San Francisco, CA — September 14, 2017 — Trove Technologies, Inc. has released the first annual Trove Discretionary Income Study showing that the state of Michigan ranks #1 among all states for discretionary income, while the city of Detroit ranks #5 among major cities nationwide. Michigan also places five small cities among the top 10 nationally. The Trove Discretionary Income Study is the first of its kind to incorporate data that reflect regional differences in salaries, cost of living, and taxes to most accurately reveal the take home pay of American workers across 778 occupations. While there are many “cost-of-living” calculators that highlight general income differences across cities, there are no others that take into account the effect of taxes on the cost of living or identify the significant differences by occupation.
“Detroit ranks in the top echelon of cities when it comes to enabling workers to keep more of what they earn,“ said Michael Pao, co-founder of Trove Technologies, Inc. “Our research finds that Detroit blows away the the rest of the country in terms of affordability, with housing expenses coming in at 28% lower than the national average and non-housing expenses 7% lower.”
Some of the major findings for Detroit – and Michigan generally – include the following:
The data underlying this analysis is from the Bureau of Labor Statistics, The Tax Foundation, and The Council For Community and Economic Research. Using a proprietary algorithm, Trove developed the tool and map. The full methodology is outlined here.
What is Trove Technologies?
Trove is a technology company that helps customers pack, move and store personal and household items, as well as maximize excess inventory of small, locally based moving companies. Trove provides best-in-class service including packing, inventory, moving and storage, as well as a web-based catalog of a customer’s items.