Ishpeming, Michigan Cost Of Living

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Overall 18%

Goods & Services 4%

Housing 54%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	Ishpeming	Michigan	National
Cost of living	82	89	100
Goods & Services	97	94	100
Groceries	91	91	100
Health care	95	95	100
Housing	46	74	100
Transportation	105	102	100
Utilities	97	102	100

Key findings

The cost of living in Ishpeming is 8% lower than the Michigan average
The cost of living in Ishpeming is 18% lower than the national average
Ishpeming housing is 54% lower than the national average
Michigan general sales tax is 18% higher than the national average
Michigan state income tax is 72% higher than the national average

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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	$48,496	$4,041	$1,131	$1,455
Renters	$14,364	$1,197	$335	$431

The affordability of the housing market in Ishpeming, MI as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Ishpeming homeowners, the median income is $48,496. This indicates that a monthly maximum of $1,131 should be spent by homeowners on all housing related costs. Renters have a median income of $14,364. This indicates that renters would have a maximum of $335 for their rent related monthly 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	Ishpeming	National avg.	Difference
Haircut	$13.13	$20.27	35.2%
Beauty Salon	$21.31	$40.39	47.3%
Toothpaste	$2.39	$2.36	1.4%
Shampoo	$0.94	$1.08	12.7%
Movie	$12.38	$10.99	12.6%
Bowling	$15.50	$15.49	0.1%

Groceries

Item	Ishpeming	National avg.	Difference
Ground Beef	$4.30	$4.30	0.1%
Fried Chicken	$1.19	$1.40	14.7%
Milk	$1.79	$2.20	18.7%
Potatoes	$2.46	$3.22	23.7%
Pizza	$9.74	$10.74	9.3%
Beer	$8.62	$9.60	10.2%

Health Care

Item	Ishpeming	National avg.	Difference
Optometrist	$72.11	$109.73	34.3%
Doctor	$176.50	$118.34	49.1%
Dentist	$81.33	$100.94	19.4%
Ibuprofen	$9.33	$9.93	6.1%
Lipitor	$343.24	$469.53	26.9%

Housing

Item	Ishpeming	National avg.	Difference
Home Price	$80,500.00	$184,700.00	56.4%
Avg. Mortgage Payment	$1,029.41	$1,229.62	16.3%
Apartment Rent	$500.00	$949.00	47.3%

Transportation

Item	Ishpeming	National avg.	Difference
Gasoline	$2.56	$2.71	5.5%
Tire Balancing	$62.99	$51.86	21.5%

Utilities

Item	Ishpeming	National avg.	Difference
All Electricity	$164.01	$170.84	4.0%
Phone	$182.84	$187.18	2.3%

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.
K. I. Sawyer, MI	3,209	79	21.3%
Republic, MI	370	79	21.0%
Gwinn, MI	2,027	81	19.5%
Palmer, MI	400	82	17.6%
Negaunee, MI	4,606	86	14.3%
Ishpeming, MI	6,509	82	18.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Darnestown, MD	6,509	171	71.1%
Catasauqua, PA	6,509	96	3.8%
Silver Lakes, CA	6,510	118	18.1%
Ambler, PA	6,507	116	16.1%
Pimmit Hills, VA	6,511	156	56.2%
Ishpeming, MI	6,509	82	18.5%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.