Cost of Living in Ontonagon, MI

With a cost of living index of 57, Ontonagon, MI is one of the most affordable cities in the country. Living here is 43% cheaper than the national average and 21% below the Michigan state average of 78. Ontonagon is a small community of 1,266 residents.

Housing costs are the biggest factor in Ontonagon's cost of living. The median monthly rent is $557 (58% below the US median of $1,319), and the median home value sits at $92,100 (70% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Ontonagon is $46,806, which is 38% lower 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. 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.