| Index | Traverse City | Michigan | National |
| Cost of living | 110 | 91 | 100 |
| Groceries | 99 | 98 | 100 |
| Health care | 96 | 97 | 100 |
| Housing | 139 | 76 | 100 |
| Transportation | 94 | 96 | 100 |
| Utilities | 99 | 100 | 100 |
| Lifestyle & Entertainment | 95 | 96 | 100 |
| Household Items | 100 | 98 | 100 |
| Education & Childcare | 100 | 95 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Traverse City? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Traverse City stands at 110, making it 10% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
The cost of living in Traverse City closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, houshold expenses, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Traverse City can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
Housing costs are a major factor in the Traverse City cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 39.1% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Traverse City an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Traverse City, the median home price is 57.4% higher than what most folks pay across the country, and monthly rent prices are 3.6% lower than the usual rates. Income levels in Traverse City come in at $90,818, which is 11.7% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Traverse City, the transportation index is 5.8% lower than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Traverse City, the groceries index is 1% lower than the national average.
The Traverse City 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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| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $130,832 | $10,903 | $3,053 | $3,925 |
| Renters | $46,637 | $3,886 | $1,088 | $1,399 |
| 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. |
| Bendon, MI | 171 | 87 | 13.2% |
| Cedar, MI | 98 | 88 | 12.2% |
| Grawn, MI | 969 | 88 | 11.8% |
| Fife Lake, MI | 323 | 89 | 10.5% |
| Maple Grove, MI | 200 | 91 | 8.8% |
| Traverse City, MI | 16,116 | 110 | 10.0% |
| City | Population | Cost of Living Index | National Avg. |
| Wilmington Island, GA | 16,119 | 114 | 13.7% |
| La Grange, IL | 16,121 | 142 | 42.0% |
| Isla Vista, CA | 16,124 | 132 | 31.8% |
| Azalea Park, FL | 16,106 | 104 | 3.8% |
| Hermitage, PA | 16,098 | 90 | 9.8% |
| Traverse City, MI | 16,116 | 110 | 10.0% |
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