Owosso 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.
IndexOwossoMichiganNational
Cost of living index8389100
IndexOwossoMichiganNational
Goods & Services index9394100
Groceries index8994100
Health care index94100100
Housing index5173100
Transportation index112101100
Utilities index10196100
Displayed above is a general overview of the Owosso, MI cost of living index. The overall cost of living index in Owosso, MI is 83, which is 7% lower than the Michigan average and 17% lower 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 Owosso, MI are 2% lower than the Michigan average and 8% lower than the national average.

Did you know?

  • The cost of living in Owosso is 7% lower than the Michigan average.
  • The cost of living in Owosso is 17% lower than the national average.
  • The cost of housing in Owosso is 49% 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 Owosso, MI Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Cost of living index
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The salary calculator is meant to help you compare your salary in Owosso, MI to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Owosso, MI, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Owosso, MI salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$47,064$3,922$1,098$1,412
Renters$22,229$1,852$519$667
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Owosso, 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 Owosso, MI homeowners, is $47,064. This would allow for a maximum of $1,098 per month to be spent on housing costs. For renters, the median monthly income is $22,229 which would result in a maximum of $519 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%
One thing to keep in mind when considering the cost of living in Owosso, 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

ItemOwossoNational 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

ItemOwossoNational 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

ItemOwossoNational 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

ItemOwossoNational avg.Difference
Home Price $76,700.00$175,700.0056.3%
Avg. Mortgage Payment $939.34$1,133.2317.1%
Apartment Rent $640.00$920.0030.4%

Transportation

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

Utilities

ItemOwossoNational 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.
Durand, MI3,39681-19%
Gaines, MI37782-18%
Oakley, MI16882-18%
Middletown, MI74282-18%
Montrose, MI1,73582-18%
Owosso, MI14,92283-17%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Hopatcong, NJ14,92112222%
Upper Grand Lagoon, FL14,91798-2%
Cullman, AL14,93388-12%
Horsham, PA14,93612121%
Bellevue, WI14,93695-5%
Owosso, MI14,92283-17%
Source: The Owosso, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.