By MARK E LETT |
For many folks considering retirement, four words are essential — learn before you leap.
And for potential retirees considering Michigan — whether to stay in the Mitten State or move to the Great Lakes State — there is plenty of research and data to help shape a decision.
Following are some findings about Michigan as a retirement destination:
Best places to retire in Michigan
Source: Pods.com
• Frankenmuth: “The type of place where you can always get out and about and explore fun local offerings.” Among those: AutoFest, Summer Music Fest and the Bavarian Festival.
• Greilickville: On the edge of Lake Michigan just north of Traverse City, Greilickville offers “direct access to fabulous parks.”
• Beverly Hills: The Detroit suburb “provides it all for retirees who enjoy spending time in nature. … There are numerous nature preserves that … also provide valuable green space.”
• Grosse Pointe Farms: “The arts and entertainment scene is what makes the community so desirable for its retired residents.”
• Stevensville: The southwest Michigan community has “some of the most affordable rent and home prices across the entire state … and is our pick for the cheapest place to retire in Michigan for those who are on a budget.”
• Pleasant Ridge: For those looking to stay active, amenities include “open recreation space, a dog park and a variety of sports facilities.”
• Charlevoix Township: “The perfect small town for those looking to get away from the larger crowds of the busier cities.”
• Birmingham: “While maintaining its small-town feel, Birmingham offers a variety of cultural and recreational opportunities in a vibrant urban setting.”
• Peninsula Township: “One of Michigan’s most scenic and unique townships” extending 16 miles into Grand Traverse Bay.
• Ford River Township: Situated in the northwestern region of the state, it “is a friendly and peaceful community with direct access to Ford River.”
7 best places to retire in Michigan on a budget
Source: Movoto.com
• Traverse City: The city is large enough to offer top-notch health care services.
• Marquette: The cost of living is estimated at 11% lower than the state average.
• Battle Creek: Close to major freeways and easy access to allow regions of the state.
• Holland: Numerous state parks, an easy drive to Grand Rapids and “a wonderful place to settle down for those who enjoy being on water.”
• Menominee: “An attractive option for retirees who want peace, quiet and affordability.”
• Howell: A “nice compromise” for retirees who want to live near Metro Detroit but prefer rural surroundings.
• Ironwood: More than 20% of residents in this Upper Peninsula community are at least 65 years old.
Most peaceful places in America
Source: Travel + Leisure
Ann Arbor is the “third most serene place to live in America,” according to an Insider Monkey report published by Travel + Leisure. Why? Exceptionally low noise levels and access to green spaces. AA has 159 parks, ranging from neighborhood green spaces to a 69-acre park along the Huron River.
6 reasons to move to Michigan to retire
Source: AARP
• Affordable housing: The median home listing price in Michigan was $267,000 in March 2023 – among the lowest in the nation. Among the most affordable are homes in the southwest corner of the state.
• Reasonable cost of living: Michigan had the 15th lowest cost of living in the nation in the second quarter of 2023.
• Pleasant summers.
• Plenty of outdoors, including 3,288 miles of freshwater coastline and 13,400 miles of state-designated trails for hiking, cycling and horseback riding.
• Great small towns.
• Lots of fresh fruit. Michigan produces 70% of the nation’s tart cherries.
By the numbers
Source: Smartasset.com, seniorliving.org, bridgedetroit.com
• Nearly 4 million Michigan residents are older than 50. The state’s median age is 39.8.
• Michigan’s population increased by 3,980 in 2023 – to an estimated 10,037,261. It was the state’s first population gain in a half-decade.
• Nearly 82% of residents 60 and older own their homes.
• Of residents at least 60 years old, 14.1% are veterans.
• Michigan life expectancy from birth is 78, compared with a national average of 78.5.
• Michigan does not tax Social Security retirement income.
• The median property tax rate in Michigan is 1.48% which is 1% higher than the national median rate.
• A homestead property tax credit is available to homeowners who meet eligibility requirements for property taxes owed. Applicants must have owned or contracted to pay rent while occupying a Michigan homestead for at least six months during the relevant tax year,
• Michigan’s sales tax is 6%.
• Many Michigan communities collect local income taxes in addition to the state income tax rate of 4.05%.
13 best states to retire
Source: Choice Mutual
To calculate the best states to retire in 2024, the Choice Mutual insurance company analyzed crime rates, tax policies for retirees, cost of living indexes, average home prices, health care and weather.
1. Iowa
2. Mississippi
3. North Dakota
4. Oklahoma
5. Illinois
6. Arkansas
7. Kansas
8. Kentucky
9. Alabama
10. Florida
11. South Dakota
12. Indiana
13. Michigan. “Home prices are well below the national average and it’s one of the most affordable places in the country for medical care.”
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