Traverse City Michigan Income Charts

This section shows the Traverse City Michigan economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Traverse City shows it has a Median earnings of $47,126 which is in the mid point range of other places in the surrounding region. The city with the highest median earnings per worker in the area is Greilickville CDP which depicts a median earnings of $67,365 (42.9% larger). Comparing median earnings per worker to the United States average of $53,269, Traverse City is about 13.0% smaller. Also, measured against the state of Michigan, median earnings per worker of $52,738, Traverse City is about 11.9% smaller.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $64,033 which is in the middle range of other places in the local area. The city with the highest median household income in the area is Hardwood Acres CDP which indicates a median income of $98,079 (53.2% larger). Comparing median household income to the United States average of $69,021, Traverse City is about 7.8% smaller. Also, in comparison with the state of Michigan, median household income of $63,202, Traverse City is only slightly larger.

The next section examines a variety of different income statistics for the Traverse City metropolitan area. In Figure 3 we see that it it has one of the largest proportions of earnings less than $10,000 at 7.3% of the total and is ranked #3. Only #2 Hardwood Acres CDP (12.9%), and #1 Chums Corner CDP (13.5%) are larger.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 38.0 which is less than most other places in the local area. The city with the highest average hours in the area is Hardwood Acres CDP which depicts an average hours of 46.4 (22.1% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $23.85 which is the third most average hourly earnings of all other places in the greater Traverse City region. The city with the highest average hourly earnings in the area is Greilickville CDP which shows an average hourly earnings of $32.07 (34.5% larger). Comparing average hourly earnings to the United States average of $26.40, Traverse City is about 10.7% smaller. Also, measured against the state of Michigan, average hourly earnings of $26.48, Traverse City is about 11.0% smaller.

Figure 7 examines the number of self employed people in the Traverse City metro area based on the number of people who reported any self employment income. Traverse City depicts it has a Self Employed of 14.0% which is the third most people self employed of all other places in the greater Traverse City region. The city with the highest percentage of people self employed in the area is Cedar CDP which depicts a percentage self employed of 40.0% (approximately 2.9 times bigger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $67,593 of the total and is ranked #3. Only #2 Hardwood Acres CDP ($97,927), and #1 Greilickville CDP ($117,868) are larger. Second, it has one of the largest proportions of median income-25 to 44 years at $78,140 of the total and is ranked #3. Only #2 Greilickville CDP ($85,909), and #1 Hardwood Acres CDP ($113,606) are larger. Third, it has the largest proportion of median income-45 to 64 years at $53,271 of the total and is ranked #1.

Figure 9 breaks down the source of income and Traverse City has the largest proportion of income from wages at 8.7% of the total and is ranked #1. Second, it has one of the largest proportions of self employment income at 21.2% of the total and is ranked #2. The only larger city being Greilickville CDP with 23.2%. Third, it has the largest proportion of social security at 0.7% of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 25.9% which is less than most other places in the metropolitan area. The city with the highest households with retirement income in the area is Greilickville CDP which depicts a households with retirement income of 57.7% (approximately 2.2 times bigger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has the largest proportion of overall family income at $96,789 of the total and is ranked #1. Second, it has the largest proportion of white family income at $36,367 of the total and is ranked #1. Third, it has the largest proportion of hawaiian family income at $99,491 of the total and is ranked #1.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Traverse City shows it has the hightest cost of 118.6 for the cost of utilities group.

Traverse City Michigan Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It depicts that from February 2010 to before the Wuhan Coronavirus/COVID Pandemic the monthly unemployment rate went from 16.8% to 6.4% in February 2020. This represents a decrease in the monthly unemployment rate of 61.9%. Since that time, the monthly unemployment rate has gone to 6.5% This represents an increase in the monthly unemployment rate of very little. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It shows that from February 2010 to before the Wuhan Coronavirus/COVID Pandemic the monthly labor force participation went from 17,816 to 15,352 in March 2020. This represents a decrease in the monthly labor force participation of 13.8%. Since that time, the monthly labor force participation has gone to 15,339 This represents a decrease in the monthly labor force participation of very little.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Traverse City depicts it has a Unemployment Rate of 3.3% which is the second most of all the places in the surrounding region. The city with the highest unemployment rate in the area is Cedar CDP which depicts a rate of 11.3% (approximately 3.5 times bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Traverse City shows it has a Labor Force Participation of 63.0% which is the third most participation rates of all other places in the greater Traverse City region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Traverse City depicts full time employees approximately 3.2 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Traverse City area. Traverse City shows it has a Single Earner Families of 17.7% which is less than most other places in the local area. The city with the highest families with a single earner in the area is Cedar CDP which shows a single earners rate of 100.0% ( very much bigger). The percentage of families with no one working is depicted in Figure 22. Traverse City shows it has a Families with No One Working of 19.2% which is in the mid range of other places in the greater region. The city with the highest families with no one working in the area is Greilickville CDP which shows a families with no worker of 43.1% (approximately 2.2 times bigger).

Traverse City Michigan Poverty Charts

The next section details economy analysis about poverty for residents of the Traverse City community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Traverse City depicts it has a Total In Poverty of 1,433 which is at the top of all other places in the greater Traverse City region.

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Traverse City shows it has a Percent of Population In Poverty of 9.8% which is the third most percent of people earning less than the poverty level of all other places in the greater Traverse City region. The city with the highest percent of people earning less than the poverty level in the area is Interlochen CDP which shows a percent of people in poverty of 16.4% (68.1% larger).

