower than it is in Michigan, and it is 8% lower than the national average.

Did you know?

  • The cost of living in Holt is 4% higher than the Michigan average.
  • The cost of living in Holt is 7% lower than the national average.
  • The cost of housing in Holt is 14% 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 Holt, 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
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Using the salary calculator lets you compare the salary you earn in Holt, 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 Holt, MI, you have to earn a higher income in order to still have the same standard of living. To operate the Holt, 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$74,293$6,191$1,733$2,229
Renters$36,104$3,009$842$1,083
If you want to find a good determining factor for the cost of living and the general affordability of housing in Holt, MI, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Holt, MI, the median monthly income is $74,293 for those who own their own homes. Under the standard rule, that income level would allow for $1,733 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $36,104, per the median income in the area. That would allow for renters to spend up to $842 on monthly rental expenses.

Michigan Sales Tax

StateGeneral Sales TaxWith Max Surtax
Michigan6%6%

Michigan Income Tax

StateIncome Tax (Low)Income Tax (High)
Michigan4.25%4.25%
When considering the overall cost of living expenses in Holt, MI, it's important to take into account the sales tax for Michigan, as well as the rate for income tax in Michigan. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Michigan is 6%, and the sales tax in the state of Michigan is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Michigan starts from 4.25% and goes up to 4.25%.

Goods & Services

ItemHoltNational avg.Difference
Haircut $18.91$15.5621.5%
Beauty Salon $28.31$36.1121.6%
Toothpaste $2.60$2.475.3%
Shampoo $0.79$0.9618.2%
Movie $9.53$10.135.9%
Bowling $3.79$4.7420.1%

Groceries

ItemHoltNational avg.Difference
Ground Beef $3.53$3.9811.4%
Fried Chicken $1.20$1.4114.7%
Milk $1.92$2.066.9%
Potatoes $3.18$2.986.7%
Pizza $8.10$9.4714.5%
Beer $8.03$8.798.7%

Health Care

ItemHoltNational avg.Difference
Optometrist $99.79$101.041.2%
Doctor $101.28$107.445.7%
Dentist $80.40$90.4211.1%
Ibuprofen $7.64$9.2817.7%
Lipitor $455.01$426.506.7%

Housing

ItemHoltNational avg.Difference
Home Price $145,500.00$175,700.0017.2%
Avg. Mortgage Payment $939.34$1,133.2317.1%
Apartment Rent $853.00$920.007.3%

Transportation

ItemHoltNational avg.Difference
Gasoline $2.05$1.992.7%
Tire Balancing $60.11$45.7631.4%

Utilities

ItemHoltNational avg.Difference
All Electricity$202.21$163.8123.4%
Phone $20.05$28.3929.4%
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.
Potterville, MI2,62184-16%
Lansing, MI114,38284-16%
Leslie, MI1,79884-16%
Edgemont Park, MI2,24286-14%
Eagle, MI14786-14%
Holt, MI24,26793-7%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Galt, CA24,28011111%
Woodburn, OR24,2821044%
Zion, IL24,29295-5%
Chaska, MN24,23811010%
The Crossings, FL24,31311313%
Holt, MI24,26793-7%
Source: The Holt, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.