7 Cost-Effective Towns In The Great Lakes For Retirees
For many retirees, living by a scenic waterfront is a dream come true, which is why places like Florida and California are among the most popular places to retire in the United States. In addition to breathtaking views, waterfront towns can enhance overall wellness, foster community, and provide endless recreational opportunities. Moreover, homes near water often appreciate in value, making for a wise investment.
However, the high demand for waterfront living can also drive up costs, which may push budget-conscious seniors to seek alternatives. What many do not realize, though, is that the Great Lakes region is home to some of the most affordable towns in the country. Spanning about 94,250 square miles, these five freshwater lakes offer a diverse range of communities to fit any budget.
If you love the idea of retiring to a lakefront town without paying more for the postcard scenes, consider these 7 cost-effective towns in the Great Lakes. Living in these communities provides access to essential amenities, healthcare facilities, and spirited senior networks, along with unlimited enjoyment of the region’s beautiful beaches, state parks, waterfalls, and marinas—all while preserving your savings.
Sandusky, Ohio
Even though Forbes named Sandusky “The Best Place to Retire in Ohio” in 2018, this title holds true in 2024. At that time, Forbes highlighted the town’s affordable housing and low cost of living, both of which were below the national averages. Today, this affordability persists, with Sandusky homes costing 64% less than the national average. The cost of living here is also 23% lower than the US average and 7% lower than Ohio’s.
With healthcare facilities like the Firelands Regional Medical Center and Firelands Health Medical Arts right in town, seniors can also stress less about traveling for healthcare. Relieving stress outdoors is another perk, with access to the beautiful shores of Lake Erie at waterfront spaces like Shoreline Park, Mylander Park, Lions Park, and the Battery Park Marina.
Ashland, Wisconsin
Affordable housing is also one of the best parts of living in Ashland, Wisconsin. Buying your final forever home in this senior-friendly town will cost you around 56% less than the national average. Even if you are moving from inside the state, you can look forward to saving 39% compared to the average Wisconsin home. Paired with Ashland’s low cost of living (25% and 17% lower than the national and state rates), living here is a recipe for an affordable retirement.
Ashland is located near the head of Chequamegon Bay, making it a prominent Lake Superior port town. Beyond this role, Ashland’s location makes it a promising place for seniors who like to get outdoors. Birders will love Prentice Park for its wildlife trails, which offer views of migrating birds and swan nesting grounds. The park also connects to Ashland’s Waterfront Trail, an 11.5-mile paved pedestrian path. The scenic trail follows Lake Superior’s shoreline, with fishing piers, art displays, and public shores like Maslowski Beach along the way.
Munising, Michigan
For seniors seeking an affordable beach town to retire to, Munising’s shores are breathtaking. Wrapped around the South Bay of Lake Superior, this Michigan community has countless beaches right in town and even more just a short drive away. Highlights include Sand Point Beach, Chapel Beach, and Miner’s Beach, a 1-mile shore with a secret waterfall.
Munising is most famously known as a gateway to Pictured Rocks National Lakeshore, where you will find most of the town’s sandy shores. The park is also known for its shipwrecks, colorful stone cliffs, and breathtaking cascades. Some of the best landmarks include Munising Falls, the Pictured Rocks Cliffs, and the Miners Castle rock formation.
Unlike more high-profile beach towns, living in Munising does not cost a fortune. Buying a home here is typically 54% below the national average and 28% cheaper than the state’s. Whether moving from out-of-state or relocating from Michigan, you will also benefit from a cost of living 18% and 10% lower than the US and state averages.
St. Joseph, Michigan
Sandwiched between the shores of the St. Joseph River and Lake Michigan, St. Joseph is another scenic beach town. As of the 2023 census, 23% of its 7,729 residents are 65 and older, proving this Southwest Michigan community to be a beloved retirement spot. While the homes here average a bit higher than the rest of Michigan, you will still find that houses are 22% less expensive than the national average. Plus, the overall cost of living in St. Joseph is well below state and national averages.
