salaryRent is higher than in 51% of U.S. cities. A typical house costs about 5.2 years of household income. Commutes are short, about 17.2 minutes.
How much money do I need?
To rent here comfortably, you should earn about $66,920 a year. That is $32 an hour at a full-time job.
Is rent cheaper than other Michigan cities?
No. Rent here is more expensive than in most of Michigan. It is number 137 of 179 cities from cheapest to most expensive.
How much do households earn in Traverse City?
Share of households by yearly income. 25.9% of households earn $100,000 or more.
Rent by apartment size in Traverse City
| Size | Traverse City | U.S. average |
|---|---|---|
| Studio | $1,077 | $1,338 |
| 1 bedroom | $808 | $1,324 |
| 2 bedrooms | $1,192 | $1,509 |
| 3 bedrooms | $1,672 | $1,698 |
| 4 bedrooms | $2,101 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Traverse City overall?
Everyday prices in the Traverse City metro area are 7% below the U.S. average (index 93.4, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Traverse City
Life in Traverse City
What jobs pay in Traverse City
| Job | Median pay | Rent / pay |
|---|---|---|
| Pharmacist | $143,050 | 14.0% |
| Physician Assistant | $134,180 | 15.0% |
| Nurse Practitioner | $123,910 | 16.2% |
| Lawyer | $107,460 | 18.7% |
| Computer Systems Analyst | $96,510 | 20.8% |
| Software Developer | $95,860 | 20.9% |
| Civil Engineer | $94,280 | 21.3% |
| Operations Manager | $84,300 | 23.8% |
| Registered Nurse | $83,690 | 24.0% |
| Dental Hygienist | $81,570 | 24.6% |
| Accountant | $74,820 | 26.8% |
| Police Officer | $66,080 | 30.4% |
| Elementary School Teacher | $66,020 | 30.4% |
| Plumber | $63,100 | 31.8% |
| Licensed Practical Nurse | $62,260 | 32.2% |
| Electrician | $61,650 | 32.6% |
| HVAC Technician | $60,590 | 33.1% |
| Market Research Analyst | $59,460 | 33.8% |
| Carpenter | $59,230 | 33.9% |
| Truck Driver | $57,700 | 34.8% |
| Firefighter | $46,990 | 42.7% |
| Medical Assistant | $42,580 | 47.1% |
| Customer Service Representative | $42,030 | 47.8% |
| Nursing Assistant | $41,900 | 47.9% |
| Server (Waiter/Waitress) | $41,380 | 48.5% |
| Warehouse Worker | $38,750 | 51.8% |
| Restaurant Cook | $37,270 | 53.9% |
| Retail Salesperson | $34,540 | 58.1% |
| Cashier | $30,920 | 64.9% |
Is it cheaper to rent or buy in Traverse City?
Renting is cheaper right now: about $1,209 a month less.
Owning assumes a typical $415,400 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $41,540 for the down payment.
Frequently asked questions
What is the average rent in Traverse City, MI?
Renting in Traverse City costs a median of about $1,673 a month in 2026, including utilities. The Michigan median is $1,314.
How much do I need to make to live in Traverse City?
To keep rent under 30% of income, you need about $66,920 a year, or $32 an hour at a full-time job.
Is Traverse City cheap or expensive?
Traverse City is rated OK: rent takes 25.1% of the typical household income of $79,903. It ranks 137th cheapest of 179 Michigan cities we track.
How much are property taxes in Traverse City?
The median homeowner in Traverse City pays $4,671 a year in property taxes, about 1.12% of the median home value.
Is Traverse City more expensive than the national average?
Overall prices in the metro area are 7% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Traverse City?
The median home value in Traverse City is $415,400, about 5.2 times the typical yearly household income.
15,593 people live in Traverse City. Numbers are typical (middle) values.