Michigan may be one of the best states for retirement in the US in 2024, but it certainly doesn’t come out at the top. Discover our detailed rankings to uncover the Best State for Retirement in the US in 2024.
Meanwhile, here are our statistics on the Great Lakes State:
Insider Monkey Score: 23
IM Healthcare Rank: 23
Cost of Living Index: 90.6
Tax Friendliness: Tax Friendly
Based on our IM study, Michigan ranks fifth on our list of best states to retire in the US. Offering the right balance between affordable cost of living, tax-friendliness, and healthcare, the Great Lakes State aka Michigan is a good place to retire to. The cost of living in the state is 9.4% lower than the national average, making it a comparatively affordable state. In April 2024, home prices in the state were up 6%, selling for a median price of $255,500.
For those looking to rent in the state, the median rent for two-bedroom properties is $1,295. This is considerably lower than the national median, standing at $1,906. Not only is Michigan affordable for retirees, but is also tax-friendly towards them. Starting 2024, Michigan is all set to repeal its retirement tax which was introduced back in 2011. Taken effect in March, the law is scheduled to be phased out between 2023-2026 tax years. Once in place, it will allow the state to exempt all retirement benefits such as 401(k)s, pensions, and IRA withdrawals, from taxation. This will allow 500,000 households to save around $1,000 on average.
Moving on to healthcare, Michigan ranks at number 23 out of all the states. While not a star state when it comes to the said category, retirees can avail reasonable care in the state. A study by the Universal Drug Store also reveals that the state is one of the best for medical costs. According to the study, Michiganders pay $1,273 for an ER visit and $12, 065 for a hospital stay. Meanwhile, the rate of residents who avoid medical care due to costs is 7.9%.
Some of the best places to retire in Michigan include Ann Arbor, Grand Rapids, Lansing, and Holland, to name a few. Many of these places are known for their natural attractions, friendly people, and vibrant culture. In fact, the entire state is famous amongst retirees for its ideal combination of picturesque natural beauty, inland lakes, forests, and rolling hills. Retirees can even engage in lifelong learning at the many universities and colleges across the state.
For those making a move from other states, it is worth knowing that Michiganders are known for their warm and friendly nature. This helps retirees feel at home. Moreover, cities such as Detroit and Ann Arbor are perfect destinations to enjoy world-class dining, shopping, and entertainment. All in all, this state provides the ideal balance between affordability, healthcare, and friendly community living, making it one of the best states for retirement in the USA.