Wolf Lake 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.
IndexWolf LakeMichiganNational
Cost of living index8089100
IndexWolf LakeMichiganNational
Goods & Services index9494100
Groceries index9194100
Health care index89100100
Housing index4973100
Transportation index101101100
Utilities index8996100
A general summary of the cost of living index in Wolf Lake, MI is shown above. Compared to the state average of Michigan the cost of living index in Wolf Lake, MI is 80, which is 10% lower than the average in Michigan and compared to the national average it is 20% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Wolf Lake, MI goods and services come in at equal to the average in Michigan and are 6% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Wolf Lake is 10% lower than the Michigan average.
  • The cost of living in Wolf Lake is 20% lower than the national average.
  • The cost of housing in Wolf Lake is 51% 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 Wolf Lake, MI Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Health care index
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The salary calculator allows you to compare how much your current salary in Wolf Lake, MI would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Wolf Lake, MI, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Wolf Lake, MI salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$34,080$2,840$795$1,023
Renters$16,538$1,378$386$496
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Wolf Lake, 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 Wolf Lake, MI homeowners have a median income of $34,080. Using that number, you will come up with a maximum of $795 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $16,538, which means there is a maximum of $386 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 Wolf Lake, 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

ItemWolf LakeNational avg.Difference
Haircut $17.33$15.5611.4%
Beauty Salon $32.00$36.1111.4%
Toothpaste $1.61$2.4735.0%
Shampoo $0.77$0.9620.2%
Movie $11.52$10.1313.7%
Bowling $3.99$4.7415.7%

Groceries

ItemWolf LakeNational avg.Difference
Ground Beef $3.45$3.9813.4%
Fried Chicken $1.12$1.4120.6%
Milk $1.35$2.0634.6%
Potatoes $2.76$2.987.4%
Pizza $9.66$9.472.0%
Beer $8.13$8.797.5%

Health Care

ItemWolf LakeNational avg.Difference
Optometrist $88.61$101.0412.3%
Doctor $91.00$107.4415.3%
Dentist $78.92$90.4212.7%
Ibuprofen $8.26$9.2811.0%
Lipitor $418.53$426.501.9%

Housing

ItemWolf LakeNational avg.Difference
Home Price $73,000.00$175,700.0058.5%
Avg. Mortgage Payment $862.03$1,133.2323.9%
Apartment Rent $626.00$920.0032.0%

Transportation

ItemWolf LakeNational avg.Difference
Gasoline $1.99$1.990.4%
Tire Balancing $47.99$45.764.9%

Utilities

ItemWolf LakeNational avg.Difference
All Electricity$169.46$163.813.5%
Phone $20.00$28.3929.5%
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.
Baldwin, MI1,53577-23%
Wellston, MI28477-23%
Luther, MI43579-21%
Wolf Lake, MI4,36080-20%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Sebring, OH4,36083-17%
Denton, MD4,3611044%
Paxton, IL4,36183-17%
Hometown, IL4,35895-5%
Waverly, NY4,36287-13%
Wolf Lake, MI4,36080-20%
Source: The Wolf Lake, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.