Yahoo Finance 10 Cheapest Cities To Live in Michigan
Got a monthly budget of $2,600? Good news: Michigan is home to 10 cities where the cost of living expenses can comfortably fit into that budget.
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To determine which cities in Michigan are the cheapest, GOBankingRates analyzed a number of factors across various locations. These include each city’s population, total households, median household income, average single family home value, cost of living indexes, average mortgage and livability index. The total monthly cost of living was found by combining the average mortgage cost and monthly expenditure cost.
Ranked in descending order, see which 10 Michigan cities are among the cheapest to live in.
10. St. Louis
Total households: 1,267
Total population: 6,932
Median household income: $47,662
Livability: 69
Average home value (January 2024): $133,483
Average mortgage cost: $785
Average monthly expenditure cost: $1,806
Monthly total cost of living: $2,591
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9. Albion
Total households: 2,316
Total population: 7,732
Median household income: $41,594
Livability: 69
Average home value (January 2024): $115,295
Average mortgage cost: $678
Average monthly expenditure cost: $1,888
Monthly total cost of living: $2,566
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8. Alma
Total households: 3,541
Total population: 9,436
Median household income: $44,375
Livability: 70
Average home value (January 2024): $133,310
Average mortgage cost: $784
Average monthly expenditure cost: $1,747
Monthly total cost of living: $2,531
7. Saginaw
Total households: 17,520
Total population: 44,316
Median household income: $35,521
Livability: 62
Average home value (January 2024): $110,006
Average mortgage cost: $647
Average monthly expenditure cost: $1,883
Monthly total cost of living: $2,530
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6. River Rouge
Total households: 2,900
Total population: 7,200
Median household income: $26,343
Livability: 65
Average home value (January 2024): $64,385
Average mortgage cost: $379
Average monthly expenditure cost: $2,140
Monthly total cost of living: $2,519
5. Ecorse
Total households: 3,438
Total population: 9,292
Median household income: $45,473
Livability: 65
Average home value (January 2024): $69,491
Average mortgage cost: $409
Average monthly expenditure cost: $2,095
Monthly total cost of living: $2,503
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4. Detroit
Total households: 249,518
Total population: 636,787
Median household income: $37,761
Livability: 73
Average home value (January 2024): $67,388
Average mortgage cost: $396
Average monthly expenditure cost: $1,900
Monthly total cost of living: $2,296
3. Muskegon Heights
Total households: 3,611
Total population: 9,954
Median household income: $35,216
Livability: 58
Average home value (January 2024): $66,231
Average mortgage cost: $389
Average monthly expenditure cost: $1,821
Monthly total cost of living: $2,211
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2. Flint
Total households: 33,854
Total population: 81,863
Median household income: $35,451
Livability: 74
Average home value (January 2024): $53,047
Average mortgage cost: $312
Average monthly expenditure cost: $1,845
Monthly total cost of living: $2,157
1. Beecher
Total households: 3,695
Total population: 9,085
Median household income: $35,618
Livability: 60
Average home value (January 2024): $35,687
Average mortgage cost: $210
Average monthly expenditure cost: $1,895
Monthly total cost of living: $2,105
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates analyzed cities across Michigan to find how much it costs in the cheapest cities in Michigan. For each city on the list a number of factors were found including; total population, total households, and median household income, all sourced from the US Census American Community Survey, average single family home value as sourced from the Zillow Home Value Index, the cost of living indexes as sourced from Sperling’s BestPlaces, the average mortgage, calculated using the National 30-year Fixed Rate Average Mortgage as sourced from the Federal Reserve Economic Data, and the livability index as sourced from AreaVibes. The average mortgage cost and the monthly expenditure costs were combined to find a total monthly cost of living. Any city with missing data was removed for this study. The cities were sorted using the monthly total cost of living from the cheapest to the most expensive to find how much the cost of living is in the cheapest cities in Michigan. The livability, populations, and median income were included as supplemental information. All data was collected and is up to date as of April 8th, 2024.
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This article originally appeared on GOBankingRates.com: 10 Cheapest Cities To Live in Michigan
