Michigan was the 29th most affordable state in 2016. The average of “Top Ten” states was about $9 lower and among peer states about $3 lower for the same basket of goods.
What It Is: An estimation of the differences in the price levels of goods and services across states.
Why It Matters: A higher cost of living means businesses and households must pay more for an identical good or service. This can indicate a high desire to live in an area, but can also prevent businesses and households from purchasing necessary items.