Lathrup Village 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.
IndexLathrup VillageMichiganNational
Cost of living index10189100
IndexLathrup VillageMichiganNational
Goods & Services index9695100
Groceries index9092100
Health care index9996100
Housing index11373100
Transportation index9897100
Utilities index105100100
Displayed above is a general overview of the Lathrup Village, MI cost of living index. The overall cost of living index in Lathrup Village, MI is 101, which is 14% higher than the Michigan average and 1% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Lathrup Village, MI are 1% higher than the Michigan average and 4% lower than the national average.

Did you know?

  • The cost of living in Lathrup Village is 14% higher than the Michigan average.
  • The cost of living in Lathrup Village is 1% higher than the national average.
  • The cost of housing in Lathrup Village is 13% higher 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 Lathrup Village, MI Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Lathrup Village, MI to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Lathrup Village, MI, then you would need to earn more income in order to maintain the same standard of living. To use the Lathrup Village, MI salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$87,614$7,301$2,044$2,629
Renters$80,341$6,695$1,874$2,410
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Lathrup Village, 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 Lathrup Village, MI homeowners have a median income of $87,614. Using that number, you will come up with a maximum of $2,044 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $80,341, which means there is a maximum of $1,874 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%
One thing to keep in mind when considering the cost of living in Lathrup Village, MI is the Michigan sales tax and Michigan income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Michigan sales tax rate is 6% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Michigan income tax rates range from 4.25% to 4.25%.

Goods & Services

ItemLathrup VillageNational avg.Difference
Haircut $16.10$14.5910.3%
Beauty Salon $48.30$34.6839.3%
Toothpaste $1.94$2.4721.6%
Shampoo $0.89$1.0212.9%
Movie $9.93$9.870.6%
Bowling $3.41$4.3922.4%

Groceries

ItemLathrup VillageNational avg.Difference
Ground Beef $4.26$4.484.8%
Fried Chicken $1.19$1.4618.7%
Milk $1.97$2.3616.4%
Potatoes $2.74$3.0610.5%
Pizza $9.00$9.242.6%
Beer $8.39$8.632.8%

Health Care

ItemLathrup VillageNational avg.Difference
Optometrist $81.50$99.7818.3%
Doctor $106.00$105.030.9%
Dentist $89.30$88.700.7%
Ibuprofen $8.22$9.4112.7%
Lipitor $309.77$298.503.8%

Housing

ItemLathrup VillageNational avg.Difference
Home Price $147,700.00$175,700.0015.9%
Avg. Mortgage Payment $927.72$1,081.0314.2%
Apartment Rent $1,666.00$920.0081.1%

Transportation

ItemLathrup VillageNational avg.Difference
Gasoline $1.95$2.096.9%
Tire Balancing $50.92$45.2912.4%

Utilities

ItemLathrup VillageNational avg.Difference
All Electricity$178.99$170.804.8%
Phone $29.99$28.266.1%
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, StatePopulationCost of Living IndexNational Avg.
Highland Park, MI10,95178-22%
Hamtramck, MI22,25678-22%
Center Line, MI8,27980-20%
Detroit, MI695,43780-20%
Inkster, MI25,05681-19%
Lathrup Village, MI4,1091011%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Elmira Heights, NY4,11188-12%
Reedsport, OR4,1071044%
Holden Heights, FL4,10798-2%
Butler, MO4,11283-17%
Taylor, AZ4,11287-13%
Lathrup Village, MI4,1091011%
Source: The Lathrup Village, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.