Quick facts: Ludington, MI

Quick Facts

94.9
Cost of Living
below US average
7,699
Population
12.21
Crime Rate per 1000
below US average
$49,503
Median Income
below US average
$310,000
Median House Price
above US average
$1100.0
Average Rent
below US average
11%
Poverty Rate
above US average
4.2%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $49,503.

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Income Needed to Buy

βœ— Stretch
$97k/year
Based on $310,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $97k vs median $49,503
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Income Needed to Rent

βœ“ Affordable
$47k/year
Based on $1100.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($49,503) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Ludington, MI

Ludington, MI, situated on the shores of Lake Michigan, is a charming city known for its picturesque beauty and outdoor recreational opportunities. With a population of approximately 8,000 residents, it serves as a popular vacation destination and a vibrant community. Ludington's waterfront offers stunning beaches, such as Ludington State Park, where visitors can enjoy swimming, hiking, camping, and fishing. The iconic Ludington North Breakwater Light, a historic lighthouse, is a must-see landmark, providing panoramic views of the lake and surrounding area. Downtown Ludington boasts a variety of shops, restaurants, and art galleries, making it a delightful place to stroll and explore. The city's rich history is evident in its preserved architecture and local museums. Additionally, Ludington hosts annual events like the Ludington Maritime Festival and various art fairs, celebrating local culture and attracting visitors year-round. With its blend of natural beauty, recreational activities, and community spirit, Ludington is a perfect spot for both relaxation and adventure by the Great Lakes.

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