7 Best Michigan Cities to Retire on $2,600 a Month

Retirement in Michigan may appeal to you for a number of reasons, whether you want to live close to your children and grandchildren, live in a large city with plenty to do to fill your free time, or relocate further afield. close to the Great Lakes and water. But can you afford it?

A GOBankingRates study revealed Michigan cities where a retiree can live on less than $2,600. The locations were determined after taking into account the price of buying a home and paying a mortgage, as well as the daily cost of living, according to the Bureau of Labor Statistics’ Survey of Consumer Expenditures. Below are seven of the best cities in Michigan to retire on $2,600 a month.

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What do the seven cities have in common? The percentage of residents aged 65 and over for all of them is in the double digits, meaning you’re likely to find activities that appeal to you and others your age, allowing you to make friends when you settle in. a new place. And median home values ​​can be a lot easier on the pocket than where you currently live, with home values ​​in none of the seven cities exceeding $145,000 — and three of them even less than $100,000.

Read on to learn more about places to live in Michigan for less than $2,600 a month.

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Burton

• Liveability: 61

• Total population: 29,568

• Number of population aged 65+: 5621

• Percentage of population aged 65+: 19.0%

• Total families: 12,522

• Average family income: 55698 dollars

• Median home value (April 2024): $143,369

• Average monthly mortgage cost: 861 dollars

• Average cost of monthly expenses: 1720 dollars

• Total monthly cost of living: 2581 dollars

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Pontiac

• Liveability: 64

• Total population: 61,965

• Number of population aged 65+: 7689

• Percentage of population aged 65+: 12.4%

• Total families: 25,343

• Average family income: $40,307

• Median home value (April 2024): $122,384

• Average monthly mortgage cost: 735 dollars

• Average cost of monthly expenses: 1837 dollars

• Total monthly cost of living: 2572 dollars

Saginaw

• Liveability: 62

• Total population: 44,316

• Number of population aged 65+: 5908

• Percentage of population aged 65+: 13.3%

• Total families: 17,520

• Average family income: $35,521

• Median home value (April 2024): $121,478

• Average monthly mortgage cost: 730 dollars

• Average cost of monthly expenses: 1732 dollars

• Total monthly cost of living: 2462 dollars

The story continues

Inkster

• Liveability: 67

• Total population: 25,839

• Number of population aged 65+: 2749

• Percentage of population aged 65+: 10.6%

• Total families: 9222

• Average family income: $38,381

• Median home value (April 2024): $94,507

• Average monthly mortgage cost: 568 dollars

• Average cost of monthly expenses: 1893 dollars

• Total monthly cost of living: 2461 dollars

Bay City

• Liveability: 69

• Total population: 32664

• Number of population aged 65+: 4997

• Percentage of population aged 65+: 15.3%

• Total families: 14,379

• Average family income: $45,026

• Median home value (April 2024): $109,825

• Average monthly mortgage cost: 660 dollars

• Average cost of monthly expenses: 1699 dollars

• Total monthly cost of living: 2359 dollars

Detroit

• Liveability: 73

• Total population: 636,787

• Number of population aged 65+: 91780

• Percentage of population aged 65+: 14.4%

• Total families: 249,518

• Average family income: $37,761

• Median home value (April 2024): $72,292

• Average monthly mortgage cost: 434 dollars

• Average cost of monthly expenses: 1715 dollars

• Total monthly cost of living: 2149 dollars

Flint

• Liveability: 74

• Total population: 81,863

• Number of population aged 65+: 11,082

• Percentage of population aged 65+: 13.5%

• Total families: 33,854

• Average family income: $35,451

• Median home value (April 2024): $58,555

• Average monthly mortgage cost: 352 dollars

• Average cost of monthly expenses: 1676 dollars

• Total monthly cost of living: 2028 dollars

Methodology: For this study, GOBankingRates analyzed cities across Michigan to find the best places to retire on less than $2,600 a month. First, GOBankingRates found cities in Michigan using the US Census Bureau’s American Community Survey, along with total population, population 65 and older, median household income and total households. For each city, a number of factors were found, including cost of living indexes sourced from Sperling’s BestPlaces, median single-family homes sourced from the Zillow Home Value Index for April 2024 and livability index sourced from AreaVibes. Assuming a 10% down payment and using the national 30-year fixed mortgage rate as derived from Federal Reserve economic data, the average cost of the mortgage can be calculated. Using the national average spending costs for retired residents, as derived from the Bureau of Labor Statistics’ Survey of Consumer Expenditures, average spending costs for each city can be calculated. Using the costs of expenses and the cost of the mortgage, the total monthly cost of living can be calculated for each city. All cities over $2,600 were removed for this study. The livability index was rated and weighted at 1.75, the cost of expenses was rated and weighted at 1.00, and the cost of mortgage was rated at 1.00. All the results were compiled and ranked to show the best places to retire on less than $2,600 a month. All data is collected and updated as of May 31, 2024.

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This article originally appeared on GOBankingRates.com: 7 Best Michigan Cities to Retire on $2,600 a Month