Cost of Living in Chatham, MI

With a cost of living index of 66, Chatham, MI is one of the most affordable cities in the country. Living here is 34% cheaper than the national average and 12% below the Michigan state average of 78. Chatham is a small community of 123 residents.

Housing costs are the biggest factor in Chatham's cost of living. The median monthly rent is $683 (48% below the US median of $1,319), and the median home value sits at $154,200 (49% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Chatham is $47,813, which is 36% lower than the national median of $75,149. Residents spend roughly 17% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.