10 Most Affordable Places In The United States To Retire On a Low Budget

Most affordable places to retire in the US

10 Best And Most Affordable Places To Retire In The US

“Best and most affordable places to retire in the US”
Many older folks are eager to leave the 9-to-5 grind after a lifetime of hard labor, two or more years of coping with COVID-19, and the current uncertain stretch of economic rockiness right around the bend. However, for a growing number of Americans, retirement appears to be a long way off. Since the epidemic began, housing prices have increased dramatically, making the time-tested plan of downsizing into a less expensive forever house, selling the family home, and banking the extra equity less certain. Inflation is rising at the quickest rate in more than 40 years, while stocks and bonds have fallen precipitously, depleting many people’s savings.

Some analysts have stated that this year is a “bad moment to retire” due to these compounding causes. According to a study, 59 percent of older Americans anticipate delaying their retirement plans and working more hours this year. This was a huge improvement over the previous year, when just approximately a third of those polled expressed similar sentiments. It is becoming more difficult to stretch a fixed salary due to harsh economic realities. Read also What Is The Best State To Live On Social Security Only? Here Are 15 Best States You Can Live Comfortably On Social Security Check Only

The Best And Most Affordable Places To Retire In The US

However, there are possibilities for individuals who are prepared to act sooner rather than later, and we set out to locate them on the best and most affordable places to retire in the US. With affordable housing costs, a high percentage of residents over the age of 55, and an abundance of amenities and entertaining activities, there are several enticing locations where younger baby boomers and older Gen Xers can still retire in luxury. The best and most affordable places to retire in the US, locations for retirees to enjoy their golden years, without depleting their savings, have been compiled by TalkFinance24.

But contemporary retirement is more than just playing Bingo in gloomy metropolitan senior centers or the chaotic, old-fashioned 55+ complexes in Florida. Older Americans can now enjoy busy, hobby-filled lifestyles everywhere in the nation. As diverse as the population is, so is the list of retirement priorities.

Living in a warm, sunny place with good weather, like Florida, California, or Arizona, is still a must for some people, but those well-liked retirement hotspots are more expensive than ever. In fact, due to their unrealistically high property prices, California and Arizona didn’t even make the top 10. We analyzed the data for the 300 largest metros in May to identify the best and most affordable places to retire in the US. (Metros encompass the primary city as well as the neighboring towns, suburbs, and smaller urban regions.) In local houses for sale, we looked for areas with the most senior-friendly facilities, such as universal design and aging in place. We took into account a year’s worth of median list prices from June 2021 to May 2022 for determining affordability.

Using data from the U.S. Census Bureau, we concentrated on metro areas with the highest proportions of residents aged 60 and over to identify areas that are already well-liked by retirees. We also identified the areas where the number of people aged 55 and over is growing the fastest. In our ranking, we also took into account the metro areas with the greatest concentration of senior-friendly businesses, based on additional census data. Finally, to make sure these locations are still reasonably priced, we set a cap on the 12-month median list prices at $500,000 for our top 10 best and most affordable places to retire in the US. To guarantee geographic diversity, we limited our choices to just one metro each state. Read also Retire Here! 10 Best Small Towns In U.S with Low-cost Of Living To Retire

10 Best Cities For An Affordable Retirement In United States

1. Traverse City, Michigan

√ $390,000 was the median home list price over the previous 12 months.

Traverse City has nearly perfect weather from June through late October, making it one of the best and most affordable places to retire in the US for anyone looking to live an active retirement. E-bikes are widely used. Swimming, boating, and pickleball are all very popular. Locals frequently check out the sand dunes, attend wine tastings, and paddleboard on various lakes.

There are several warm senior centers in the area, some of which are right on the water. Some of these centers offer $5 exercise classes on cardio drumming, Zumba, and yoga on the beach, as well as free daily tennis and shuffleboard. In the winter, both temperatures and the full-time population decrease. Millions of people would live in Traverse City if it was always 80 degrees. Many snowbirds relocate to warmer climates when the weather is unfavorable, then return to spend the warm months here. Homes like wheelchair-accessible three-bedroom manufactured home goes for $234,000 for those looking to live the snowbird lifestyle or don’t mind the cold. Read also 31 Major Retirement Threats To Avoid And Retire Comfortably

2. Portland, Maine

√ Average list price of a home: $469,000.

