Michigan has been ranked as one of the top states for retirement.
Research done by Bank Locations reviewed the 50 states under 18 metrics which contributed to three major categories: cost of retirement living, quality of life, and access to healthcare.
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Banking and credit experts from Bank Locations used data from agencies like the U.S. Census Bureau, the Centers for Disease Control and Prevention, and the Council for Community and Bureau of Transportation to compile their research and ranked them according to their studies.
The Mitten ranked second out of 10 regarding the best states for retirement. Bank Locations gave Michigan a total score of 73.43. According to the Bank Locations research, the Great Lakes state is one of the best access to healthcare states as well as an affordable lifestyle within the nation. Researchers state that the acceptable road conditions, cold temperatures, and the small number of airports contributed to the lower quality of life score. The three categories were split up into 40% cost of retired living, 30% access to healthcare, and 30% quality of life.
Below are the metrics that went into the three categories:
Cost of Retired Living - Total Percentage: 40%
- Cost of Assisted Living (13.3%)
- Health Care Spending per Capita (13.3%)
- Average Tax Burdens (13.3%)
Access to Healthcare - Total Percentage: 30%
- Number of Hospitals (10%)
- States with the Best Hospital Ranking (6%)
- Senior Living Communities (9%)
- Number of Dentists (5%)
Quality of Life - Total Percentage: 30%
- Average Life Expectancy (3.5%)
- Percentage of Adults 65 and Older Facing the Threat of Hunger (3%)
- Percentage of Adults 65 and Older by State (2%)
- Air Quality Index (4%)
- Number of State and National Parks (1.5%)
- Number of Museums (1.5%)
- Yearly Average Temperatures (3.5%)
- Average Yearly Rainfall (3.5%)
- Percentage of Acceptable Roads (3%)
- Number of Airports by State (2%)
- Crime Rate Per 100,000 People (4%)
Below is the list of the top 10 best states for retirement, according to Bank Locations:
- Texas
- Michigan
- Florida
- Georgia
- Tennessee
- North Carolina
- Utah
- Arizona
- Idaho
- Missouri
The Bank Locations also ranked the top ten worst states to retire, making the state of Delaware the worst state with a total score of 19.11. The east coast state scored low in all three categories, cost of retired living, access to healthcare, and quality of life.
Read: These are the top 25 places to live in Michigan for 2023
While we know that Michigan has been ranked second for best places for retirement, Niche has ranked the top 10 cities to retire in Michigan.
Below are the best places for retirement in Michigan:
- Charlevoix Township, Charlevoix County
- Ford River Township, Delta County
- Pleasant Ridge, Oakland County
- Bingham Township, Leelanau County
- Frankenmuth, Saginaw County
- Bingham Farms, Oakland County
- Grosse Pointe Farms, Wayne County
- Bridgman, Berrien County
- Greilickville, Leelanau County
- Stevensville, Berrien County
Are you a retiree in Michigan? Comment below why you love living your golden years in the Midwest state.