Grosse Pointe cost of living index

Displayed above is a general overview of the Grosse Pointe, MI cost of living index. The overall cost of living index in Grosse Pointe, MI is 112, which is 28% higher than the Michigan average and 12% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Grosse Pointe, MI are 5% higher than the Michigan average and 3% lower than the national average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Grosse Pointe, MI to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Grosse Pointe, MI, you have to earn a higher income in order to still have the same standard of living. To operate the Grosse Pointe, MI salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Grosse Pointe, 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 Grosse Pointe, MI homeowners, is $113,920. This would allow for a maximum of $2,658 per month to be spent on housing costs. For renters, the median monthly income is $60,682 which would result in a maximum of $1,416 to be spent on rental costs.

Michigan Sales Tax

Michigan Income Tax

For those who live in Grosse Pointe, MI and want to know what the true cost of living is, they ought to look at both the Michigan income tax rate and the Michigan sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Michigan, the sales tax is 6%, while the most you'll pay in surtax is 6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Michigan, the income tax rate ranges between 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 Grosse Pointe, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.