Tags: Retirement | retirement in michigan | cost | living

Retirement Cost of Living in Michigan

By    |   Thursday, 11 Jun 2015 12:14 PM

Retirement in Michigan offers many advantages, among them are established, vital communities; several top-notch universities for enrichment and entertainment, respected medical facilities, and relatively low cost of living rates.

Relocating to a low-cost city is one of the best ways to stretch your fixed-income dollars. And clearly understanding where your money goes each month is critical for long-term stability.

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Many places in Michigan offer great opportunities for low cost living, without giving up the finer things in life. According to Livability's, "Best Affordable Places to Live," Lansing Michigan is a great value. The cost of living is 8 percent below comparable cities in the United States, and houses are about a third of the price of comps listed in major cities.

Determining cost of living depends on lifestyle choices and personal income. Will you live in a cozy apartment, or do you want a large home for visiting grandchildren? Do you cherish the tranquility of a small town, or do you need the excitement of city living? Your choices will affect your cost to live in Michigan.

Housing costs are one of the biggest expenses for most retirees, and choosing a place with reasonable housing costs allows people to allocate funds to other things. In Michigan, areas near cities can be quite affordable.

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For example, life in Muskegon is 42 percent less expensive than living in Chicago, according to Retireinmuskegon.com. Both are located on lakes, and both offer culture, entertainment and outdoor recreation.

A retirement budget should include monthly fixed costs for housing, food, transportation, insurance, taxes, utilities, clothing, and other personal necessities. Optional budget items like concerts and movies, vacations, recreational vehicles, and other niceties can be added to your budget after the basics are met.

Michigan is known for its low housing costs and its harsh winters. When you construct a budget, be honest with yourself about how much travel, entertainment, and activity you need to be happy; then factor those costs into a budget.

According to Topretirements.com
, a website that focuses on retirement, “Michigan's median home prices are quite less expensive than in rest of the U.S.” Relocating to an area with a lower cost of living may improve your quality of life, and it will give you options on how to spend your increased discretionary funds.

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Retirement in Michigan offers many advantages, among them are established, vital communities; several top-notch universities for enrichment and entertainment, respected medical facilities, and relatively low cost of living rates.
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2015-14-11
Thursday, 11 Jun 2015 12:14 PM
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