A+
12%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
43%
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 Owosso Michigan National
Cost of living8889100
Goods & Services10293100
Groceries10399100
Health care10293100
Housing5774100
Transportation10097100
Utilities94101100

An Overview of Cost of Living in Owosso, MI

Knowing the cost of living in Owosso allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Owosso stands at 88, marking it 12% lower than the national average.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Owosso stands out by reporting housing costs that are 42.6% 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 Owosso Affordable?

Is Owosso 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 Owosso is 50.6% lower than the national average, while the average monthly rent prices are 23.9% lower than average. The affordability of any location can also be influenced by median income levels. Owosso has a median household income of $41,943, which is 24.2% lower than the national average.

What Factors can Influence the Cost of Living in Owosso?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Owosso, the standard sales tax rate starts at 6%, and the income tax rates commence at 4.25%.

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 Owosso, healthcare costs are 2.2% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Where is the Data From?

The cost of living in Owosso, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Owosso is 2% lower than the Michigan average
  • The cost of living in Owosso is 12% lower than the national average
  • Owosso housing is 43% 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 Owosso

See all the best places to live around Owosso

Compare Owosso, 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$52,615$4,385$1,228$1,579
      Renters$29,302$2,442$684$879
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Owosso, MI, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Owosso homeowners, is $52,615. This would allow for a maximum of $1,228 per month to be spent on housing costs. For renters, the median monthly income is $29,302 which would result in a maximum of $684 to be spent on rental costs.

      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 Owosso 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 Owosso 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 Owosso 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 Owosso National avg. Difference
      Home Price $91,200.00$184,700.0050.6%
      Avg. Mortgage Payment $1,709.07$2,346.6927.2%
      Apartment Rent $722.00$949.0023.9%

      Transportation

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

      Utilities

      Item Owosso 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.
      Oakley, MI2828316.7%
      Middletown, MI8398416.2%
      Ovid, MI1,5598019.6%
      Vernon, MI5008614.0%
      Chesaning, MI2,3568613.5%
      Owosso, MI14,4768812.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Summerfield, MD14,47712221.9%
      Greece, NY14,477927.6%
      College Park, GA14,4791000.4%
      Destin, FL14,48212222.3%
      Norridge, IL14,46512221.7%
      Owosso, MI14,4768812.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.