Cost of Living in Skidway Lake, MI

With a cost of living index of 63, Skidway Lake, MI is one of the most affordable cities in the country. Living here is 37% cheaper than the national average and 15% below the Michigan state average of 78. Skidway Lake is a small community of 2,800 residents.

Housing costs are the biggest factor in Skidway Lake's cost of living. The median monthly rent is $844 (36% below the US median of $1,319), and the median home value sits at $53,700 (82% below the national median of $304,900). At current prices, the median home costs roughly 1.6x the median household income — well within traditional affordability guidelines.

The median household income in Skidway Lake is $34,320, which is 54% lower than the national median of $75,149. Residents spend roughly 30% 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.