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.
Here we can see a simple outline of the cost of living in Bay City, MI. As you can see, with the average cost of living in Bay City, MI being 82, that puts it 7% lower than the average of Michigan and 18% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Bay City, MI, the price of goods and services are 5% higher than the average of Michigan as well as 3% lower than the nation's average.
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Did you know?
The cost of living in Bay City is 7% lower than the Michigan average.
The cost of living in Bay City is 18% lower than the national average.
The cost of housing in Bay City is 56% 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 Bay City, 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
The salary calculator is used in order to provide a comparison of your current salary in Bay City, MI to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Bay City, MI, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Bay City, MI salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
The affordability of the housing market in Bay City, MI as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Bay City, MI homeowners, the median income is $44,665. This indicates that a monthly maximum of $1,042 should be spent by homeowners on all housing related costs. Renters have a median income of $17,514. This indicates that renters should have a maximum of $409 used for their rent related monthly costs.
Michigan Sales Tax
General Sales Tax
With Max Surtax
Michigan Income Tax
Income Tax (Low)
Income Tax (High)
One thing to keep in mind when considering the cost of living in Bay City, 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
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.