A+
17%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
42%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Coldwater Michigan National
Cost of living8389100
Goods & Services9093100
Groceries9599100
Health care9493100
Housing5874100
Transportation9597100
Utilities102101100

An Overview of Cost of Living in Coldwater, MI

The cost of living in Coldwater affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Coldwater is 83, which is 17% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Coldwater distinguishes itself by reporting housing expenses that are 41.5% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Coldwater can allocate more of their income to housing, enhancing their financial flexibility.

Is Coldwater Affordable?

Is Coldwater affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Coldwater, the median home price is 49.4% lower than the national average and monthly rent prices are 23.1% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Coldwater boasting a median household income of $40,561, 26.7% lower than the national average.

What Factors can Influence the Cost of Living in Coldwater?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Coldwater, the groceries index is 5.3% lower than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Coldwater, the utilities index registers at 2.3% higher than the national average.

Where is the Data From?

The Coldwater cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Coldwater is 7% lower than the Michigan average
  • The cost of living in Coldwater is 17% lower than the national average
  • Coldwater housing is 42% lower than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 64% higher than the national average

Most Affordable Places to Live in and Around Coldwater

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Compare Coldwater, MI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$53,076$4,423$1,238$1,592
      Renters$35,506$2,959$828$1,065
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Coldwater, MI, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Coldwater, homeowners have a median income of $53,076. Using that number, a maximum of $1,238 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $35,506, which means there is a maximum of $828 to be spent on the costs of renting a home or apartment.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Goods & Services

      Item Coldwater National avg. Difference
      Haircut $24.53$24.261.1%
      Beauty Salon $56.27$45.5623.5%
      Toothpaste $3.64$3.701.8%
      Shampoo $1.40$1.289.1%
      Movie $11.22$12.137.5%
      Bowling $22.17$18.0023.1%

      Groceries

      Item Coldwater National avg. Difference
      Ground Beef $5.51$5.845.7%
      Fried Chicken $1.69$1.577.7%
      Milk $4.84$4.673.6%
      Potatoes $4.77$4.933.3%
      Pizza $10.99$12.099.1%
      Beer $9.38$10.419.9%

      Health Care

      Item Coldwater National avg. Difference
      Optometrist $91.40$125.6827.3%
      Doctor $139.14$135.782.5%
      Dentist $120.35$113.296.2%
      Ibuprofen $10.88$10.652.1%
      Lipitor $504.80$468.607.7%

      Housing

      Item Coldwater National avg. Difference
      Home Price $93,400.00$184,700.0049.4%
      Avg. Mortgage Payment $2,520.64$2,346.697.4%
      Apartment Rent $730.00$949.0023.1%

      Transportation

      Item Coldwater National avg. Difference
      Gasoline $3.42$3.461.2%
      Tire Balancing $60.57$59.921.1%

      Utilities

      Item Coldwater National avg. Difference
      All Electricity $180.47$193.997.0%
      Phone $184.98$192.253.8%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Sherwood, MI5077821.9%
      Reading, MI9617920.7%
      Allen, MI2778020.3%
      Burlington, MI2998020.0%
      Bronson, MI2,0618119.4%
      Coldwater, MI12,2038316.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Valencia West, AZ12,2011087.7%
      Bainbridge, GA12,2008515.4%
      Tucson Estates, AZ12,1981000.2%
      Princeton, TX12,20811514.5%
      Harrison, WI12,2091077.2%
      Coldwater, MI12,2038316.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.