Financial Profile: Michigan
Financial landscape, tax rates, cost of living, and median income scoring for Michigan residents.
Michigan at a Glance
Avg Salary
$56,000
Cost of Living
89
Top Tax Rate
4.2%
Adjusted Income
$62,921
Monthly Take-Home
$3,717
Max Rent (30%)
$1,400
Financial Genome at Median Income
Scores calculated for someone earning $56,000/yr in Michigan with typical expenses.
PPI
53
C+
FPI
25
F
LRS
56
C+
REW
30
D
Living in Michigan: Financial Overview
Michigan has a flat 4.25% state tax. Detroit and some other cities levy additional local taxes.
- Flat tax rate
- Low cost of living
- Local taxes in some cities
Major Cities
Detroit, Grand Rapids, Ann Arbor, Lansing
With a cost of living index of 89 (below the national average of 100), your dollar goes further in Michigan. A $60,000 salary here has the purchasing power equivalent of $67,415 in an average-cost area.
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