The Great Lakes State of Michigan has a population of 10 million people and has seen consistent growth in the number of residents. It is ranked the tenth most-populous state in the U.S. and boasts an affordable housing market. In fact, the market has seen rapid growth over the years.
The average home experienced a surge in value of 9.3% in 2018 alone, and homes are averaging only a month on the market before they are purchased. Also, see FHA Loan in Michigan for details and requirements for a home in the state.
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Michigan's economy is quite diverse. However, the state is known for being the center of the automotive industry in the U.S., home to Renault, Peugeot, and Citroen. The upper peninsula receives a lot of tourism for its natural resources while the rest of the state boasts a healthy economy focusing on agriculture, services, manufacturing, and high-tech industries.
The median personal income in Michigan is $27,549 and per household, $56,697. Michigan’s income per capita is significantly less than the national average of $54,420. The unemployment rate is roughly the same as the national average of 3.7%, according to information gathered by U.S. Bureau of Labor Statistics.
Michigan has a flat income tax rate across the state, although some cities do charge an additional rate. The marginal tax rate in 2019 for single filers was 4.25% with an effective rate of 3.98%. Sales tax for the state sits at 6%.
