Michigan is an extremely affordable place to live. Entrepreneurs enjoy low real estate costs and moderate taxes. The cost of living index compiled by Sperling’s Best Places measures different cities and states as compared to the nation’s average cost of living; Michigan was found to be significantly less expensive than the U.S. as a whole, particularly when it comes to housing costs.
“There is still a big surplus of available office space, and thus, low rental prices,” said Monte Falcoff, principal at Harness IP law firm’s Detroit office.
Falcoff added that the housing market is showing signs of recovery: “The residential housing market has definitely come back, although not quite to the ridiculous highs before the recession.”
According to MIT’s living wage calculator, a single adult without any dependents would be able to meet all of their needs in Michigan on a wage of about $10 per hour.