Cost of Living in Tower, MI

With a cost of living index of 68, Tower, MI is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 10% below the Michigan state average of 78. Tower is a small community of 271 residents.

Housing costs are the biggest factor in Tower's cost of living. The median monthly rent is $917 (30% below the US median of $1,319), and the median home value sits at $91,500 (70% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Tower is $42,167, which is 44% lower than the national median of $75,149. Residents spend roughly 26% 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.