Cost of Living in Holland, Michigan

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Cost of Living in Holland, Michigan

The quaint town of Holland, MI, is a destination worth getting to know if you’re seeking a true four-season retirement option. Many organizations and publications, including U.S. News & World Report, CNN Money, and Top Retirements.com, have rated Holland as a top destination to live and retire, and it is located on the shores of Lake Atacama and the eastern side of Lake Michigan.

Your retirement money will go further in Holland, MI, thanks to the cost of living that is well below the national average and a tax system that is generally friendly to seniors. It’s easy to see why this little town with big-city amenities is routinely called one of the finest places to retire in Michigan, especially with a crime rate that’s below the national average.

Forbes called Holland one of America’s Most Beautiful Cities. In fact, America in Bloom group frequently praises Holland, and the country won first place in its population category in 2019. The prize considers seven factors: community vitality, flowers, landscaped areas, urban forestry, environmental efforts, heritage celebrations, and overall impression. For its Tulip Time Festival, Holland got America in Bloom’s “Life of the Party—Best Community Celebration” award in 2019.

Is Holland, MI, Expensive to Live in?

Holland, Michigan, has a population of 35,219 people and is located in Allegan and Ottawa counties. Holland’s total annual cost of living is $34,826, which is more than the state average but lower than the national average. The Economic Policy Institute provided the data required to assess the cost of living in this city. More than 29,000 cities in the United States are covered by the website.

The cost of living in Holland is influenced by a variety of factors. Housing costs are the most expensive. In Holland, the median home price is about three times the median household income.
The average cost of a home in Holland, on the other hand, is only $28,496 a year, significantly less than the national average. Furthermore, the expense of schooling in Holland is higher. According to the US Department of Education, students in Holland earn $77,786 per year.

Housing costs in Holland are 3.5 times the average household income. The median home price in the United States is $315,890. The typical home value in Holland is about $21,398. Housing costs in Holland vary three times more than the national average in the United States. As a result, comparing different cities in this aspect is critical. In Holland, the cost of living is comparable to that of other cities in the country.

The area’s income is also a factor in house costs in Holland. The typical household income in the United States is $55,769, while it is $28,586 in Holland. In general, the cost of food in Holland is greater than the national average, but it is lower than the national average. One of the main reasons for the disparities in housing costs is this discrepancy. While food costs are significantly cheaper in Holland, they are significantly higher in other cities.

What Is the Cost of Living in Holland?

The area income is one of the most important predictors of house affordability. The average cost of a home in the United States is 3.4 times the median household income in Holland. The typical income in Holland is just 2.5 times the average house value. Despite this disparity, housing costs in the area are lower than the national average in many other locations in the United States and Europe. If you are considering relocating to Holland, now is an excellent moment to do it.

Taxes account for a significant portion of the cost of living in Holland. In Holland, the average cost of daycare for a family of two is $16,173 per year. The average cost of childcare for a family of two in the United States is $15,853. Food prices are also a significant element of daily life. You may be surprised to learn that the cost of food in Holland is lower than in other cities.

Housing costs in Holland are cheaper than in other sections of Michigan, demonstrating the country’s high standard of life. Holland’s median income is likewise significantly lower than that of other countries. In Michigan, the average annual cost of a home is $15,050. In the United States, the average cost of child care for a household of two is $15,853. In the Netherlands, food expenditures are an important element of daily life.

Housing costs in Holland are significantly greater than in many other American cities. In Holland, the average cost of living is around $3052 per person. This is lower than the national average; however, keep in mind that the cost of living in Holland varies depending on the type of housing you choose. Although the average income in Holland is $55,769, the median property value in other cities is only $25,569.

Housing costs in Holland are lower on average than in many other American cities. In Holland, the average cost of child care is $16,173 per year, whereas, in Michigan, it is $16,173 per year. In every household, child care is a significant expense, and the cost of food in Holland is higher than the national average. Child care costs $3,838 a month for a family of two.

How Are Housing Prices in Holland?

One of the most significant components of the cost of living is housing. The median home value in Holland is $142,000, which is lower than the national median home value of $204,900. The median price of a home built before 1939 is $137,500, while the typical price of a home built after 2014 is $325,400.

Renting can be a less expensive option than buying a home. In Holland, 36.90 percent of occupied residences are rented, which is similar to the national renter rate of 36.2 percent. The average renter in Holland pays $831 per month for housing, which is similar to the national median of $1,023 per month.

