Last week we looked at affordable American small towns. Now, a look at the best places to retire on a budget, again with information coming from a great resource for financial information, Kiplinger.
Retirement should be a time to relax, explore, and enjoy the fruits of your labor. However, as I am all too aware working with seniors who are relocating, managing a fixed income while maintaining a comfortable and fulfilling lifestyle can be challenging. One of the most significant factors retirees must consider is the cost of living. According to a Vanguard survey, 60% of retirees who move do so to find a more affordable place to live.
Kiplinger compiled a list of cities across the United States that offer below-average living costs. In addition to being budget-friendly, these locations provide excellent healthcare, recreational opportunities, and a strong sense of community.
Here are their top 10 bargain cities:
- . Fargo, North Dakota
Cost of Living: 9.4% below national average
Average Retirement Income: $60,858
Why Fargo? Low housing costs and a tax-friendly environment make Fargo an excellent choice for retirees. - Rochester, New York
Cost of Living: 11.4% below national average
Average Retirement Income: $36,552
Why Rochester? Affordable housing and a rich cultural scene offset the state’s less favorable tax policies. - Richland, Washington
Cost of Living: Slightly above national average
Average Retirement Income: $65,224
Why Richland? With a high median income and excellent healthcare, this city is a great place for a comfortable retirement. - Albuquerque, New Mexico
Cost of Living: 8% below national average
Average Retirement Income: $51,858
Why Albuquerque? A sunny climate and plenty of outdoor activities make this city an appealing destination. - Kansas City, Missouri
Cost of Living: 11.6% below national average
Average Retirement Income: $47,789
Why Kansas City? A vibrant arts and music scene, combined with low costs, make it a prime retirement spot. - Sioux Falls, South Dakota
Cost of Living: 13.7% below national average
Average Retirement Income: $54,268
Why Sioux Falls? A strong economy and senior-focused programs enhance retirees’ quality of life. - Mankato, Minnesota
Cost of Living: 13.3% below national average
Average Retirement Income: $55,568
Why Mankato? A growing economy and revitalized downtown provide modern conveniences in a small-town setting. - Peoria, Illinois
Cost of Living: 24.4% below national average
Average Retirement Income: $48,221
Why Peoria? Extremely affordable housing makes this an attractive option for retirees on a budget. - Lincoln, Nebraska
Cost of Living: 7.4% below national average
Average Retirement Income: $61,837
Why Lincoln? A variety of parks, cultural attractions, and entertainment options cater to retirees. - Huntsville, Alabama
Cost of Living: 5.8% below national average
Average Retirement Income: $60,443
Why Huntsville? Low taxes and high median incomes make Huntsville a financially sound choice.
When deciding where to move, the most common deciding factor for my clients is being near family or friends — having a support network. Then we begin to discuss affordability – places with affordable housing costs and tax-friendly policies that help with retirement budgeting. Some clients want a busy city, a relaxed rural environment or a college town – and most all, want accessibility to medical facilities they may need as they age.
Choosing the right retirement destination is a personal decision, but finding a balance between cost and quality of life can make all the difference. Atlanta Seniors Real Estate can help guide you through the process. Contact us to learn more.
>>Click here to read the Kiplinger article in its entirety which more top-ranking towns including one in Georgia coming in at #17.
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