A+
12%
Overall NAT. AVG.
2%
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 Lincoln Park Michigan National
Cost of living8889100
Goods & Services10293100
Groceries10399100
Health care10293100
Housing5874100
Transportation10097100
Utilities94101100

An Overview of Cost of Living in Lincoln Park, MI

The cost of living in Lincoln Park 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 Lincoln Park is 88, which is 12% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Lincoln Park stands out by reporting housing costs that are 42.4% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Lincoln Park Affordable?

Is Lincoln Park affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lincoln Park, for instance, where the median home price falls 56.1% lower than the national average, and monthly rent rates are 10.4% lower than usual. Additionally, median income levels contribute to the equation, with Lincoln Park flaunting a median household income of $47,094, 14.9% lower than the national norm.

What Factors can Influence the Cost of Living in Lincoln Park?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Lincoln Park, healthcare costs are 2.2% higher than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Lincoln Park, the transportation index is 0.5% lower than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Lincoln Park, the utilities index stands at 5.6% lower than the national average.

Where is the Data From?

The cost of living data in Lincoln Park displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Lincoln Park is 2% lower than the Michigan average
  • The cost of living in Lincoln Park is 12% lower than the national average
  • Lincoln Park 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 Lincoln Park

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Compare Lincoln Park, 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$54,747$4,562$1,277$1,643
      Renters$29,450$2,454$687$884
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lincoln Park, 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 Lincoln Park, homeowners have a median income of $54,747. Using that number, a maximum of $1,277 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $29,450, which means there is a maximum of $687 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 Lincoln Park National avg. Difference
      Haircut $16.80$24.2630.8%
      Beauty Salon $24.78$45.5645.6%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.13$1.2811.8%
      Movie $12.99$12.137.1%
      Bowling $12.33$18.0031.5%

      Groceries

      Item Lincoln Park National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.78$4.672.3%
      Potatoes $4.80$4.932.8%
      Pizza $8.99$12.0925.6%
      Beer $9.04$10.4113.2%

      Health Care

      Item Lincoln Park National avg. Difference
      Optometrist $85.00$125.6832.4%
      Doctor $103.33$135.7823.9%
      Dentist $91.00$113.2919.7%
      Ibuprofen $10.22$10.654.1%
      Lipitor $490.11$468.604.6%

      Housing

      Item Lincoln Park National avg. Difference
      Home Price $81,000.00$184,700.0056.1%
      Avg. Mortgage Payment $1,709.07$2,346.6927.2%
      Apartment Rent $850.00$949.0010.4%

      Transportation

      Item Lincoln Park National avg. Difference
      Gasoline $3.35$3.463.1%
      Tire Balancing $56.00$59.926.5%

      Utilities

      Item Lincoln Park National avg. Difference
      All Electricity $219.20$193.9913.0%
      Phone $184.44$192.254.1%
      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.
      River Rouge, MI7,4658019.9%
      Highland Park, MI10,8188218.3%
      Ecorse, MI9,4568316.8%
      Detroit, MI672,3518415.5%
      Inkster, MI24,3988515.1%
      Lincoln Park, MI36,5258812.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Portage, IN36,524990.6%
      Rome, GA36,518909.9%
      Penticton, BC36,498n/a 
      Bartlesville, OK36,4958713.0%
      Dunedin, FL36,4801033.0%
      Lincoln Park, MI36,5258812.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.