Last year, more the 338,000 retiring Americans relocated – many across state lines. As retirement approaches for many Baby Boomers, choosing a new place to call home is a big decision, and one that often comes down to cost.
For those retirees planning to live on a budget for the next 20 years, you might be considering relocating to a new city. While there are many places to choose from, these are some of the more affordable cities in the United States that score well in amenities and promoting a well-rounded retirement lifestyle.
1. Grand Junction, Colorado
Grand Junction is ideal for retirees who love being outdoors all four seasons. During the warmer months, residents can enjoy their free time on bikes, hiking the mountains, or on the water in one of its many waterways. In the winter, it’s home to some of the best skiing in the state.
The state also offers some great tax benefits. Residents 55 and older get a generous retirement income exclusion from state income taxes, and no inheritance or estate tax exists. As a result, retirees’ living costs are 4.4% below the national average.
2. Prescott, Arizona
Arizona has been popular among retirees in the past several decades. In fact, 30% of the population is over 65. This is primarily due to the state’s nice weather, natural beauty, and lack of state taxes on Social Security.
Prescott has the advantage of being 100 miles north of Phoenix, where it doesn’t get as hot and provides more of a forest feel. It has the perfect climate for golfing, hiking, and biking, all while being 3.7% cheaper than the average cost of living for retirees.
3. Columbus, Ohio
Columbus is the biggest city in Ohio but has one of the lowest living costs. Not only is it 9.4% below the cost of living for retirees, but it also has cheap housing. The average price of a home is $130,700, compared with the national median of $176,700, while a private room in a nursing home costs a median of $75,920 a year, far below the national average of $91,250.
For those not interested in living in a nursing home anytime soon, there is plenty to do for a retiree. Downtown has a vibrant restaurant and shopping scene, as well as one of the most loyal fanbases in all of college football.
4. Tulsa, Oklahoma
One of the biggest reasons retirees choose Tulsa is the cost of living. Housing-related costs for retirees are 34.9% lower than average, with a median home costing just over $120,000. Likewise, the cost of living for retirees is 11.2% below the national average.
Tulsa is also a great town for staying active. With 23 golf courses, 135 tennis courts, miles of biking along the river, and endless hiking trails on Turkey Mountain, there is plenty to do. Add in the many museums and art galleries, and you will love your time in Tulsa.
5. Chattanooga, Tennessee
This Southeastern city is a picturesque place to live out your golden years. It’s just a short drive from the Great Smoky Mountains and another mecca for active retirees who love the outdoors. There are many outdoor areas for mountain biking, hiking, rock climbing, and kayaking along the Tennessee River.
It’s also an excellent spot for frugal retirees. Chattanooga’s housing-related costs for retirees are well below the national average at 12.9%. Single occupancy at an area assisted-living facility costs a median of $41,400 a year, making the cost of living for retirees 6.0% below the U.S. average.
6. Sherman, Texas
Sherman is a small town of only 40,000 residents, but it attracts retirees because of its lack of income taxes and homes well under the state average of $128,900. Retirees can find homes in the city for under $100,000 or on the outskirts for $78,000.
Sherman has a quaint downtown lined with boutique shops, cafes, and city festivals. It is also close to the nearby 12,000-acre Hagerman National Wildlife Refuge, home to over 500 wildlife species. The city is in a perfect location for country living, with the big city of Dallas a quick drive away.
7. St. George, Utah
Despite Utah’s high tax rates, St. George continues to flourish due to its low prices on everything from groceries to healthcare. The average cost of living for retirees is 8.5% below the national average, and housing costs follow that trend.
Visitors to St. George agree on its natural beauty. National Parks like Zion and the Grand Canyon are a quick day trip away, making it a pristine spot for nature lovers. It’s also a two-hour drive from Las Vegas for those looking to bet their retirement at the tables.
8. Roanoke, Virginia
Nestled in the heart of the Blue Ridge and Allegheny mountains, Roanoke is lush with fresh mountain air and miles of hiking trails to explore. The area is bustling with small-time wineries, breweries, and tasty restaurants to hang out after a day of exploring the mountains.
The cost of living is equally enticing as the landscapes. In addition to being 8.7% below the national average for retirees, Roanoke offers affordable housing. Those looking to relocate can find houses for $134,700, far less than the $244,600 median for the state.
9. Spokane, Washington
Spokane has slowly become a hot spot for recent retirees. The town is in the Eastern state, between the Cascade Mountains and The Rocky Mountains. The area has over 70 lakes and rivers for individuals to enjoy a day fishing, swimming, hiking, and boating. There are also 33 golf courses, over 20 wineries, and many breweries where you can enjoy a lazy afternoon.
The town is also incredibly affordable. Housing is cheap, with median homes costing $160,500 in the city — a significant discount from Seattle’s median home value of $433,800. Single occupancy in an assisted-living facility is typically about $48,000 per year, compared to the state’s average of $55,000.
10. Myrtle Beach, South Carolina
Myrtle Beach is a recent retiree’s dream. It has the Atlantic Coast and an endless number of golf courses. Residents can spend their days lounging on the 60 miles of beaches, playing one of the 100 championship golf courses, fishing, kayaking, scuba diving, or enjoying adult beverages on a beachside patio.
All of this sounds great, but it gets better. Myrtle Beach’s housing-related costs for retirees are typically 28.5% under the national average. It is a rare beach community where retirees can see their money go much further than other areas.
11. Omaha, Nebraska
Omaha doesn’t jump off the board as a super exciting place to live, but it is an ideal spot to settle down for practical retirees on a budget. The city’s median home value is just $133,500, while a private room in a nursing home costs a median of $82,125 a year, below the national $91,250 median.
The city is also filled with healthcare facilities, including the successful aging Milken Institute. The 11.4% of the population being over the age of 65 makes it great for finding new friends and enjoying early afternoons while enjoying the fruits of your labors.
12. Lexington, Kentucky
Are you a fan of horses? If so, you will love spending your time in Lexington, Kentucky. Lexington has more than just horse race tracks. It also has multiple golf courses, green parks, and a 734-acre nature preserve with more than 10 miles of hiking trails.
The University of Kentucky also offers extended learning programs for those who want to learn new skills. All this, plus an average cost of living for retirees falling 7.8% below the national average, is a prime spot for recent retirees.
13. Topeka, Kansas
Kansas ranks in the top 10 states in which to retire. The capital city of Topeka is one of the cities these retirees flock to. The median home value in Topeka is just $95,600, well below the national median of $176,700. This means you can buy a home and live comfortably in your new city. The town also has an average cost of living for retirees at 8.0% below the U.S. average.
In addition, it is centrally located near the University of Kansas. The university’s Osher Lifelong Learning Institute offers low-cost classes for students aged 50 and older. It is a perfect opportunity to keep your brain sharp and learn new skills in your off time.
14. Sandy Springs, Georgia
Sand Springs is just outside of Atlanta and has a population of 100,000. It offers the ideal blend of big-city attractions and a small-town feel. The city is building a new walkable city center named City Springs, with plans to add housing, restaurants, theatres, parks, and retail stores.
With the cost of living for retirees at 5.1% below the U.S. average, Sandy Springs is quickly becoming a hot spot for future retirees.
15. Punta Gorda, Florida
Of course, Florida is going to be a prime spot for those approaching retirement. Florida is home to one of the most desirable climates and more fortunate tax laws for retirees. In addition to these features, the average retired population is 47.9%. This will put you right in the middle of people your age looking to meet new friends.
Punta Gorda has all the amenities you would expect in a beach town. Add the fact that the average cost of living for retirees is 5.2% below the average, and there is no wonder it is such a famous spot to retire.
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