Cost of Living in Traverse City, MI
Traverse City, MI — prices, rents and what jobs really pay here after taxes.
Salary comparison calculator
What would you need to earn in Traverse City, MI to keep the same lifestyle — after taxes — as in another city?
How expensive is Traverse City, MI?
With a price level of 93.4 (U.S. average = 100), Traverse City, MI is cheaper than average. In detail, housing costs are 22% below average; everyday goods are 6% below average; utilities are 8% below average; other services such as healthcare and dining cost about the same as the national average. The biggest difference from the national average is in housing.
Prices in Traverse City, MI vs. the U.S. average
| Category | Index (U.S. = 100) | Difference |
|---|---|---|
| All items | 93.4 | −6.6% |
| Housing | 78.1 | −21.9% |
| Goods | 93.7 | −6.3% |
| Utilities | 92.4 | −7.6% |
| Other services | 99.6 | −0.4% |
Source: BEA Regional Price Parities, 2024.
Rent in Traverse City, MI
| Unit | Monthly rent | Income needed (30% rule) |
|---|---|---|
| Studio | $1,056 | $42,240/yr |
| 1 bedroom | $1,107 | $44,280/yr |
| 2 bedrooms | $1,317 | $52,680/yr |
| 3 bedrooms | $1,681 | $67,240/yr |
| 4 bedrooms | $1,756 | $70,240/yr |
HUD Fair Market Rents, FY2026, population-weighted across the metro's counties.
Salary needed to live in Traverse City, MI
To keep the same standard of living as in an average-priced U.S. city, you would need to earn roughly:
| Salary in an average U.S. city | Equivalent in Traverse City, MI | Take-home here |
|---|---|---|
| $40,000 | $37,300 | $30,816 |
| $60,000 | $56,000 | $45,047 |
| $80,000 | $74,700 | $58,457 |
| $100,000 | $93,400 | $70,818 |
| $150,000 | $140,100 | $101,321 |
Scaled by the BEA price level (pre-tax). Take-home: single filer, Michigan 2026 taxes. For a tax-aware comparison with a specific city, use the calculator above.
A monthly budget on the median wage
A single worker earning Traverse City, MI's median wage of $47,470 takes home about $3,213 a month. A typical one-bedroom rents for $1,107, which is 34% of take-home pay — above the 30% guideline that financial planners suggest. That leaves about $2,106 a month for everything else.
Take-home pay in Traverse City, MI
- Federal income tax$3,516
- Social Security (6.2%)$2,943
- Medicare (1.45%)$688
- Michigan income tax$1,767
- Take-home pay$38,555
Marginal rate: 12% federal + 4.25% state
Highest-paying jobs in Traverse City, MI
| Job | Median salary | Take-home | Real value* |
|---|---|---|---|
| Retail Salesperson | $34,540 | $28,716 | $30,754 |
*In U.S.-average dollars after adjusting for local prices.
Pay and living costs in Michigan cities
Half of Michigan’s 4,403,730 workers earn less than $49,270 a year and half earn more; the middle 50% earn $37,070–$77,910 (BLS, May 2025). Prices vary a lot within the state: Lansing, MI stretches a paycheck furthest, while Flint, MI is the costliest.
| Metro area | Median pay | Price level | 1-BR rent | Rent share | Left after rent / mo | Buying power* |
|---|---|---|---|---|---|---|
| Detroit, MI | $52,080 | 100.3 | $1,128 | 32% | $2,377 | $41,939 |
| Grand Rapids, MI | $47,570 | 95.5 | $1,242 | 39% | $1,977 | $40,432 |
| Ann Arbor, MI | $55,380 | 100.9 | $1,387 | 37% | $2,328 | $44,186 |
| Lansing, MI | $52,800 | 95.0 | $1,012 | 28% | $2,539 | $44,859 |
| Flint, MI | $45,880 | 93.0 | $856 | 28% | $2,256 | $40,142 |
| South Bend, IN | $46,540 | 92.9 | $1,073 | 34% | $2,081 | $40,759 |
| Kalamazoo, MI | $48,510 | 94.8 | $998 | 30% | $2,281 | $41,488 |
| Saginaw, MI | $46,200 | 90.9 | $851 | 27% | $2,281 | $41,356 |
| Traverse City, MI | $47,470 | 93.4 | $1,107 | 34% | $2,106 | $41,292 |
| Muskegon, MI | $46,060 | 92.5 | $942 | 30% | $2,182 | $40,513 |
| Niles, MI | $45,980 | 92.4 | $902 | 29% | $2,216 | $40,513 |
| Jackson, MI | $47,760 | 91.8 | $946 | 29% | $2,285 | $42,249 |
| Battle Creek, MI | $48,690 | 90.5 | $976 | 30% | $2,314 | $43,609 |
| Monroe, MI | $46,240 | 93.5 | $1,011 | 32% | $2,124 | $40,238 |
| Midland, MI | $49,340 | 91.9 | $925 | 28% | $2,407 | $43,492 |
*Yearly take-home pay (on each metro’s median wage, single filer) in U.S.-average dollars. Price level: BEA RPP 2024 (U.S. = 100). Rent: HUD FY2026 one-bedroom fair market rent.
Traverse City, MI vs. similar-size cities
| Metro area | Price level | 1-BR rent | Median wage | Jobs |
|---|---|---|---|---|
| Traverse City, MI | 93.4 | $1,107 | $47,470 | 68,440 |
| Dover, DE | 97.5 | $1,165 | $46,690 | 68,080 |
| State College, PA | 96.8 | $1,194 | $49,220 | 68,840 |
| Yuma, AZ | 92.7 | $1,053 | $44,170 | 68,880 |
| Burlington, NC | 93.2 | $1,230 | $44,010 | 67,830 |
| Winchester, VA | 96.5 | $1,255 | $47,070 | 67,740 |
| Morgantown, WV | 93.3 | $877 | $47,350 | 67,370 |
Frequently asked questions
Is Traverse City, MI expensive to live in?
According to the Bureau of Economic Analysis, overall prices in the Traverse City, MI metro area are 93.4% of the U.S. average, with housing at 78.1%. It is the #199 most expensive of 387 metro areas we track.
What salary do you need to live in Traverse City, MI?
To match the buying power of a $60,000 salary in an average-priced U.S. city you would need about $56,023 in Traverse City, MI (before tax differences). The median wage across all jobs here is $47,470.
Can you afford Traverse City, MI on the median wage?
A single worker on the $47,470 median wage takes home about $3,213 a month after 2026 taxes; a one-bedroom at $1,107 would take 34% of that.
How much is rent in Traverse City, MI?
HUD’s FY2026 fair market rents for Traverse City, MI are $1,056 for a studio, $1,107 for one bedroom, $1,317 for two bedrooms and $1,681 for three bedrooms, including utilities.
Top salaries by field in Traverse City, MI
Sales and Related Occupations
- Retail Salesperson — $34,540