F
27%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
88%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Beverly Hills Michigan National
Cost of living12789100
Goods & Services10293100
Groceries10399100
Health care10293100
Housing18874100
Transportation10097100
Utilities94101100

An Overview of Cost of Living in Beverly Hills, MI

Understanding the cost of living in Beverly Hills can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Beverly Hills cost of living index is 127, which is 27% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in Beverly Hills is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Beverly Hills falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Beverly Hills, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 88.3% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Beverly Hills Affordable?

Is Beverly Hills an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Beverly Hills is 113.6% higher than the national average, while the average monthly rent prices are 29.4% higher than average. The affordability of any location can also be influenced by median income levels. Beverly Hills has a median household income of $129,196, which is 133.5% higher than the national average.

What Factors can Influence the Cost of Living in Beverly Hills?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Beverly Hills starts at 6% and the income tax rates start at 4.25%.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Beverly Hills, healthcare costs are 2.2% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The cost of living in Beverly Hills, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Beverly Hills is 42% higher than the Michigan average
  • The cost of living in Beverly Hills is 27% higher than the national average
  • Beverly Hills housing is 88% higher than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 88% higher than the national average

Most Affordable Places to Live in and Around Beverly Hills

See all the best places to live around Beverly Hills

Compare Beverly Hills, MI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$132,802$11,067$3,099$3,984
      Renters$70,694$5,891$1,649$2,121
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Beverly Hills, 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 Beverly Hills homeowners, is $132,802. This would allow for a maximum of $3,099 per month to be spent on housing costs. For renters, the median monthly income is $70,694 which would result in a maximum of $1,649 to be spent on rental costs.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Goods & Services

      Item Beverly Hills National avg. Difference
      Haircut $16.80$24.2630.8%
      Beauty Salon $24.78$45.5645.6%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.13$1.2811.8%
      Movie $12.99$12.137.1%
      Bowling $12.33$18.0031.5%

      Groceries

      Item Beverly Hills National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.78$4.672.3%
      Potatoes $4.80$4.932.8%
      Pizza $8.99$12.0925.6%
      Beer $9.04$10.4113.2%

      Health Care

      Item Beverly Hills National avg. Difference
      Optometrist $85.00$125.6832.4%
      Doctor $103.33$135.7823.9%
      Dentist $91.00$113.2919.7%
      Ibuprofen $10.22$10.654.1%
      Lipitor $490.11$468.604.6%

      Housing

      Item Beverly Hills National avg. Difference
      Home Price $394,500.00$184,700.00113.6%
      Avg. Mortgage Payment $1,709.07$2,346.6927.2%
      Apartment Rent $1,228.00$949.0029.4%

      Transportation

      Item Beverly Hills National avg. Difference
      Gasoline $3.35$3.463.1%
      Tire Balancing $56.00$59.926.5%

      Utilities

      Item Beverly Hills National avg. Difference
      All Electricity $219.20$193.9913.0%
      Phone $184.44$192.254.1%
      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 Population Cost of Living Index National Avg.
      Highland Park, MI10,8188218.3%
      Detroit, MI672,3518415.5%
      Hamtramck, MI21,7048614.3%
      Pontiac, MI59,7148613.5%
      Center Line, MI8,2128812.0%
      Beverly Hills, MI10,37812726.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Richmond Heights, OH10,376919.3%
      Vidalia, GA10,3808614.2%
      Danville, IN10,380972.9%
      Liberty Lake, WA10,38112323.3%
      Progress Village, FL10,3731033.1%
      Beverly Hills, MI10,37812726.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.