Cost of Living in Holland, MI

An Overview of Cost of Living in Holland, MI

Are you thinking about relocating, but curious about the potential cost of living in Holland? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Holland stands at 93, making it 7% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

In Holland, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Holland will resemble that of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in Holland?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 5 locals to understand their opinions on the cost of living in Holland. The results indicated that 40% found it reasonably priced with decreasing prices of goods and services, while 60% viewed it as quite expensive, with increasing prices.

Is Holland Affordable?

Is Holland an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Holland is 10.4% lower than the national average, while the average monthly rent prices are 4.3% lower than average. The affordability of any location can also be influenced by median income levels. Holland has a median household income of $58,796, which is 6.3% higher than the national average.

What Factors can Influence the Cost of Living in Holland?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Holland, the general sales tax rate starts at 6%, and income tax rates begin at 4.25%.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Holland, healthcare costs are 6.2% lower than the national average.

Where is the Data From?

The Holland 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.