| Index | Highland Park | Michigan | National |
| Cost of living | 80 | 91 | 100 |
| Groceries | 98 | 98 | 100 |
| Health care | 99 | 97 | 100 |
| Housing | 38 | 76 | 100 |
| Transportation | 93 | 96 | 100 |
| Utilities | 102 | 100 | 100 |
| Lifestyle & Entertainment | 98 | 96 | 100 |
| Household Items | 99 | 98 | 100 |
| Education & Childcare | 97 | 95 | 100 |
Understanding the cost of living in Highland Park 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 Highland Park cost of living index is 80, which is 20% lower 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 Highland Park is highly regarded for its affordability, with everyday expenses well below the national average. Highland Park is among the select few cities with a cost of living index at least 20% lower than the national average, showcasing its outstanding affordability compared to other areas.
Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Highland Park distinguishes itself by reporting housing expenses that are 62.3% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Highland Park can allocate more of their income to housing, enhancing their financial flexibility.
Wondering if Highland Park is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Highland Park, for example, the median home price is 71.8% lower than what folks pay nationally, and monthly rent is 40% lower than the usual rates. Plus, income levels matter too, with Highland Park boasting a median household income of $30,940, which is 62% lower than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Highland Park, healthcare costs are 1.2% lower than the national average.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Highland Park, the housing index is 62.3% lower than the national average.
The Highland Park cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
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| Groceries index | |
| Health care index | |
| Housing index | |
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $64,940 | $5,412 | $1,515 | $1,948 |
| Renters | $18,903 | $1,575 | $441 | $567 |
| State | General Sales Tax | With Max Surtax |
| Michigan | 6% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Michigan | 4.25% | 4.25% |
| City | Population | Cost of Living Index | National Avg. |
| River Rouge, MI | 7,756 | 79 | 21.5% |
| Ecorse, MI | 9,684 | 82 | 18.3% |
| Detroit, MI | 692,044 | 82 | 17.6% |
| Inkster, MI | 25,333 | 82 | 17.5% |
| Hamtramck, MI | 22,199 | 84 | 16.2% |
| Highland Park, MI | 11,056 | 80 | 20.3% |
| City | Population | Cost of Living Index | National Avg. |
| Taylorville, IL | 11,059 | 86 | 13.9% |
| Timonium, MD | 11,051 | 134 | 33.6% |
| Fairview, CA | 11,062 | 188 | 88.2% |
| Marieville, QC | 11,065 | n/a | |
| Newport, OR | 11,066 | 118 | 17.5% |
| Highland Park, MI | 11,056 | 80 | 20.3% |
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