Traverse City, MI Metro Area is a great place to live. The cost of living is lower than the national average, with two-bedroom rent costing $1,040, compared to the national average of $1,430. The grocery cost index is also lower than the national average at 96 compared to 100. This makes Traverse City an attractive destination for those looking to save money while still enjoying a good quality of life. The area has many local companies such as Traverse City Tourism, Grand Traverse Distillery, Mulligan’s Pub & Grill and TART Trails that contribute to the economy and provide employment for residents.
Traverse City Metro Area has an unemployment rate of 6.1%. The US average is 6.0%.
Traverse City Metro Area has seen the job market decrease by -6.7% over the last year. Future job growth over the next ten years is predicted to be 33.1%, which is lower than the US average of 33.5%.
Tax Rates for Traverse City Metro Area
- The Sales Tax Rate for Traverse City Metro Area is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Traverse City Metro Area 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 Metro Area
- The average income of a Traverse City Metro Area resident is $36,037 a year. The US average is $37,638 a year.
- The Median household income of a Traverse City Metro Area resident is $67,769 a year. The US average is $69,021 a year.