Grand Traverse County · Michigan · Midwest · 16k residents
Traverse City, MI: economy, jobs & business costs
The site-selection read on Traverse City: labor costs, talent, corporate tax, energy, and business activity, with the Michigan median as the yardstick. Compare it live against any of 3,000 US cities.
Data coverage: ACS place data; supplementary fields may use state estimates.
Average weekly wages in the surrounding labor market run $1,180/wk. Michigan's corporate income tax rate is 6%. Commercial electricity averages 14.0¢/kWh.
Compare Traverse City side by side
Avg. weekly wage
$1,180/wk
Corporate income tax
6%
Bachelor's degree or higher
47.4%
Commercial electricity
14.0¢/kWh
Economic momentum
How fast Traverse City's economy is moving, ranked against the US cities we track.
55/100
Steady
Ranks Traverse City's jobs growth against the US cities we cover. The label is relative pace, not a direction, so a market can rank low while some figures still rise. A higher score moves faster, it is not cheaper or better. This is economic activity, not commercial lease rates or vacancy. Not investment or relocation advice.
| ACS median home value | $415,400 |
| Price per sq. ft. | $155 |
| Property tax rate | 1.35% |
| 1-bedroom rent | $731/mo |
| 2-bedroom rent | $1,078/mo |
| State & local income tax | 5.25% |
| Sales tax | 6% |
| Corporate income tax | 6% |
| Avg. weekly wage | $1,180/wk |
| Bachelor's degree or higher | 47.4% |
| Commercial electricity | 14.0¢/kWh |
| Businesses per 1k residents | 40.4/1k |
| Wage: Software developer | $95,860 |
| Wage: Registered nurse | $83,690 |
| Wage: General manager | $84,300 |
| Wage: Customer service | $42,030 |
| Wage: Warehouse worker | $35,460 |
| Wage: Heavy truck driver | $57,700 |
| Wage: Electrician | $61,650 |
| Wage: Retail salesperson | $34,540 |
| Cost of living index | 94 |
| Groceries index | 95 |
| Utilities | $175/mo |
| Transit pass | $60/mo |
| Gas price | $3.30/gal |
| Healthcare index | 96 |
| Childcare (per child) | $950/mo |
| Median household income | $74,087 |
| Unemployment rate | 4.1% |
| Population | 16k |
| Crime index | 45/100 |
| School rating | 5.3/10 |
| Walkability | 30/100 |
| Disaster risk | 66/100 |
| Avg. commute | 24 min |
| Sunny days / year | 175 days |
| July high | 79°F |
| January low | 15°F |
| Annual snowfall | 101 in |
| Home price YoY | +1.6% |
| Home price MoM | 0.0% |
| Rent YoY | +2.4% |
| Rent MoM | -0.3% |
| Employment (jobs) YoY | +0.5% |
| Building permits YoY | — |
| Ocean coast | 662 mi |
| Big lake | < 3 mi |
| Mountains | 522 mi |
| Major airport | 129 mi |
| Ski resort | 24 mi |
Popular comparisons
Nearby
- Mount Pleasant, MI · 21k
- Midland, MI · 43k
- Muskegon, MI · 37k
- Norton Shores, MI · 25k
- Bay City, MI · 32k
Similar size
- Mount Clemens, MI · 16k
- Northview, MI · 15k
- Berkley, MI · 15k
- Harper Woods, MI · 15k
- Grosse Pointe Woods, MI · 16k
Real listings in Traverse City
LoopNet ↗Crexi ↗CommercialCafe ↗
Links open third-party listing searches. WhereToHQ has no paid relationship with these sites.
- Is Traverse City a good place to run a business?
- Michigan's corporate income tax rate is 6%; average weekly wages in the surrounding labor market run $1,180/wk; commercial electricity averages 14.0¢/kWh. Weigh these against your own priorities in the business comparison tool.
- What is the cost of living in Traverse City, MI?
- Traverse City indexes at 94 for day-to-day costs against a national baseline of 100, with a typical two-bedroom renting for $1,078/mo and a acs median home value of $415,400.
- How much does a house cost in Traverse City?
- The acs median home value in Traverse City is $415,400 (Census ACS estimate; individual listings vary).
- How much is rent in Traverse City?
- A two-bedroom in Traverse City rents for about $1,078/mo.