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Michigan

Context

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Explore Wealth in Michigan

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Michigan has a total population of 10,050,811 people in 4,051,798 households.

Sex composition

Michigan is equally male and female.

Age composition

Half of Michigan's population is of prime working age (between 25 and 64 years old). A fifth of Michigan's population are children.

Ethno-racial composition

Michigan is mostly White, with approximately a quarter of Michigan's population made up of people of color.

Urbanicity

About three quarters of Michigan's population live in urban areas.

Financial Background & Affordability

Households with zero or negative net worth

Significantly higher portions of Black households have zero or negative net worth than White households.

Households living below the poverty line

Significantly higher portions of Black households live below the poverty line than households of other races/ethnicities.

Political Context

In 2022, the Michigan state legislature Democrats gained a majority in both the House and Senate for the fourth time in 130 years, with the last year of control taking place in 1984. The state’s governor also is a Democrat. The political landscape has historically been defined as purple in Michigan, long considered a swing state, with there being a continuous divide between Republican and Democratic control and a higher concentration for targeted electoral efforts. Michigan is also one of 23 states where neither party has a veto-proof supermajority in both chambers, which urges more partisanship divide or Republican and Democratic trifectas to ensure implementation of partisan policy priorities. As of 2023, Michigan is one of 17 states operating as a trifecta state, with Democrats holding the majority in both the House and Senate chambers in addition to gubernatorial leadership. Credit can be attributed to fair and equitable district lines drawn by a nonpartisan redistricting commission. The shift in Michigan’s political landscape in 2023 has resulted in changing the economic future for Michiganders, including expanding the Earned Income Tax Credit from 6% to 20%, repealing the retirement tax, and restoring workers’ rights by repealing “Right-to-Work.”

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Contributors to Wealth and Net Worth

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Assets

Assets directly feed into calculation of net worth: more assets means more wealth. Assets tend to go hand-in-hand with debts (e.g., purchasing a house often involves taking out a mortgage). Assets also affect and are affected by income and expenses: some assets produce income, while a higher income-to-expenses ratio allows for greater ability to purchase assets.

Debts

Debts directly feed into calculation of net worth: more debts means less wealth. Debts sometimes (but not always) indicate an investment in an asset or future income (e.g., a mortgage for a house, or education debt for higher future income). Debts also affect and are affected by income and expenses: debts typically have ongoing expenses to pay them off, while a higher income-to-expenses ratio allows for greater ability to pay them off.

Income

Income indirectly feeds into net worth via assets and debts: typically, a higher income translates to more wealth. A higher income-to-expense ratio allows for greater ability to purchase assets and pay off debt. Income might also be affected by assets and debts: some assets produce income, while some debts indicate an investment in income (e.g., education debt).

Expenses

Expenses indirectly feed into net worth via assets and debts: typically, higher expenses translates to less wealth. A higher income-to-expense ratio allows for greater ability to purchase assets and pay off debt. Expenses are also often affected by debts via required monthly payments.

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