Beautiful waterfront views, as well as thriving restaurant, bar, and cultural scenes, are just a few of the many advantages this thriving port city offers if you are looking for the best and most affordable places to retire in the US. Due to all of this, retirees and second-home owners have been buying up houses and condos all around the city.

Portland is a vibrant and reasonably priced city, but the state has an income tax, the city has pretty expensive property taxes, and it can get very cold in the middle of winter. However, those higher costs do come with more services, such as quick road clearing and snow removal. Many of the people who want to retire in this ancient city do migrate south for the winter, just like other cold-weather retirement destinations (cough, Traverse City).The population grows during the summer. Many folks travel from Florida to this area. Read also 3 Key Steps To Becoming Financially Independent For Early Retirement

3. Salisbury, Maryland

√ $430,000 is the median list cost of a property.

Urbanites from Baltimore and Washington, DC retreat to Maryland’s picturesque Eastern Shore when the marsh heats up because it is situated on a barrier island between the Atlantic Ocean and Isle of Wight Bay. Historic villages, breathtaking natural scenery, recognizable crab shacks, and of course, gorgeous beaches that draw boaters, fishermen, swimmers, and sunbathers may all be found in the region.

According to U.S. News & World Report, the Salisbury metro area is the 16th “fastest-growing place” due to all of the aforementioned amenities. The metropolis was listed among the top 50 “best locations to retire” by the source. The rankings took into account the region’s affordable cost of living. Buyers can locate single-story homes with decent bones starting in the mid-$100,000 range. Read also 8 Most Essential Things You Need To Know Before Retirement

4. Myrtle Beach, South Carolina

√ List price on average: $328,000

Over the past two decades, a large number of young families and the grandparents that accompany them have flocked to Myrtle Beach. The coastal metropolis with a 60-mile-long coastline has consistently ranked as one of the fastest-growing metro areas in the country. There is a ton of sunshine, there are numerous golf courses, and housing prices are still affordable. The more guests who arrive, the more they understand that this isn’t a tranquil beach town. Some of those visitors have pleasant recollections of Myrtle Beach and return to live there in their later years. Myrtle Beach is a beach that is quite habitable; it is a reasonably sizable metro area with a lot of infrastructure.

Even though costs have increased dramatically over the past few years, it is still significantly less expensive than many other comparable resort towns. On one-story homes, buyers might discover excellent bargains for three-bedroom home on a half-acre. Read also 3 Crucial Things You Must Do After Retirement – Your Future Self Will Thank You!

5. Bloomington, Illinois

√ List price for a median home: $169,000

There is a flat income tax of 4.95 percent in Illinois, and property taxes are notoriously high. The only state in the Midwest that doesn’t tax 401(k), IRA, and pension income is the Land of Lincoln, which is a benefit for retirees living off of their savings. While Bloomington’s property taxes may be greater than, say, Wisconsin, they are more than offset by the city’s extraordinarily low housing costs. However, folks aren’t only relocating here because it’s reasonably priced.

The secure, mid-sized city, which is two hours south of Chicago, has plenty of green areas and a thick suburban feel, including the magnificent, multipurpose Constitution Trail, which is well-liked by walkers, runners, and cyclists. For those who prefer to play golf in their latter years, there are many golf courses strewn about. Additionally, the region has a number of senior facilities where seniors can meet together, exercise, or go on adventures for nothing. Read also 4 Easy Ways To Avoid Wasting Money In Retirement – A Sure Way Solution To Running Out Of Money In Retirement

6. Port Saint Lucie, Florida

√ $377,000 is the median list cost of a property.

Over the past two years, home prices in this perennially retiree-friendly state have skyrocketed. On the Treasure Coast of Florida, though, this fairly priced metropolis is a laid-back outpost halfway between Miami and Orlando. With a gorgeous botanical garden, top-notch golf courses, and nature paths that meander through the surrounding Savannas Preserve State Park, it is peaceful and secluded while still providing plenty of activities for people wishing to enjoy a true Sunshine State lifestyle.

