Cost of Living in Houghton, MI

With a cost of living index of 78, Houghton, MI is a very affordable place to live. Living here is 22% cheaper than the national average and in line with the Michigan state average. Houghton is a smaller community of 8,341 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Houghton's cost of living. The median monthly rent is $861 (35% below the US median of $1,319), and the median home value sits at $233,700 (23% below the national median of $304,900). At current prices, the median home costs roughly 6.6x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Houghton is $35,417, which is 53% lower than the national median of $75,149. Residents spend roughly 29% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. 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.