Retire in Traverse City

Affordability

Find out how much it costs to live in Traverse City.

Cost of Living

Kiplinger Rating:

Mixed

State Income Tax:

Social Security Tax?

None

County + State Sales Tax

6%

Property Tax Rate *

1.2%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

819

* 2008-2010

Cost of Living Index (100=average):

92.6

Housing + transportation costs as % of income:

52%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

Tax burden: % income going to state and local taxes:

9.4%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

Some seniors, disabled persons, veterans, surviving spouses of veterans and farmers may be able to delay paying property taxes, depending on the county of residence and income level

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Real Estate overview not available for Traverse City

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Work Potential

  • Area
  • National Average

5 Largest Companies

  • Traverse City Area Public Schools.
  • Munson Medical Center.
  • Grand Traverse Resort & Casino.
  • Northwestern Michigan College.
  • Traverse Bay Intermediate School District.

GDP Growth Last 3 Years

0%

Income Growth Last 3 Years

12.6%

Employment Growth Last 3 Years

7.2%

Top Industries Hiring

  • Manufacturing
  • Accommodation and food services
  • Retail trade
  • Construction
  • Other services (except public administration)

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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