Traverse City, MI is an attractive city known for its breathtaking views and vibrant downtown. The city offers a much lower cost of living than the average US city, with two bedroom rent at $1,100 per month versus $1,430 in the US. Additionally, the grocery cost index is 97 compared to 100 in the US, making it a great place to live if you're looking to save money.
The city is home to several big companies such as Cherry Republic, Fustini’s Oils & Vinegars, and Moomers Homemade Ice Cream. These local businesses make Traverse City unique and provide job opportunities for those who choose to call it home.
Traverse City has an unemployment rate of 5.7%. The US average is 6.0%.
Traverse City has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 34.7%, which is higher than the US average of 33.5%.
Tax Rates for Traverse City
- The Sales Tax Rate for Traverse City is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Traverse City 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 Traverse City
- The average income of a Traverse City resident is $33,565 a year. The US average is $28,555 a year.
- The Median household income of a Traverse City resident is $64,033 a year. The US average is $69,021 a year.