When approaching retirement, seniors must plan for future expenses, including rent, insurance, and care costs. Additionally, seniors would like to keep up with their lifestyle and spend on club memberships, subscriptions, home and yard maintenance, charity, and gifts for special occasions. With so many expenses to cover with retirement funds, seniors often consider changing living accommodations, which might also mean moving to cities where living and housing costs are inexpensive.
Affordable places to retire
A city is considered affordable if the cost of living there is lower than the average income of the residents. That said, other factors like the housing affordability index, median income, region tax rates, and transportation costs should also be examined. Additionally, when planning to relocate to a new place, seniors should consider such factors along with the climate, population, and size of the destination city.
Other aspects to consider are the availability of accessible care centers, entertainment and socialization opportunities, and quality transport facilities the destination city offers. Seniors can also spend a few days in multiple cities for a first-hand living experience.
Based on the factors discussed above, certain cities in the country stand out as some of the most affordable places to retire.
1. Orange City, Iowa
This small city offers residents the opportunity to experience history and recreational and social activities. It also has an adequate number of care centers. Its low cost of living index and a tiny population of 6,158 residents (with one out of five residents being a senior) make Orange City a great place to retire.
2. Wausau, Wisconsin
With a population of about 39,000, Wausau offers seniors all the amenities of a city with the charm of a small town. The cost of living index is 84.7, much lower than the national average but still quite high. That said, the Wausau metro area has over 121 assisted living facilities per 100,000 seniors, surpassing the nationwide rate.
3. Fort Wayne, Indiana
It is easy to buy a house in this city. Additionally, the cost of living in Fort Wayne is much lower than the national average. The city also offers many sporting and recreation opportunities as well as annual festivals to keep seniors engaged.
4. Decatur, Illinois
A hub of manufacturing and farming, Decatur has a low cost of living, a population of just over 70,000, and many recreation facilities for seniors. These factors make the city a good place to retire.
5. Edinburg, Texas
The city has a population of little over 100,000 and a cost of living that is 19.1% lower than the national average. Here, groceries and utilities are also relatively cheap. The city has an adequate number of care providers, making it easy for seniors to get prompt attention whenever required. The moderate weather in the region works in the city’s favor, too. Finally, retirees living in Edinburg can receive tax concessions.
6. Kokomo, Indiana
The city has a population of about 60,000 and a cost of living that is 17.1% lower than the national average. Its housing costs are about 28% less than the national average, making it ideal for retirees to acquire a home and settle there. Seniors may also qualify for tax exemptions in this place.
7. Toledo, Ohio
With a cost of living almost 28% lower than the national average and a population of about 270,000, Toledo is considered a good place to retire. The city has all four seasons, so seniors who can deal with scorching heat and heavy snowfall can add Toledo to the list of suitable cities.
8. Winston-Salem, North Carolina
Consistently ranking high as a retirement destination, Winston-Salem has both, a manageable cost of living and housing affordability, at 18.7% and 37.5%, respectively. The weather is mild here. Additionally, North Carolina offers certain tax exemptions for seniors.
9. Prescott, Arizona
Though the cost of living here is high, retirees can benefit from many state tax benefits this region offers. Additionally, Prescott has many senior residents, about 30% of the total population. The city also offers seniors various social, cultural, and outdoor activities.
10. Hot Springs, Arkansas
The cost of living and housing affordability here are significantly lower than the national average. The highlight of living in Hot Springs is the scope for relaxation, thanks to the city’s 47 hot springs and various bathhouses providing massages and other spa services. Seniors can also enjoy golfing, fishing, or boating in Hot Springs.
11. Sandy Springs, Georgia
Seniors who enjoy nature can indulge in birdwatching, hiking, and fishing along the Chattahoochee River in Sandy Springs. Planned cities constructed here offer all the advanced senior-friendly amenities. It is also tax-friendly for retirees, and the cost of living is lower than the national average.
12. Topeka, Kansas
The cost of living in Topeka is only 8% lower than the national average. That said, the housing costs are low. The institutes in the city also offer learning programs for seniors.
13. Columbia, Missouri
Although Columbia is a city of colleges, it offers seniors cultural activities to stay engaged. The city also has an adequate number of care facilities. Additionally, housing costs here are lower than the national average.
14. St. Petersburg, Florida
This city’s housing prices are 12% lower than the national average, but the cost of living is close to the national average. That said, its sunny weather, oceanfront houses, and beaches make it a preferable destination. St. Petersburg also has many recreation, socialization, and art-related opportunities for seniors, and the city also offers tax benefits to seniors.