Cost of Living in Ravenna, MI

With a cost of living index of 72, Ravenna, MI is one of the most affordable cities in the country. Living here is 28% cheaper than the national average and 6% below the Michigan state average of 78. Ravenna is a small community of 1,472 residents.

Housing costs are the biggest factor in Ravenna's cost of living. The median monthly rent is $809 (39% below the US median of $1,319), and the median home value sits at $191,300 (37% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in Ravenna is $73,233, which is 3% lower than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Muskegon-Norton Shores, 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.