A+
9%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
31%
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 Taylor Michigan National
Cost of living9189100
Goods & Services10293100
Groceries10399100
Health care10293100
Housing6974100
Transportation10097100
Utilities94101100

An Overview of Cost of Living in Taylor, MI

Knowing the cost of living in Taylor 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 Taylor stands at 91, marking it 9% lower than the national average.

The cost of living in Taylor aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Taylor residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Taylor Affordable?

Is Taylor 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 Taylor is 40.8% lower than the national average, while the average monthly rent prices are 7.6% lower than average. The affordability of any location can also be influenced by median income levels. Taylor has a median household income of $52,872, which is 4.4% lower than the national average.

What Factors can Influence the Cost of Living in Taylor?

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 Taylor, the standard sales tax rate starts at 6%, and the income tax rates commence at 4.25%.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Taylor, the transportation index stands at 0.5% lower than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Taylor, the groceries index is 3.4% higher than the national average.

Where is the Data From?

The Taylor 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.

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Cost Of Living Quick Facts

  • The cost of living in Taylor is 2% higher than the Michigan average
  • The cost of living in Taylor is 9% lower than the national average
  • Taylor housing is 31% 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 Taylor

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Compare Taylor, 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$62,098$5,175$1,449$1,863
      Renters$37,316$3,110$871$1,120
      A good indicator of the general affordability of housing in Taylor, MI, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Taylor, the median monthly income is $62,098 for those who own their own homes. Under the standard rule, that income level would allow for $1,449 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $37,316, per the median income in the area. That would allow for renters to spend up to $871 on monthly rental expenses.

      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 Taylor 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 Taylor 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 Taylor 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 Taylor National avg. Difference
      Home Price $109,400.00$184,700.0040.8%
      Avg. Mortgage Payment $1,709.07$2,346.6927.2%
      Apartment Rent $877.00$949.007.6%

      Transportation

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

      Utilities

      Item Taylor 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%
      Taylor, MI61,164918.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Aurora, ON61,058n/a 
      National City, CA61,34214140.6%
      Coconut Creek, FL60,93511010.3%
      Reston, VA61,41815150.9%
      Petaluma, CA60,86518282.0%
      Taylor, MI61,164918.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.