Economists Salary
In Michigan, economists earn $106,350 at the median, or about $51.13 an hour. The range runs from $73K at the entry level to $178K for experienced workers. Cost of living is below average (RPP 93.89), which stretches that salary to about $113,271 in buying power. Rent on a 2-bedroom averages $1,272/month, or 18.9% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across Michigan. Jump to a metro for precise data:
Where the paycheck goes
What $106K actually covers in Michigan, month by month
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What this looks like in Michigan
Pay for economists in Michigan runs about 15% below the U.S. median of $125K. Housing is manageable: a 2-bedroom at the HUD median costs $1,272/month, 19.4% of take-home, well inside the 30% guideline. Regional Price Parity sits at 93.89 (national = 100), meaning everyday costs run about 6% cheaper here. Your dollar stretches further than the headline salary suggests. Lower pay, lower costs, Michigan can be a reasonable trade-off for economists who value affordability over top-dollar markets.
Compensation breakdown
Annual earnings by percentile, Michigan
Entry-level economists (10th percentile) start around $73K. Mid-career wages sit at $106K. Top earners bring in $178K or more, a $105K spread from bottom to top.
Economists salary by metro in Michigan
3 metro areas with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Ann Arbor | $129K | +21% | 50 |
| Detroit-Warren-Dearborn | $106K | +0% | 110 |
| Lansing-East Lansing | $88K | -17% | 40 |
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BLS updates this data annually. We'll email you when Michigan numbers change.
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Quick answers
The stuff people actually ask about this job
Can a economist afford a 2BR apartment alone in Michigan?
Yes — at the median salary of $106K, rent takes 19.4% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,272/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for economists in Michigan?
The 10th-percentile wage — what new economists typically earn — is $73K/year. Take-home on that works out to about $4,712/month. At HUD’s $1,272/month FMR, rent would take 27% of that take-home — manageable on an entry-level income.
Is economist a high-paying job in Michigan?
Local pay runs 15% below the national median — $106K here vs. $125K nationally. Cost of living is 6% below the national average, which narrows that gap in real purchasing power.
How does Michigan compare to the national average for economists?
Michigan pays $106K median vs. the U.S. average of $125K — that’s -15%. After adjusting for local cost of living (RPP 93.89), the purchasing-power equivalent is $113K — below the national median.
How much do economists make in Michigan?
The median is $106,350 a year, that works out to about $51 an hour. But the range is wide: entry-level workers start around $72,860, and experienced economists can clear $178,170. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $106K enough to live in Michigan?
On that salary, you'd take home roughly $6,557/month after taxes. A 2-bedroom here rents for about $1,272/month, which eats 19.4% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a economists salary go in Michigan?
Michigan has a Regional Price Parity of 93.89 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median economists salary is worth about $113,271 in national-average purchasing power.
Where do economists get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.