Cost of Living in Jasper, MI

With a cost of living index of 83, Jasper, 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. Jasper is a small community of 358 residents.

Housing costs are the biggest factor in Jasper's cost of living. The median monthly rent is $1,333 (1% above the US median of $1,319), and the median home value sits at $124,100 (59% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Jasper is $54,643, which is 27% 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.