One of the most important drivers of housing affordability, aside from house value, is local income. Housing affordability ratios range from roughly 1.0 in the least costly cities to more than 10.0 in the country’s most expensive markets, despite the fact that the average price of a home in the United States is 3.4 times the $60,293 median household income. The median household income in Holland is $55,769, which is 2.5 times the median home value.

Holland is a city in Michigan that spans Ottawa and Allegan counties and has a population of 33,503. For a single adult in Holland, the total cost of accommodation, food, child care, transportation, health care, taxes, and other essentials is $34,826 per year. More than Michigan’s $32,897 yearly cost of living but less than the national median of $38,433.

24/7 Wall St. calculated the cost of living in Holland and over 29,000 other cities and towns in the United States using data from the nonprofit think tank Economic Policy Institute.

Are Transportation, Food, and Utilities Expensive in Holland?

Transportation costs can be a considerable part of the overall cost of living. Commuters in Holland drive 85.60 percent of the time, compared to 85.5 percent nationwide. According to estimates, 55.30 percent of workers commute to jobs outside of Holland, a higher percentage than the 43.7 percent of commuters who live and work in different cities across the country. The average commute time in Holland is 16.4 minutes, compared to a national average of 26.6 minutes. Taking into consideration the cost of gas, public transportation, and automobile maintenance, the EPI estimates that a single person in Holland spends $11,008 on transportation each year, which is more than the national average of $9,760.

Another daily item that has a substantial impact on overall living costs is food. The cost of food varies from city to city and town to town, according to data from the United States Department of Agriculture.

A single adult in Holland spends an average of $2,931 on food each year, while a family of four spends an average of $8,464. For comparison, the average yearly food expenditure for a single adult in Michigan and the United States is $3,026 and $3,240, respectively, and $8,740 and $9,354 for a family of four. These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home.

Taxes are one of the few expenses that differ significantly from city to city and town to town. After factoring in both state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average working adult in Holland, Michigan, pays $5,916 per year, which is nearly identical to the state average of $5,482.

It’s vital to remember that other common taxes like property, sales, and excise taxes aren’t included in these computations. When these taxes are taken into account and federal taxes are excluded, Holland citizens live in a state with a low average tax burden. Michigan collects $3,052 in state taxes per person each year, compared to $3,151 on average across all states.

Is Healthcare Cheap in Holland?

Out-of-pocket health care costs and insurance premiums, assuming at least a basic level of health insurance coverage, are slightly lower in Holland than they are nationwide but slightly higher than they are in Michigan as a whole.

The average cost of health care for a single adult residing in the area is $3,883 per year, compared to $3,455 in Michigan and $4,266 overall.

Child care costs tens of thousands of dollars per year for families with children. The average yearly cost of child care in Holland for two children — one four-year-old and one eight-year-old — is $15,050, which is around $200 more than the statewide average of $16,173. Meanwhile, childcare costs for two children in the United States average $15,853 per year.

Conclusion

Wolf Lake is a fantastic spot to call home. In terms of education, crime, cost of living, and diversity, Holland is a top performer. Holland genuinely has something for everyone, which is why it is such a wonderful location to live.

In the end, what makes a great place to live in is a personal choice. Some people prefer a smaller city with a close-knit community, while others prefer a larger metropolis with a wider range of opportunities. What matters is that a city caters to its citizens’ needs and desires. A city can be a terrific place to live if it has everything a person needs.

There are numerous variables that contribute to a city’s attractiveness as a living environment. One of the essential considerations is cost. Holland is a tiny city in the state of Michigan, situated in Ottawa County. Over the last five years, Holland has witnessed a small but regular number of new inhabitants move into the city. With a population growth rate of 0.1 percent in the last year and 1.0 percent in the last five years, the population has reached 33503. Living in Holland has a suburban feel to it, which can be appealing to families looking for more space for their money and a good place to raise their children than in larger, more densely populated cities.

Many young folks in their 20s and early 30s populate the city. The city’s median age is around 31 years old. The average family comprises 3.1 members, including children and parents. In terms of diversity, Holland ranks 1574 on a national level, which is higher than the national average, and 58 on a state level, which is higher than the state average.

Holland has an overall cost of living index of 89, which is 0.9x slower than the national index of 100, according to the most recent data on the subject. Only Michigan has a lower cost of living index than Holland, which is 1.0x lower than Michigan’s index of 89. Out of the 6,522 places we measured in Michigan, Holland has the cheapest standard of life. By definition, Holland is the Wolverine State’s #4,883 most expensive location.

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