Where you retire to can have a significant impact on your golden years. You want a location that has plenty to offer and safe, while also being relatively affordable. However, it’s not always possible to find all three. Finding the perfect fit can go a long way to increase your enjoyment level in your next decade or two. Here are 11 affordable places to retire that offer plenty of opportunities.
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Athens, Georgia
Do you want the big city lifestyle, mixed with the fun of a college town? Athens may be for you as it’s the home of the University of Georgia and an hour east of Atlanta.
The median home price is $290,000, nearly 25 percent less than the national median. Residents also enjoy numerous tax benefits. However, serious crime is worse than the national average.
Charlotte, North Carolina
Charlotte is a fun city, with plenty of attractions. The median home price is at $375,000. Numerous tax benefits are available, such as no state income tax on Social Security income.
If you like to enjoy all four seasons, and fun choices for couples, Charlotte is worth considering.
While the city has lots of good doctors, the town isn’t very walkable.
Cincinnati, Ohio
Cincinnati is a big city, with super affordable home prices. Median home prices are $213,000, or 41 percent below the national average. Furthermore, the cost of living is 13 percent below the national average.
Cincinnati also has a diverse mix of neighborhoods and a thriving park system.
Combined with tax benefits, your money can go further in the Queen City. Unfortunately, serious crime is above the national average.
Columbia, Missouri
Nestled between Kansas City and St. Louis, Columbia is another wonderful college town. It has a median home price of $277,000, low cost of living, and high ratio of doctors.
There’s no state estate tax, and the climate is relatively comfortable. Additionally, there are numerous local sports options and a diverse mix of races.
However, there is a state income tax on Social Security, and other retirement income.
Orlando, Florida
Do you like warm temperatures and are you a fan of Disney? Orlando is a terrific choice for retirement. The city has several professional sports teams, access to numerous theme parks, and lots of quiet communities.
The cost of living is slightly beneath the national average and there’s no income tax on social security.
Furthermore, violent crime is low and and there are plenty of Medicare-certified hospitals.
Indianapolis, Indiana
Indianapolis is perfect for people who want proximity to Chicago, without being a massive city. Median home prices come in at $219,000, with a cost of living at a whopping 40 percent below the national average.
Indianapolis has loads of sports and cultural interests, and numerous tax benefits on retirement income. And, it has a small town vibe.
Unfortunately, serious crime rates are higher than average and the city isn’t terribly walkable.
Lexington, Kentucky
Lexington is another larger college town. If you love college basketball or horses, Lexington is the place for you. It has a median home price of $276,000, a large number of doctors, and a low serious crime rate.
Lexington also has a lot of outdoor activities and a thriving arts and entertainment scene.
While residents enjoy a variety of tax benefits, there is a state inheritance tax.
Lansing, Michigan
Do you enjoy having four distinct seasons where you live? Lansing, Michigan is a terrific place to consider for retirement living. Michigan State University is located in nearby East Lansing, giving you plenty of choices for sports and cultural events.
Furthermore, the city is relatively affordable with a lower cost of living and it’s one of the safest cities in America to live.
San Antonio, Texas
Remember the Alamo! San Antonio is the nation’s seventh-largest city by population, with affordable housing. The median home price is $219,000, or 30 percent lower than the national average.
The city has lots of cultural benefits, good air quality, and no state income tax.
However, San Antonio has a higher than average serious crime rate. The public transit system also could use some help.
Spokane, Washington
Do you want to live on the West Coast, without high SoCal prices? Spokane has a relatively affordable housing market, with the median price at $375,000.
There are plenty of choices for active individuals, and there are numerous state tax benefits. Furthermore, there is a wealth of outdoor activities and lots of cultural attractions.
Unfortunately, Spokane can have cold winters and there are estate taxes.
Virginia Beach, Virginia
Di you love the beach? Virginia Beach could be for you. The median home price is roughly the same as the national median at $371,000. Additionally, there are no taxes on Social Security income.
The high crime rate is also relatively low.
Surprisingly, the city isn’t very walkable. Perhaps the beach can make up for that.
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I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
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