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

Retiring in Michigan might appeal to you for a variety of reasons, whether it’s living near your children and grandchildren, living in a big city with plenty of recreational opportunities, or living closer to the Great Lakes and the water. But can you afford it?

A study by GOBankingRates identified cities in Michigan where a retiree can survive on less than $2,600. The locations were determined by taking into account the cost of buying a home and paying a mortgage, as well as daily living expenses, which are taken from the Bureau of Labor Statistics’ Consumer Expenditure Survey. Below are seven of the best cities in Michigan to retire on $2,600 a month.

Find out: 5 places in America to retire that are as affordable as Mexico, Portugal and Costa Rica

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What do the seven cities have in common? The percentage of residents age 65 and older is in the double digits in all cities. That means you’re likely to find activities that appeal to you and others your age, so you can make friends when you settle somewhere new. And average home prices could be much more affordable than where you currently live. In none of the seven cities do home prices exceed $145,000—and in three of them, they’re even under $100,000.

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

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Burton

• Life quality: 61

• Total population: 29,568

• Proportion of the population aged 65 and over: 5,621

• Proportion of the population aged 65 and over: 19.0%

• Total number of households: 12,522

• Median household income: 55,698 USD

• Average property value (April 2024): 143,369 USD

• Average monthly mortgage costs: $861

• Average monthly expenses: $1,720

• Total monthly living expenses: 2,581 USD

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Pontiac

• Life quality: 64

• Total population: 61,965

• Proportion of the population aged 65 and over: 7,689

• Proportion of the population aged 65 and over: 12.4%

• Total number of households: 25,343

• Median household income: 40,307 USD

• Average property value (April 2024): 122,384 USD

• Average monthly mortgage costs: $735

• Average monthly expenses: 1,837 USD

• Total monthly living expenses: $2,572

Saginaw

• Life quality: 62

• Total population: 44,316

• Proportion of the population aged 65 and over: 5,908

• Proportion of the population aged 65 and over: 13.3%

• Total number of households: 17,520

• Median household income: 35,521 USD

• Average property value (April 2024): 121,478 USD

• Average monthly mortgage costs: $730

• Average monthly expenses: 1,732 USD

• Total monthly living expenses: 2,462 USD

The story goes on

Octopus

• Life quality: 67

• Total population: 25,839

• Proportion of the population aged 65 and over: 2,749

• Proportion of the population aged 65 and over: 10.6%

• Total number of households: 9,222

• Median household income: 38,381 USD

• Average property value (April 2024): $94,507

• Average monthly mortgage costs: 568 $

• Average monthly expenses: $1,893

• Total monthly living expenses: 2,461 USD

Bay City

• Life quality: 69

• Total population: 32,664

• Proportion of the population aged 65 and over: 4,997

• Proportion of the population aged 65 and over: 15.3%

• Total number of households: 14,379

• Median household income: 45,026 USD

• Average property value (April 2024): 109,825 USD

• Average monthly mortgage costs: 660 $

• Average monthly expenses: $1,699

• Total monthly living expenses: $2,359

Detroit

• Life quality: 73

• Total population: 636,787

• Proportion of the population aged 65 and over: 91,780

• Proportion of the population aged 65 and over: 14.4%

• Total number of households: 249,518

• Median household income: 37,761 USD

• Average property value (April 2024): 72,292 USD

• Average monthly mortgage costs: 434 $

• Average monthly expenses: 1,715 USD

• Total monthly living expenses: $2,149

Flint

• Life quality: 74

• Total population: 81,863

• Proportion of the population aged 65 and over: 11,082

• Proportion of the population aged 65 and over: 13.5%

• Total number of households: 33,854

• Median household income: 35,451 USD

• Average property value (April 2024): 58,555 USD

• Average monthly mortgage costs: 352 $

• Average monthly expenses: 1,676 USD

• Total monthly living expenses: $2,028

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 identified cities in Michigan using the U.S. Census Bureau’s American Community Survey, as well as total population, population age 65 and older, median household income, and total number of households. A number of factors were determined for each city, including cost of living indexes from Sperling’s BestPlaces, the average value of a single-family home from the Zillow Home Value Index for April 2024, and the quality of life index from AreaVibes. Assuming a 10% down payment and using the national 30-year fixed mortgage rate from the Federal Reserve’s economic data, the average mortgage cost can be calculated. Using the nationwide average expense cost for retirees from the Bureau of Labor Statistics’ Consumer Expenditure Survey, the average expense cost for each city can be calculated. Using the expense costs and mortgage costs, the total monthly cost of living can be calculated for each city. All cities with incomes above $2,600 were excluded for this study. The Quality of Life Index was scored and weighted at 1.75, expense costs were scored and weighted at 1.00, and mortgage costs were scored and weighted at 1.00. All scores were summed and sorted to show the best places to retire on less than $2,600 per month. All data was collected as of May 31, 2024 and is current.

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