Cost of Living in Mackinac Island, MI

With a cost of living index of 137, Mackinac Island, MI is a notably expensive place to live. Living here is 37% more expensive than the national average and 59% above the Michigan state average of 78. Mackinac Island is a small community of 663 residents.

Housing costs are the biggest factor in Mackinac Island's cost of living. The median monthly rent is $1,164 (12% below the US median of $1,319), and the median home value sits at $834,600 (174% above the national median of $304,900). At current prices, the median home costs roughly 8.3x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Mackinac Island is $100,125, which is 33% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they do not fully offset the higher cost of living.

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.