Little Traverse, MI is a small city in Michigan's northern Lower Peninsula. It is located along the shores of Lake Michigan and has a population of just over 3,000 people. The city boasts a picturesque landscape and many outdoor recreational activities due to its proximity to the lake. The 2 bedroom rent in Little Traverse is much lower than the US average at $860 versus $1,430 because it is not as densely populated or as commercially developed as other cities in the US. Similarly, the Grocery Cost Index in Little Traverse is 95 compared to 100 in the US, likely due to its smaller size and fewer large chain stores. Several local businesses in Little Traverse include Great Lakes Coffee Roasting, Northern Lights Studio & Gallery, JBS Meat Market, and Petoskey Cheese Co. These stores offer unique items that may not be found elsewhere while contributing to the economic growth of Little Traverse.
Little Traverse has an unemployment rate of 7.5%. The US average is 6.0%.
Little Traverse has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 24.2%, which is lower than the US average of 33.5%.
Tax Rates for Little Traverse
- The Sales Tax Rate for Little Traverse is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Little Traverse is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Little Traverse
- The average income of a Little Traverse resident is $30,448 a year. The US average is $28,555 a year.
- The Median household income of a Little Traverse resident is $63,472 a year. The US average is $69,021 a year.