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 percent lower than the national average and non-housing expenses 7% lower.”
Some of the major findings for Detroit – and Michigan generally – include the following:
Detroit ranks #5 among major cities nationwide for discretionary income across all occupations.
Salaries in Detroit are 3.5 percent higher than the national average, housing expenses are 27.9 percent lower, and non-housing expenses 6.7 percent lower.
Detroit ranks highly among major cities for these professions: Installation, Maintenance, and Repair (rank #2), Production (#3), Arts, Design, Entertainment, Sports, and Media (#4), and Transportation and Material Moving (#5).
Michigan ranks #1 out of all states for discretionary income.
Salaries across all occupations in Michigan are 1.2% lower than the national average, while housing expenses are 32.4 percent lower and non-housing expenses 8.2 percent lower.
Five cities in Michigan are ranked in the top 10 small cities for discretionary income