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.
A general overview of the cost of living index for Algonac, MI is displayed above. In Algonac, MI, the overall cost of living index is 86, which is 2% lower than the Michigan average and 14% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Algonac, MI, the city's goods and services are 5% higher than the Michigan average and 3% lower than the U.S. average.
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Did you know?
The cost of living in Algonac is 2% lower than the Michigan average.
The cost of living in Algonac is 14% lower than the national average.
The cost of housing in Algonac is 41% 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.
Compare Algonac, MI Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Use the salary calculator to compare your current income in Algonac, MI to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Algonac, MI, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Algonac, MI salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Algonac, 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 Algonac, MI, the median monthly income is $52,224 for those who own their own homes. Under the standard rule, that income level would allow for $1,218 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $21,486, per the median income in the area. That would allow for renters to spend up to $501 on monthly rental expenses.
Michigan Sales Tax
General Sales Tax
With Max Surtax
Michigan Income Tax
Income Tax (Low)
Income Tax (High)
The Michigan sales tax and Michigan income tax rates should definitely be considered when determining the overall cost of living in Algonac, MI. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Michigan sales tax is 6% and the maximum surtax is 6%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Michigan income tax rates range from 4.25% to 4.25%.
Goods & Services
Avg. Mortgage Payment
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.