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.
The above illustration supplies generalized information for the Wayland, MI cost of living index. Compared to other cities in Michigan and cities across the country, the cost of living index in Wayland, MI is 87, which is 1% lower than the Michigan average and 13% 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 Wayland, MI are 5% higher than the average for Michigan and 3% lower than the rest of the country.
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Did you know?
The cost of living in Wayland is 1% lower than the Michigan average.
The cost of living in Wayland is 13% lower than the national average.
The cost of housing in Wayland is 38% 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 Wayland, 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
The salary calculator allows you to compare how much your current salary in Wayland, MI would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Wayland, MI, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Wayland, MI salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Wayland, MI, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Wayland, MI homeowners have a median income of $64,788. Using that number, you will come up with a maximum of $1,512 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $26,591, which means there is a maximum of $620 to be spent on the costs of renting a home or apartment.
Michigan Sales Tax
General Sales Tax
With Max Surtax
Michigan Income Tax
Income Tax (Low)
Income Tax (High)
When you are determining the total cost of living in Wayland, 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
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.