The St. Joseph-Lincoln Senior ServiceCenter is an excellent way to meet other seniors and discover what this lake town has to offer. For those looking to meet other retirees and locals organically, St. Joseph’s beaches are another great place to connect. Silver Beach is the town’s most popular shore, favored for its soft sand, sunsets, and swimming. Alternatively, introverted retirees and wildlife enthusiasts may prefer St. Joseph's less crowded shores. The nearby Grand Mere State Park offers a larger variety of landscapes and less tourist crowds. Beyond the typical lakeshore, you can explore a cranberry bog, hemlock swamp, two inland lakes, and jaw-dropping sand dunes.
Silver Bay, Minnesota
In Minnesota, the beautiful town of Silver Bay is perfect for beach and nature-loving seniors who envision a more peaceful retirement. As the home of just 1,800 residents, seniors can expect a close-knit community and slow-paced lifestyle despite being a gateway to the area’s top natural attractions. While its setting on Lake Superior certainly draws a fair share of visitors to the area, Silver Bay’s out-of-the-way location and vast natural surroundings make it an ideal place to retire if you enjoy a sense of privacy.
Whether enjoying serene scenes at the Silver Bay Marina or adventuring to the area’s top attractions, picture-perfect views are everywhere. From the striking shores at Black Beach to the captivating sea caves and sea stacks at Tettegouche State Park, Silver Bay is a paradise for those looking to disconnect from nature.
While the town itself is certainly on the quieter side, many are happy to embrace this. After all, Silver Bay’s crime rates are lower than the national average, making it one of the safest places in the United States. Plus, with a 15% lower cost of living than the Minnesota average (and homes averaging 56% less as well), Silver Bay’s laid-back lifestyle never looked so good.
Grand Marais, Minnesota
A little over 1 hour from Silver Bay, Grand Marais is a livelier town on the shores of Lake Superior. While houses here can average 3% higher than other Minnesota homes, many seniors see living here as an investment. Not to mention, the average home in Grand Marais is still over 5% less expensive than the national average, and the overall cost of life here is 6% lower than elsewhere in Minnesota.
Differing from Silver Bay, Grand Marais is definitely more centered around drawing visitors. The town’s art scene is one of its top features, with events like the Grand Marais Arts Festival and landmarks like the Sivertson Gallery and Grand Marais Art Colony. Founded in 1947, today, the Colony “serves as a retreat and creative home for the artistic spirit,” encouraging exploration of the region’s natural attractions. As a gateway to Grand Portage State Forest and Judge C.R. Magney State Park, Grand Marais’ waterfalls, forests, and wildlife are all within reach for artists and nature enthusiasts alike.
Watertown, New York
Many seniors with fixed incomes assume that living in New York State is outside their budget. But affordable towns like Watertown can help make your dream of retiring in the Empire State a reality. The cost of living here is 34% lower than the state average, and houses cost 63% less than the average New York home, making Watertown one of the most affordable places to live in New York.
With Lake Ontario to the west and the Black River running right through town, Watertown is a hub for water recreation in the summertime. In the winter, retirees 65 and older can take advantage of the senior discount at Watertown’s Dry Hill Ski Area. Throughout the remainder of the year, locals can appreciate simple small-town pleasures, like shopping at Paddock Art & Antiques, strolling Marble Street Park, and browsing the downtown Watertown Farm & Craft Market on Wednesdays.
Retirement planning and budgeting can feel overwhelming, especially when some of the most popular retirement destinations are expensive. If you are on the hunt for serene retirement spots without the hefty price tag, these 7 cost-effective towns in the Great Lakes are well worth exploring.
While an affordable cost of living can sometimes point to a lack of attractions, this could not be further from the truth in these Great Lake communities. From Sandusky’s myriad of waterfront parks to Silver Bay’s stunning, secluded beaches, nature is ingrained in each of these communities in a unique way, ensuring your retirement years can be as active or laid-back as you desire. Whether you see yourself hiking to waterfalls or lounging beachside, these Great Lake towns offer it all.
