A Mexican Woman told me about an expat community in the mountains close to Colima that has the same climate as Ajijic, the Lake Chapala area. I am interested in visiting ASAP. I don't know the name.
I am going to assume you are talking about the state of Colima, and not Colima City, which is the capital of the Colima state.
In fact, the state of Colima does have several small, but vibrant expat communities.
Many Canadians and Americans live in Colima because the climate is relatively temperate (although summers near the coast can be hot and humid) and it is affordable to live, even on a fixed income.
Manzanillo, Colima has many expats and the city contains Mexico's busiest port, which is responsible for handling Pacific cargo for the Mexico City area. There is a lot of commerce in the city, and it is relatively affordable compared to many other Pacific Coast cities. There are cheaper areas, of course.
According to the website Expatistan, the cost of living in Chapala-Ajijic, Jalisco (the other city that you mentioned) is approximately 19% cheaper than in Manzanillo, Colima (Mexico).
Now, if you are talking about Colima City itself, the Financial Times of London ranked Colima first in small cities and tenth in Latin America as a place to live. Colima is a wonderful colonial city, it's not too large, but it is large enough to have all the amenities that a large metropolitan city would have. Colima city is only an hour from the beach. The climate is semi-humid and relatively mild all year round, although the city itself can be very hot, especially in the summertime, there are more temperate areas just outside the city. This Canadian expat shares her personal expat story in Colima here and we think it's a very thoughtful take on the region.
Whatever you decide, we generally suggest visiting the area with an extended vacation in mind. Try staying at a local Airbnb or other service that allows for long-term rentals, and stay for at least 3-6 months before you make any kind of permanent decision about moving.
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Just a middle-class dad and mom with three young kids, looking to escape the rat race. This is our journey!
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