What is the average family income for University of Michigan students?

There's no hard data on what percentage of students are supporting themselves through college, but given the Ann Arbor campus has a median family income of $154,000 (over twice the median family income in Michigan) and a pervasive wealth culture, you have to imagine these students are few and far between.

What is the average family income at University of Michigan?

The median family income of a student from the University is $154,000, and 66% of students come from the top 20% of income. The average income of U-M students is in the 80th percentile, with only 3.6% of kids coming from the lowest 20% of family incomes.

Are Umich students wealthy?

Umich has #1 wealthiest student body in public universities.

What is the average family income in Michigan?

The following data are the most current income statistics for Michigan from the US Census Bureau, are in 2022 inflation adjusted dollars and are from the American Community Survey 2022 5-year estimates. Median Household Income: $68,505. Average Household Income: $92,835. Per Capita Income: $37,929.

Why is University of Michigan so expensive?

The key reason for increasing tuition is inflation and the long-term decline in state funding. Since 2001, U-M has become increasingly reliant on tuition to offset a declining share of revenue from the state appropriation, which is lower today than a decade ago.

12 Things Nobody Tells You about the University of Michigan | Pros and Cons

How much does University of Michigan cost for 4 years?

At University of Michigan--Ann Arbor, the total cost is $34,459 for in-state students and $73,946 for out-of-state students.

Is 95k a good salary in Michigan?

A survey from Purdue University and GoBankingRates.com found that you need a minimum annual salary of $95,865 to be happy in Michigan, but that comes with a caveat of a higher than average unemployment rate.

What salary is considered upper class in Michigan?

The average upper-class salary in Michigan is $57,220 per year, although you should keep in mind that pay-range variance can be as much as $25,467. This breaks down to approximately $27.51 per hour, $1,100 per week, or $4,768 per month.

What is a livable salary in Michigan?

The $10,33 wage remains below what is considered a livable wage in Michigan, according to MIT's Living Wage calculator, which estimates an adult without children needs to make at least $16.27 per hour to support themselves. That numbers goes up to $36.81 for an adult with one child.

Do rich kids go to umich?

It found that a quarter of its Forbes 400 members attended 11 schools, and University of Michigan is in a three-way-tie for seventh place on the list. “The lone public school in the top 10, the University of Michigan's alumni include the sixth richest American, Google cofounder Larry Page,” writes Forbes.

Is umich as good as an ivy?

Michigan is a very good university, but it is not as prestigious as the Ivy League. Will you get as good or better education at Michigan as you would get at Ivy League universities? For many majors, yes. For many majors you will get just as good an education at Michigan.

What is the top 1% in Michigan?

Making $504,671 a year puts you among the top 1% of earners in Michigan, according to a recent SmartAsset analysis of IRS tax filer data. That's less than the national household figure of $652,657.

Who is the highest paid person at University of Michigan?

Despite Ono and Harbaugh's national prominence, Michigan Medicine CEO Dr. Marschall Runge is actually the university's highest-paid employee for 2023 at $1.64 million.

What college has the highest average family income?

Is Ann Arbor a wealthy city?

In conclusion, Ann Arbor stands out among Michigan's wealthiest cities due to the presence of the University of Michigan.

What salary is middle class in Michigan?

In Michigan, you are considered middle class if your household makes $42,544 to $126,996. The median household income is $63,498. In Detroit, that threshold decreases to $24,214 to $72,280, with a median household income of $36,140.

Is 65k a good salary in Michigan?

From what I have read, the median income is $65,000/year. So it depends how far above the median you want to be. One would assume that upwards of $100,000/year would be “good”. Keep in mind that that the cost of living is fairly low so raw dollar figures may not be that illuminating.

How much is $26 an hour annually?

If you make $26 an hour, your yearly salary would be $54,080.

How much is 100k salary after taxes in Michigan?

If you make $100,000 a year living in the region of Michigan, USA, you will be taxed $26,668. That means that your net pay will be $73,332 per year, or $6,111 per month. Your average tax rate is 26.7% and your marginal tax rate is 35.5%.

Is $170000 a good salary?

If you are making $170,000 a year, you are significantly more well off than the average American — the national median household income is $74,580 per year, according to U.S. Census data.

What majors is University of Michigan known for?

The most popular majors at University of Michigan--Ann Arbor include: Computer and Information Sciences, General; Business Administration and Management, General; Economics, General; Behavioral Neuroscience; and Mechanical Engineering.

What is University of Michigan known for?

The University of Michigan is known for its excellence in academics, research, and athletics. It is one of the top public universities in the United States and has consistently ranked among the best universities in the world.

Does University of Michigan give good financial aid?

U-M is the only public university in Michigan that covers 100% of demonstrated financial need of eligible Michigan residents. Approximately 70% of all in-state U-M undergraduate students receive some form of financial aid. Below are examples of typical tuition support offered to Michigan families who apply for aid.