Michigan Has One of the Best Cities to Live on $1,500 Per Month
Each year, GoBankingRates.com releases its list of the best cities to retire on a budget of $1,500 a month or less. Now, the list is back, and once again, a Michigan town has been ranked one of the best cities in the US to retire, or simply live, on a budget of $1,500 a month.
“Finding space in your budget to save and invest isn’t easy for everyone,” GoBankingRates says. “In fact, a recent GoBankingRates survey found that 40% of Americans have less than $300 in savings. As such, plenty of Americans are facing a retirement where their only source of funds is a monthly check from the Social Security Administration. Still, living on a fixed income doesn’t mean you have to miss out on a satisfying retirement. In the right place, you might discover that you can stretch your budget further and spend your golden years enjoying yourself. To help you find such a place, a GOBankingRates study identified American cities where you can realistically retire on a budget of $1,500 a month.”
For the study, GoBanking Rates took the cost-of-living index from Sperling’s Best Places and applied it to customer expenditure data from the Bureau of Labor Statistics to determine the average cost of living in the given city. The average rent for a one-bedroom apartment in each city came from ApartmentList.
So, which Michigan city is one of the best for those living on a budget? Lansing, with total monthly expenditures of $1,485.48 and a livability score of 65. According to the study, the average monthly rent in Lansing is $701, and the average monthly cost of groceries is $308.45. Find the full study here.
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