Since most seniors live on a limited income after retirement, finding an affordable place to settle down is important. The chosen location should provide a high quality of life, be accessible to public facilities, and have plenty of options for recreation, all without being too expensive. Finding an affordable or cheap location to retire in can take the edge off this bittersweet experience and help people enjoy their golden years without financial difficulty.
Youngstown, Ohio
This is one of the best and cheapest places to retire for those looking for a quiet town not too far from the city. Youngstown is about an hour’s drive from Pittsburgh and Cleveland and sits between New York City and Chicago. While it used to be known for the steel industry at one point in time, the State College is now one of the city’s biggest employers.
Housing is rather affordable in Youngstown, with an average monthly rent of $706 and a median mortgage of $653. So, whether seniors want to rent or buy a home, they will surely find something economical here. There’s also quite a lot to explore in Youngstown, such as its golf courses, Creek Park, and Iron Link Bridge.
Decatur, Alabama
The cost of living in Decatur is 11% lower than the average cost in the rest of the country, making it a feasible option for seniors. Apart from cheap property rates, the state is a tax haven for seniors. Alabama does not charge taxes on Social Security and pension incomes. Homeowners over 65 are also exempt from state property taxes.
Decatur is perfect for those looking to be a little bit closer to nature. One can explore tons of affordable recreational opportunities like fishing and camping around the Tennessee River.
Hickory, North Carolina
This city has a bustling furniture market featuring local artisans that draws people from all over the country. But that’s not its only attraction. Hickory is also known for its local scenery, which will leave seniors enticed. It has a long shoreline, with plenty of opportunities for boating and fishing, making it an attractive retirement location.
Rent and mortgage payments are also low in this region compared to the rest of the country. Seniors can expect to pay a median mortgage of $756 and a median rent of $743 per month.
Prescott, Arizona
Arizona is considered the most tax-friendly state, with low income tax and no state tax on Social Security. In Prescott, one of its prime cities, the cost of living for retirees is 3.7% below the national average. That means seniors will find it easier to spend their golden years here if they do not have a steady income.
The city also has a retiree-friendly climate, a picturesque natural landscape, and a rich culture with several theaters, galleries, and music venues.
Hot Springs, Arkansas
If one wants to rest and relax after retirement, Hot Springs in Arkansas is perfect. Here, seniors have access to over 47 hot springs, 11 championship golf courses, and three lakes to spend their days in peace and quiet.
Despite having so many attractions, Hot Springs isn’t an expensive city. The cost of living for retirees here is 7.5% lower than the national average. Property rates are also quite cheap, offering more incentive to senior buyers.
Springfield, Missouri
Springfield offers seniors a unique blend of culture and nature. While the city is ideal for those interested in music, food, shopping, and museums, it doesn’t disappoint outdoor enthusiasts as one can also find a splattering of parks, caves, and trails.
Everyday expenses in the city are much lower than in the rest of the country, with a median rent and mortgage of $809 and $764, respectively.
Brownsville, Texas
The city of Brownsville ranks at the top when it comes to price parity, making it a rather affordable option for seniors with a limited income. The median rent in the area is $785 per month, and the median mortgage is $793 per month. That being said, the waterfront communities will likely be more expensive, so it’s important to choose carefully.
Thanks to a comfortable climate in Brownsville, seniors can partake in outdoor activities and cultural experiences around the year. The Gladys Porter Zoo, Boca Chica State Park, and Brownsville Farmers Market are a few key attractions.
Fort Wayne, Indiana
While there is a lot to explore in the countryside, seniors often prefer the main city in their retirement years. This makes Fort Wayne an ideal option, as it offers all the amenities of a major city at an affordable price. The median mortgage here is $706 per month, and the median rent is $839.
Seniors looking for ways to spend their time in Fort Wayne can visit the dedicated Genealogy Center at the local museum and walk around the local farmer’s markets featuring fresh produce and live entertainment.
Grand Junction, Colorado
Colorado has one of the lowest taxes for seniors, making it particularly attractive. Residents over 55 are excluded from the state income taxes (for their retirement income), and the state has no inheritance or estate taxes either. The overall cost of living for seniors is also much lower, with some experts putting it at 4.4% below the national average.
Grand Junction has plenty to offer, from hiking and biking trails in the summer to skiing and snowshoeing in the winter. Those who prefer being indoors can take advantage of the cultural programs at Colorado Mesa University.