See Where Michigan Ranks for Affordable Living
If you’re curious how much it costs to live comfortably in Michigan, there’s a new study out that helps answer that question on affordable living. The study looks at each U.S. state and how much the cost of living appears to be in those states to determine the most affordable states in which to live. So, if you’re looking to relocate or are just curious where your state falls in the general discussion of expensive states to reside, this study is for you.
Affordable Living in Michigan Compared to Other States
The new study comes from self storage software company Storeganise, and it “highlights the cost-of-living differences across the country, with some expected high-cost states topping the list, and a few surprising entries in more affordable regions.” They add that, “In a time when financial security and comfort are major concerns for Americans, a recent study reveals the hourly and annual income required to live ‘comfortably’ in each U.S. state.”
So, what does living comfortably really mean? It, of course, means different things to different people, but for this study, Storeganise says comfortable means “an income that covers necessities, allows for discretionary spending, and leaves room for savings.” They also determined the hourly and annual income needed to live “comfortable” in these areas.
“These numbers highlight just how dramatically the cost of comfortable living can vary across the U.S.,” Miles Davies of Storeganise said. “For those in higher-cost states like Massachusetts and California, it takes a significant income just to cover basic needs and set aside a bit for the future. Meanwhile, states in the South and Midwest offer an easier way to financial comfort, with lower housing and general living costs.”
Davies added, “Ultimately, the study shows how important it is for individuals and families to understand local costs of living when planning their financial goals. Achieving a comfortable lifestyle looks very different depending on where you are, but it’s possible with informed budgeting and realistic expectations.”
The study discovered that Michigan is kind of in the middle when it comes to affordable living, ranking No. 33 out of all of the states. In Michigan, the hourly wage needed to live comfortably is $37.75 and the annual income is $78,526. As for other areas, Massachusetts is the most expensive state. There, residents need an hourly wage of $51.18 or an annual salary of $106,445. West Virginia ranks last, where living comfortably requires just $35.04 per hour or $72,888 per year.
Do You Have More or Less in Your 401K Than Most People Your Age?
The average and median 401(k) balance by age
So, there you have it, the average and median 401K balance by age. The stats are from Vanguard’s “How America Saves 2023” report, which offers data on the average and median 401K account balances by age. Find the full report here.
Getty Images / dmbaker
