Bay, MI

Very Low · 44

Michigan · Population 32,445 · Updated March 2026

$739
Median Rent / Month
$47,904
Median Income
$89,900
Median Home Value
$748
Owner Costs / Month

Affordability

How far your income goes in Bay

18.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Michigan

State-level tax rates that affect your costs

4.25%
Income Tax (Top Rate)
6.0%
Sales Tax
1.38%
Property Tax Rate

Estimated Annual Costs

$8,868
Annual Rent
$2,036
State Income Tax
$1,241
Property Tax (est.)

Cost of Living Overview

Bay is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 44 (where 100 equals the national median), Bay residents can expect to pay median rent of $739/month while earning a median household income of $47,904/year.

The median home value in Bay, MI is $89,900, with typical monthly owner costs around $748 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Michigan has a moderate income tax rate of 4.25%. Combined with a 6.0% sales tax rate and 1.38% effective property tax rate, the overall tax environment is a factor in the total cost of living in Bay.

Frequently Asked Questions

Common questions about living costs in Bay

What is the cost of living in Bay, MI?
The cost of living index in Bay, MI is 44 (US average = 100). Median monthly rent is $739, median household income is $47,904/year, and the median home value is $89,900.
Is Bay, MI affordable?
Yes, Bay is more affordable than the national average with a cost index of 44. The rent-to-income ratio is 18.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Bay, MI?
The median gross rent in Bay, MI is $739 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $8,868.
What is the median household income in Bay?
The median household income in Bay, MI is $47,904 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Michigan?
Michigan has a top income tax rate of 4.25%, a sales tax of 6.0%, and an effective property tax rate of 1.38%.