ANN ARBOR, Mich. – A slightly higher poverty rate than the state average is one of the reasons why Ann Arbor is the priciest city in Michigan.
Yahoo Finance recently released its “The Most Expensive City in Every State” list and put Tree Town at the top for the Mitten State.
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The list pulled rankings from financial websites 24/7 Wall St. and GOBankingRates, which used data from the U.S. Census Bureau, Zillow, Data USA, and the Bureau of Economic Analysis to find the most expensive metropolitan areas across the United States.
While Ann Arbor’s cost of living is about 1% less expensive than the nationwide average, its poverty rate is 13.9%, about .2% higher than the state average of 13.7%, according to 24/7 Wall St.
Michigan as a state has a cost of living 6% less than the national average.
On the other hand, Tree Town has a higher median income, at $75,730, than the state average of $59,234.
Other pricy Midwest cities included Columbus, Ohio; Indianapolis, Indiana; Iowa City, Iowa; and Minneapolis, Minnesota.