5 affordable places to live in Michigan
Living in Michigan may be more affordable than you think. Here are a few cities that offer great bang for your buck.
1. Alpena
Right by Lake Huron, Alpena has lots of retirees among its 10,086 residents, and offers lots of outdoor activities and access to nature. The median home value in Alpena, according to Niche, is $76,200, significantly lower than the national median of $184,700. Although Michigan has some of the highest property taxes in the country, Alpena County charges 1.19% -- one of the lowest statewide rates (according to Tax-rates.org).
2. Muskegon Charter Township
Muskegon Charter Township is a suburb of Grand Lakes, and is ranked the suburb with the lowest cost of living in Michigan. Schools are highly rated, and the area offers plenty of amenities, making it a great place for families to settle. The median home value is much lower than the national average at $82,700. With that, plus property taxes of 1.48% in Muskegon County, it makes sense why 83% of residents own their homes. There are plenty of family-friendly amenities and highly rated schools, offering residents plenty to like about this suburb.
3. Bay City
Bay City is on Saginaw Bay, Lake Huron and is ranked 20th among suburbs with the lowest cost of living in Michigan. It offers above-average schools, plus plenty of parks and waterfront activities for its 33,463 residents. There's a likely reason why 69% of its residents own their homes: the median home value is an affordable $67,100, and property taxes are 1.62% in Bay County, according to TaxRates.org.
4. Niles Township
Niles Township borders South Bend, Indiana, and is part of Berrien County. Residents might enjoy its slower pace -- there aren't the usual amenities a large city has to offer, but there are plenty of outdoor activities. The median home value in Niles Township is $110,300, and average property taxes are 1.17% of a home's fair market value. Although home prices are higher than others on our list, it still ranks in the top 20 for most affordable suburbs in Michigan.
5. Midland
Located in central Michigan, Midland has a population of 41,963, comprised of many families and young professionals. Homes have a median value of $146,800, $39,700 lower than the national average. With a combination of low crime rates, top-rated public schools, a diverse mix of residents, and plenty of amenities, it makes sense that about 64% of residents own their homes. Midland County charges an average of 1.47% in property taxes, lower than in most of the state.
Wherever you end up purchasing a home in Michigan, you'll need things like a steady stream of income and a strong credit score in order to qualify for the best mortgage rates. It's a good idea to shop lenders to get the best deal possible. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
