Cost of Living in Sturgis, MI

An Overview of Cost of Living in Sturgis, MI

Knowing the cost of living in Sturgis 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 Sturgis stands at 83, marking it 17% lower than the national average.

Sturgis housing costs are 42.4% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Sturgis residents can earmark a more manageable portion of their income to housing.

Is Sturgis Affordable?

Is Sturgis an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Sturgis, the median home price is 51.6% lower than what most folks pay across the country, and monthly rent prices are 20.9% lower than the usual rates. Income levels in Sturgis come in at $42,668, which is 22.9% lower than the national average.

What Factors can Influence the Cost of Living in Sturgis?

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

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 Sturgis, the general sales tax rate starts at 6%, and income tax rates begin at 4.25%.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Sturgis, the housing index stands at 42.4% lower than the national average.

Where is the Data From?

The cost of living data in Sturgis 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.