In Figure 25 people who are in poverty are broken out by age group. Traverse City has one of the largest proportions of person in poverty under 12 years at 10% of the total and is ranked #2. The only larger city being Grawn CDP with 22%. Second, it has one of the largest proportions of person in poverty 12 to 17 years at 27% of the total and is ranked #2. The only larger city being Grawn CDP with 35%. Third, it has the largest proportion of person in poverty 18 to 34 years at 21% of the total and is ranked #1. Also, it has less than most other places in the area when ranked by person in poverty 55 to 64 years at 16% of the total.

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Traverse City has one of the largest proportions of white poverty rate at 30% of the total and is ranked #2. The only larger city being Interlochen CDP with 100%. Second, it has the largest proportion of black poverty rate at 3% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. Traverse City has the largest proportion of married with children and in poverty at 20% of the total and is ranked #1. Second, it has the largest proportion of unmarried with children and in poverty at 31% of the total and is ranked #1. Third, it has the largest proportion of unmarried female with children and in poverty at 7% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Traverse City has one of the largest proportions of less than highschool in poverty at 18% of the total and is ranked #3. Only #2 Grawn CDP (30%), and #1 Interlochen CDP (31%) are larger. Second, it has one of the largest proportions of highschool graduate and in poverty at 13% of the total and is ranked #2. The only larger city being Hardwood Acres CDP with 15%. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Traverse City has the largest proportion of people who are in poverty and employed at 9.6% of the total and is ranked #1. Second, it has one of the largest proportions of people who are in poverty and unemployed at 24.3% of the total and is ranked #3. Only #2 Grawn CDP (25.4%), and #1 Interlochen CDP (40.5%) are larger. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Traverse City shows it has a Public Assistance Percent of 10.1% which is the second smallest in order of households with public assistance of all the other places in the local area. The city with the highest households with public assistance in the area is Grawn CDP which depicts a households with public assistance of 26.2% (approximately 2.6 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Traverse City depicts it has a Gini Index of 48.6% which is more than all other places in the greater Traverse City region.

Traverse City Michigan Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Traverse City community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Traverse City has the largest proportion of people who drive a car or motorcycle to work at 3% of the total and is ranked #1. Second, it has the largest proportion of people who take public transportation to work at 11% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Traverse City or elsewhere.) Traverse City has the percentage of people who drove alone the second smallest in order of people who drove alone of all the other places in the surrounding region at 64% of the total. Second, it has less than most other places in the local area as measured by people who carpooled at 8% of the total. Third, it has the largest proportion of people who take the bus at 3% of the total and is ranked #1. Also, it has the largest proportion of people who bike at 5% of the total and is ranked #1. In addition, it has the largest proportion of people who walked at 7% of the total and is ranked #1. Furthermore, it has the largest proportion of people who took a taxicab, motorcycle or other at 1% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Traverse City has the percentage of people who leave for work between 12am to 5am the second smallest as measured by people who leave for work between 12am to 5am of all the other places in the metro area at 1% of the total. Second, it has the largest proportion of people who leave for work between 9am to 10am at 5% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 12noon to 4pm at 9% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Traverse City has the largest proportion of people with commute time of less than 5 minutesutes at 23% of the total and is ranked #1. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 23% of the total and is ranked #2. The only larger city being Interlochen CDP with 33%. Third, it has the smallest proportion of people with commute time between 15 to 19 minutes at 12% of the total.

The average commute time is shown in Figure 37. Traverse City shows it has a Avg Commute Time of 17 which is the second smallest when ranked by average commute time of all the other places in the surrounding region. Figure 38 shows the difference between male versus female commuting time. Traverse City indicates average commute time in minutes for men 17.8% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Traverse City has one of the largest proportions of no vehicle available at 28% of the total and is ranked #2. The only larger city being Hardwood Acres CDP with 29%. Second, it has less than most other places in the greater region in order of 1 vehicle available at 45% of the total. Third, it has one of the largest proportions of 3 vehicles available at 10% of the total and is ranked #2. The only larger city being Grawn CDP with 19%. Also, it has one of the largest proportions of 4 vehicles available at 2% of the total and is ranked #3. Only #2 Chums Corner CDP (14%), and #1 Hardwood Acres CDP (22%) are larger. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Traverse City depicts it has a Work in city or place where live of 57% which is the largest of all places in the metro area. Comparing people who both work and live in the same city to the United States average of 44%, Traverse City is 29.3% larger. Also, compared with the state of Michigan, people who both work and live in the same city of 33%, Traverse City is 74.2% larger.

Traverse City Michigan Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Traverse City depicts it has the hightest median earnings of $128,047 for the earnings-healthcare practitioners and tech occupations grouping. Similarly, Figure 47 shows the median earnings of women for the job categories and Traverse City shows it has the hightest median earnings of $82,813 for the earnings-computer, engineering, and science occupations classification. The table in Figure 48, shows Traverse City employment data in terms of job categories and salary data.

Traverse City Michigan Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Traverse City shows it has the hightest entrepreneurs of 52% for the self employed management, business, science, and arts businesses aggregate.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Traverse City shows it has the hightest entrepreneurs of 28% for the self employed in professional, scientific, management, administrative services group.

In Figure 51 the average annual self employment/entrepreneur income is shown. Traverse City depicts it has a Self Employment Income of $55,008 which is the largest of all places in the greater Traverse City region. Comparing average annual self employment income to the United States average of $42,141, Traverse City is 30.5% larger. Also, benchmarked against the state of Michigan, average annual self employment income of $35,267, Traverse City is 56.0% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Traverse City depicts total number of self-employed men approximately 3.0 times bigger as the total number of self-employed women.