Michigan's Most Affordable Retirement Destinations With Scenic Great Lakes Views, According To Data

If lakeside living sounds like a retirement dream for you, then Michigan is the place to start looking. The Great Lakes State has the most freshwater shoreline in the United States. In fact, Michigan has more than 11,000 lakes and 3,000 miles of water trails for paddling, boating, and fishing. Some lakefronts even have crystal-clear water and white-sand beaches, such as the "Caribbean of Michigan" aka the massive Torch Lake.

However, the dream of a lakeside home may seem unattainable for many. The median price of a single-family home in the U.S. has increased significantly and currently hovers between $400,000 and $450,000 (via Yahoo Finance). But for those willing to settle in this northern state, Michigan has a wealth of waterfront towns with affordable homes, a short distance from spectacular Great Lakes views. There are some extra costs to be aware of, though. Energy bills in the winter are high in this famously cold northern state. Plus, you'll need to pay for snow maintenance. And if you're thinking of buying, make sure you learn about Michigan's unique property taxes.

For those who yearn for a home by the Great Lakes, however, Michigan is the place to be in your golden years. We combed through the rankings of real estate agencies and cost of living indicators to come up with this list of four of the most affordable retirement destinations in the Great Lakes State (note that all prices listed are as of the time of this writing). All of the towns included here offer good value and excellent access to the Great Lakes.

The small town of Frankfort sits along the state's western shore of Lake Michigan, also known as the Sunset Coast. The estimated median house price in this area ranges around $300,000, according to Niche. Considering its location — right on the shores of Lake Michigan and its short distance to the Caribbean-colored waters of nearby Crystal Lake — Frankfort offers good value for retirees. For those who don't want to deal with the upkeep of a large house, Frankfort also has retirement communities like Michigan Shores, a housing cooperative for retirees with many convenient amenities.

The town has a bit more than 1,000 residents, tucked into the junction where the Betsie River flows into Lake Michigan, ensuring easy access to the waterfront. It's a walkable town with a classic Main Street, lined with cosy restaurants, boutiques, and cafes. The Stormcloud Brewing Company is popular for its Belgian-style craft beer. Stroll downtown and you'll find streets lined with pretty Victorian homes. Frankfort's postcard-perfect Point Betsie Lighthouse is also one of the charms of this lakeside gem. Just south of the lighthouse is a wide, sandy shore with picturesque dunes, perfect for long beach walks.

For a vacation destination, it's also surprisingly accessible. Cherry Capital Airport in Traverse City is the nearest regional transport hub, less than an hour's drive away. Delta, American, and United all fly here, along with regional airlines, connecting passengers directly to major international airports. One drawback of Frankfort, however, is the steadily increasing cost of living, which is already slightly higher than the national average. While cheaper than many metropolitan areas, the town's popularity and rising prices for food, energy, and transport may mean paying more in the future.

On the other side of Michigan, on the "thumb" of the state's mitten-shaped Lower Peninsula, Port Austin provides an affordable alternative on the eastern shore. According to Niche, the median home price is under $200,000, making it an excellent value for retirement. The cost of living here is also well below the national average by 30% or more, especially for housing and food costs (via Salary.com). It's considered one of the safest communities in the country, with an extremely low crime rate that's more than 70% below the national average, per Area Vibes.

Port Austin is a quiet Michigan village on the banks of Lake Huron, and its greatest appeal lies in its prime location and top-tier water sports. Unlike the popular Traverse Bay on the western shoreline, Port Austin is more rocky and rugged. It's a place where nature really shines, ideal for retirees who want to spend their time in a rural idyll. Kayakers especially like to paddle out, weather permitting, to Turnip Rock, a stunning geological formation that rises out of the lake.

