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 Highland Park, MI. As you can see, with the average cost of living in Highland Park, MI being 78, that puts it 11% lower than the average of Michigan and 22% 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 Highland Park, 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.
Find Real Estate Listings
New Real Estate Listings In Highland Park
Did you know?
The cost of living in Highland Park is 11% lower than the Michigan average.
The cost of living in Highland Park is 22% lower than the national average.
The cost of housing in Highland Park is 68% 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 Highland Park, 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
Use the salary calculator to compare your current salary in Highland Park, MI to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Highland Park, MI, then you would need to earn more income in order to maintain the same standard of living. To use the Highland Park, MI salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Highland Park, 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 Highland Park, MI homeowners, is $34,402. This would allow for a maximum of $803 per month to be spent on housing costs. For renters, the median monthly income is $11,528 which would result in a maximum of $269 to be spent on rental costs.
Michigan Sales Tax
General Sales Tax
With Max Surtax
Michigan Income Tax
Income Tax (Low)
Income Tax (High)
The Michigan sales tax and Michigan income tax rates should definitely be considered when determining the overall cost of living in Highland Park, MI. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Michigan sales tax is 6% and the maximum surtax is 6%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all 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.