Ishpeming cost of living index

The above illustration supplies generalized information for the Ishpeming, MI cost of living index. Compared to other cities in Michigan and cities across the country, the cost of living index in Ishpeming, MI is 81, which is 8% lower than the Michigan average and 19% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Ishpeming, MI are 1% lower than the average for Michigan and 8% lower than the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current income in Ishpeming, MI to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Ishpeming, MI, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Ishpeming, MI salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Ishpeming, MI as well as the overall cost of living can be indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Ishpeming, MI 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 should have a maximum of $335 used for their rent related monthly costs.

Michigan Sales Tax

Michigan Income Tax

When you are determining the total cost of living in Ishpeming, MI you will want to make sure you consider both the Michigan sales tax and the Michigan income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Michigan is 6%, with the highest surtax being 6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Michigan have a 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 Ishpeming, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.