The town itself is small with fewer than 1,000 residents. In the summer, Port Austin fills up with visitors enjoying Lake Huron, and popular events like the weekend farmers market become a vibrant centerpiece of the community. For those who don't mind bundling up against the cold, however, Port Austin is also packed with winter activities like ice skating on the lake. The town is further from transportation hubs, however. The nearest airport is MBS International Airport, about an hour and a half drive away. Delta and United Airlines fly there, but for more national and international connections, Detroit Metro Airport is a better option, about 145 miles south of Port Austin.

Little Traverse Bay at the tip of the Lower Peninsula's Mitten is another popular spot for retirees. While many flock to the town of Petoskey, a short ferry ride across the bay is the artsy and equally picturesque town of Harbor Springs. The median house price in this area hovers around $360,000, likely due to the popularity of Traverse Bay (via Niche). For those willing to rent, however, housing costs are nearly 35% below the national average (via Salary.com). Food costs are also about a third lower, with substantial savings of just under 20% in healthcare and energy. That's definitely something to consider for those cold Michigan winters.

Like many of Michigan's lakeside destinations, Harbor Springs is busiest in the summer. That's when visitors flock to its sheltered bay for boat excursions, paddleboarding, and kayaking. Harbor Springs boasts a well-equipped marina, a natural hub for water sports. It has also become a cycling destination with a 26-mile paved bike path to Charlevoix with scenic views of the bay.

Yet, for a small lakefront town, Harbor Springs is also a skiing destination. The so-called "lake effect" — when colder air from Canada moves over the warmer waters of the lake, picking up moisture — means the town gets plenty of powdery snow. The Highlands is Michigan's largest ski resort in the Mitten, just a few miles outside of Harbor Springs, while Nubs Nob is another popular ski resort nearby. Harbor Springs is not as easily accessible, but it's still within reach of a regional transportation hub. The town is about an hour and a half drive to Cherry Capital Airport in Traverse City.

The Chain of Lakes Water Trail is a paddler's paradise linking 12 lakes and rivers flowing into East Grand Traverse Bay. Nestled into this picturesque area is the serene village of Bellaire. Traverse Bay is a particularly coveted area of Michigan, yet the median home price in Bellaire is surprisingly affordable, ranging from just under $200,000 to about $330,000, according to Niche and Zillow. The cost of living is estimated to be 10% under the national average (via Salary.com). It's also within easy reach of Cherry Capital Airport in Traverse City, less than an hour's drive away.

Interestingly, Bellaire itself isn't a lakeside town, which may account for its affordability. Instead, a river connecting Intermediate Lake in the north and Lake Bellaire in the south gives a waterfront feel. It helps that nearby Torch Lake has also been described as the Caribbean of Michigan for its sandy beaches. The town was named for its clean, pure air, and its location makes it an attractive destination for holidaymakers. The Shanty Creek Resort offers both ski and golf for year-round activities, and quirky events like Bellaire's annual Rubber Ducky Festival (a yellow rubber duck invasion of the waterways!) are a big draw for families.

The town itself is small with a population of around 1,000 residents, though that number swells in the summer with visitors. It has direct access to the Glacial Hills Trail, which offers more than 30 miles of hiking and cycling. The downtown area is compact and walkable, with cozy shops and cafes. Short's Brewing Company is the local spot for music and craft beer. One drawback of Bellaire is that, because of its compactness, it may feel a little too small and farther from amenities.

This list of the most affordable retirement destinations with scenic views of the Great Lakes was compiled with research from real estate rankings and supported by data from local cost-of-living indicators. In particular, we examined the median home value, or in some cases, the average rental price, in each location and compared it to the national average. We also considered food, energy, and healthcare costs, as well as transportation.

Because of the distances from major metropolitan areas, we also considered accessibility to a major regional transportation hub. Finally, we looked at the amenities and lifestyle activities available in each of these locations. Michigan is one of the top destinations for retirees who don't mind weathering its famously cold winters. Maine, Ohio, and Oregon are some of the other competitors of Michigan as affordable retirement destinations where you can see all four seasons.