Milford, MI vs Traverse City, MI

Milford, MI and Traverse City, MI have a very similar cost of living, with only a 3.7% difference in their overall index. Milford scores 95 while Traverse City scores 92 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Milford is $1,058/month compared to $983/month in Traverse City — a 8% difference. Interestingly, home values tell a different story: while Traverse City has cheaper rent, Milford actually has lower median home values ($348,600 vs $367,600).

Median household income in Milford is $102,521 compared to $71,731 in Traverse City (+42.9%). While Milford is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Milford spend roughly 12.4% of their income on rent, less than the 16.4% in Traverse City.