This Popular Michigan City Named Most Expensive Place to Live in the State
Big houses, manicured lawns, prestigious country clubs, and an upscale downtown are all indications of those pricey cities scattered throughout the country. These are the places that you truly pay to live in, and each state has that one place that has the title of the most expensive place to live.
In a new list compiled by 24/7 Wall St. each state in the U.S. has a city that checked off all the boxes needed to be declared the most expensive place to live. Determining those cities wasn't as easy as you may think and had more to do with than just the prices of homes. According to 24/7 Wall St., the team looked at several factors.
"24/7 Wall St. reviewed cost of living from the Bureau of Economic Analysis. Metropolitan areas were ranked based on the regional price parity for all goods and services in 2019. Supplemental data on median household income and poverty rate came from the U.S. Census Bureau’s 2020 American Community Survey based on five-year averages. Housing costs play into this calculus and reflect the income levels of the population living there to a degree. Costs tend to be more expensive in wealthier communities", they noted. "Just because a city is the most expensive in its state does not necessarily mean its cost of living is that high when compared to the national average cost of living".
What City is the Most Expensive Place to Live in Michigan?
According to 24/7 Wall St., the most expensive place to live in Michigan is Ann Arbor. Those living in Ann Arbor have a cost of living that is 1% less than the U.S. average and have an average household income of around $75,730. Add in that Ann Arbor is the home to the University of Michigan as well as a booming downtown area, it's easy to see why it made the list.
You can see the complete list of "The Most Expensive City to Live in Every State" by clicking here.