5 Cities With Affordable Cost Of Living for Retirees
The best cities for retirees in the U.S offer, most importantly, affordable living, but also high levels of security, access to quality healthcare, activities and hobbies and low taxes, among other things. These cities have neighborhoods that help retirees escape the rising cost of living across the country, especially in the wake of the economic challenges of 2020.
So if you’re thinking about retirement and are willing to relocate, there are some great options for you. Search online and keep reading for all that these cities have to offer.
Here are the five cities where retirees can find affordable housing and a lower cost of living.
El Paso, Texas
If you’re particularly keen on reducing your rent, which usually accounts for a significant part of living expenses, then you should take a closer look into El Paso’s neighborhoods. This city has the lowest rent on our list – about $710/month for a 1-bedroom apartment. Texas doesn’t tax retirement income, which means your dollar will go further for you in this sunny state.
The U.S News & World Report ranks El Paso as one of the best places for retirees in the country based not only on housing affordability but also taxes, happiness ratings and healthcare.
Wichita, Kansas
Wichita is the largest city in Kansas and hosts one of the largest military communities in the country. It also has exceptional healthcare facilities and offerings, making it an excellent place to retire if you’re a veteran.
Although the cost of rent and utilities here are higher than in El Paso, the much lower cost of food and fuel can offset the difference significantly. As such the average cost is roughly the same in both places – with Wichita costing only about $100 more.
Lincoln, Nebraska
The capital of Nebraska is currently experiencing great economic growth, but the cost of living remains one of the lowest in the country. Lincoln is considered a haven not only for retirees but for low-income earners as well.
The city is home to a quickly rising number of commercial developments, startups, hospitals, and universities. Rent here costs are also one of the lowest – about $761 per month for a one bedroom apartment.
Tucson, Arizona
Tucson is another great city for retirees, with warm weather and above average scores in areas such as desirability, quality of life and value. There are many outdoor recreational opportunities and neighborhoods that are very welcoming to the older demographic.
Tucson has an average cost of living six percent below the national average, with a one bedroom apartment currently costing $755 a month.
Albuquerque, New Mexico
Last on our list is a low-cost city that pays great attention to its elderly population. Albuquerque has six senior centers where retirees can pay a monthly membership fee of about $13 to enjoy access to a long menu of stimulating and entertaining activities.
New Mexico has a low cost of living, a temperate climate, vibrant culture and excellent outdoor recreation opportunities. A one-bedroom apartment costs an average of $725 per month here.
Plan For Retirement and Consider Your Options
Whether you’re coming up on retirement or you’re still years away, it’s always a good time to think about your golden years and what you want to do in them. Relocating to a cheaper city for retirement can seem daunting, but there are huge financial benefits to making a move. It can allow you to stretch your dollar and stick to a tight budget, or simply leave more money for travel and other activities.
You’re not limited to the cities discussed in this article – there are plenty of other affordable areas around the country. Start researching online to see where you might like to move to and make a plan now to make your retirement years easier and more relaxing.