Do you consider yourself rich? Not just rich with family and friends. Not just rich in memories and experiences but actually rich. MONEY!

If you're doing it all for the Benjamín's, you'll need a lot of them to be considered rich in Michigan. You got bank?

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SIphotography/ThinkStock/GettyStock
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How Much Money Do You Need In Michigan To Be Considered Rich?

  • The minimum annual salary you need to make to be in the top 5%: $190,597
  • The minimum salary you need to make to be in the top 1%: $3,286,929

How Long Will $1 Million Last In Savings In Michigan?

  • Annual groceries cost: $3,555.98
  • Annual housing cost: $7,064.54
  • Annual utilities cost: $3,756.52
  • Annual transportation cost: $4,713.47
  • Annual healthcare cost: $6,319.06
  • Total annual expenditures: $45,672.28
  • How long $1 million will last in savings: 21 years, 10 months, 16 days
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Analysts at Blacktower Financial Management Group calculated that you would need to save approximately $386,100 over your lifetime to retire at 67.

That means the youngest millennials — who currently are 24 — already should have stashed away $8,775. And the oldest millennials, now 39, should have saved $140,400 for retirement by now.

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Does Living In Michigan Help Or Hurt Long Term Financial Plans?

The US Labor Department recently released the consumer price index which has elevated to 7.5% For context, before the pandemic in 2019, it was 1.9%. Inflation isn't helping anyone save.

However, there is good news...living in Michigan costs 8.7% less than the national average. Overall, the cost of living in Michigan ranks as the 14th lowest among states.

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There are five specific consumer categories factored into the consumer price index - groceries, housing, utilities, transportation, and health care.

In Michigan, transportation ranks as the most expensive relative to national prices, costing about 3.2% more than average.

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Meanwhile, housing is the least expensive consumer category relative to national averages, with prices about 19.3% lower than they are nationwide.

The average medium income in Michigan is $59, 584. So, how do you stack up? Should you be considering a side hustle?

 

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