Cost of Living in Bear Lake, MI

With a cost of living index of 83, Bear Lake, MI is a very affordable place to live. Living here is 17% cheaper than the national average and 5% above the Michigan state average of 78. Bear Lake is a small community of 245 residents.

The median household income in Bear Lake is $53,750, which is 28% lower than the national median of $75,149. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Traverse City, MI (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.