Milan, MI vs Traverse City, MI

Milan is moderately more affordable than Traverse City, with a 7.6% lower cost of living index. Milan scores 85 compared to 92 for Traverse City, where the US average is 100. This difference means residents of Traverse City can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Milan is $1,083/month compared to $983/month in Traverse City — a 10% difference. Interestingly, home values tell a different story: while Traverse City has cheaper rent, Milan actually has lower median home values ($233,700 vs $367,600).

Median household income in Milan is $93,016 compared to $71,731 in Traverse City (+29.7%). Milan offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Milan spend roughly 14% of their income on rent, less than the 16.4% in Traverse City.