Port St. Lucie has become a popular and one of the best and most affordable places to retire in the US as a result of all of these features and the typical for Florida home prices low housing costs. Retirement income is greatly increased by the state’s lack of income tax. After coming in at No. 5 the year before, it was ranked as the third-best place to retire in the United States by U.S. News & World Report in 2020. Read also 10 Expert-Approved Tips For Retirement Planning(Before You Start Saving)

7. Syracuse, New York

√ Median list price of a home: $179,000.

Syracuse was one of many Rust Belt communities where people and jobs left, leaving behind huge areas of abandoned homes. Even though the population is still falling, recent downtown revitalization initiatives have improved the city’s appeal as a cheap place to reside in upstate New York. It has a thriving restaurant and entertainment scene because it is a college town (which also has a top-notch research medical program and several learning opportunities for retirees). Additionally, it recently debuted the world’s fastest 5G network. Homebuyers can find incredible bargains in and around Syracuse for less than the price of a down payment downstate. Read also How To Avoid Social Security Taxation While Still Earning Money In Retirement

8. Wilmington, North Carolina

√ $407,000 is the average list cost of homes.

The term “halfbacks” has been used in North Carolina to describe retirees from northern states who plan to spend their golden years in Florida but wind up spending their final years in the Tar Heel State. They relocate to the Sunshine State, discover it’s not for them, but still want to live somewhere warmer and more accessible than the communities they left in the Northeast and the Midwest, so they settle roughly halfway. According to data from the American Community Survey of the U.S. Census Bureau, more people over the age of 55 moved from Florida to North Carolina than vice versa every year but one—2013.

Why not, then? The state has a similar amount of vegetation to the North, but with considerably milder weather, fewer taxes, and, for people who choose to live along the shore, the stunning coastline in places like Wilmington. The port city, which serves as the entry point to the Cape Fear coast, is home to a charming historic quarter and a Riverwalk that is dotted with eateries, art galleries, and retail establishments. The region is also known for offering fantastic discounts on brand-new homes. Read also 3 Best Cities In Northeast To Retire Comfortably With Minimal Cost Of Living

9. Concord, New Hampshire

√ Median list price of a home: $397,000

The picture-perfect New England town recently topped ranking of the hottest real estate markets in the country for the first time. The city has a ton of arts and cultural events, sporting events, outdoor activities, and recreational opportunities. It is also only an hour away from Boston (and all the top-notch medical and cultural institutions it has to offer). Also, there is no income tax. Homebuyers can find lovely homes for a great price in the area’s 55+ communities. Read also 4 Cities With Good Weather To Retire Comfortably At a Relatively Low Monthly Budget

10. St. Louis, Missouri

√ Median list price of a home: $244,000

There is no disputing that those trying to save money find St. Louis’ real estate deals to be tempting. Buyers can locate reasonably priced, remodeled homes that are well-suited for aging in place all across the city. They cost $199,000 for adorable three-bedroom brick ranch and $180,000 for three-bedroom house.

However, retirees aren’t simply moving here because of the best and most affordable places to retire in the US or affordable housing and advantageous tax rates; there are so many activities available to locals that it would be impossible to mention them all. Numerous walkable districts, a thriving cultural scene, 45 colleges and institutions, one of the top zoos in the region, free admission, and a ton of national restaurant honors can all be found in St. Louis. Compared to many other states, the cost of living is inexpensive, and the culture is diverse. Read all 9 Great Recommended Tips To Retire Happy And Free


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By Thomas Goodman

Thomas Goodman is a Degree Holder, a prolific Personal Finance writer and Expert. His work has been recognized by Millions of people round the world and the United States precisely. He has since over a decade, helped people to manage and gain full control over their finances through his adequate and concrete write-ups. His Goal is to inform and educate people worldwide on Personal Finance, Budgeting, Banking and Finance, Career Planning and Savings. He loves to Educate people to attain their financial freedom. Reach out to Him personally on [email protected]

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