Cost of Living in Wakefield, MI
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
73.6
100 = national avg
-26.4 vs national average
Living Wage (1 Adult)
$32,385
per year
Living Wage (Family of 4)
$76,545
per year
Cost Index by Category
Housing59.9
Food87.0
Transportation74.0
Healthcare89.6
Utilities84.2
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$761
per month
2 Bedroom
$973
per month
The overall cost of living index in Wakefield is 73.6, which is 26.4% below the national average. Housing costs are below the national average at an index of 59.9. A single adult needs to earn approximately $32,385 per year to cover basic expenses.