Cost of Living in New Buffalo, MI

With a cost of living index of 85, New Buffalo, MI is a very affordable place to live. Living here is 15% cheaper than the national average and 6% above the Michigan state average of 78. New Buffalo is a small community of 1,306 residents.

Housing costs are the biggest factor in New Buffalo's cost of living. The median monthly rent is $825 (37% below the US median of $1,319), and the median home value sits at $342,700 (12% above the national median of $304,900). At current prices, the median home costs roughly 5.3x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in New Buffalo is $64,524, which is 14% lower than the national median of $75,149. Residents spend roughly 15% 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.

Everyday prices in the Niles, 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.