Traverse City, Michigan is an ideal place to live with a low cost of living. The average two bedroom rent in Traverse City is $1,070, which is significantly lower than the US average of $1,430. In addition to rent, the Grocery Cost Index in Traverse City is 97 versus 100 in the US. There are several local companies that contribute to the city's economy and culture. Some notable businesses include Grand Traverse Pie Company, Great Lakes Outlet Shopping Center, and Little Fleet Bar & Restaurant. These businesses offer residents and visitors unique shopping experiences and dining options while supporting the local economy.
Traverse City (zip 49686) has an unemployment rate of 5.7%. The US average is 6.0%.
Traverse City (zip 49686) has seen the job market decrease by -6.8% 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 (zip 49686)
- The Sales Tax Rate for Traverse City (zip 49686) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Traverse City (zip 49686) 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 (zip 49686)
- The average income of a Traverse City (zip 49686) resident is $40,252 a year. The US average is $37,638 a year.
- The Median household income of a Traverse City (zip 49686) resident is $64,334 a year. The US average is $69,021 a year.