Eastwood cost of living index

A general summary of the cost of living index in Eastwood, MI is shown above. Compared to the state average of Michigan the cost of living index in Eastwood, MI is 78, which is 11% lower than the average in Michigan and compared to the national average it is 22% 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 Eastwood, MI goods and services come in at 8% lower than the average in Michigan and are 15% lower than compared to the nationwide average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Eastwood, 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 Eastwood, MI, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Eastwood, 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

If you want to find a good determining factor for the cost of living and the general affordability of housing in Eastwood, 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 Eastwood, MI, the median monthly income is $51,407 for those who own their own homes. Under the standard rule, that income level would allow for $1,199 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $24,520, per the median income in the area. That would allow for renters to spend up to $572 on monthly rental expenses.

Michigan Sales Tax

Michigan Income Tax

One thing to keep in mind when considering the cost of living in Eastwood, 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

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Eastwood, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.