If you are one of the many Baby Boomers who plan to move when you retire, but you don’t have the hefty nestegg needed to live in some of the most popular retirement destinations, no worries. There are plenty of affordable retirement cities that still have great health care, good weather, and the “wow factor” of regional recreation and cultural activities to fill the days of even the most active and adventurous retirees.
The best and most affordable places to live for aging Boomers offer such benefits as mild or warm climates, low property taxes, lower housing costs, special income tax rates and breaks for senior citizens, quality healthcare, good public transportation, senior job opportunities, and low crime rates. With a little research, you can find such appealing retirement spots in almost any region of the country. Here are four of our favorite big cities.
“Pitt,” as it is fondly called by locals, is a college town (U of Pittsburgh and Carnegie-Mellon) with many friendly neighborhoods and an inexpensive lifestyle. The median price of homes in and around Pittsburgh is in the low $120s, and the state of Pennsylvania offers senior-friendly tax breaks!
With a median price of only $128,000 for a single family residence, affordable Louisville offers southern hospitality, a pleasantly mild climate, and exciting recreation options such as the famed Louisville Slugger Museum and the Kentucky Derby.
Another college town, with a serene local campus, South Bend is also just south of Notre Dame, so it appeals to longtime fans of Fighting Irish football. Home prices are remarkably affordable, averaging just over $82,000. Retirees with a penchant for golf will enjoy the numerous courses in the area.
With its Rose Festival, the beautiful Azalea Trail, and the bustling University of Texas–Tyler within the city limits, this community is a draw for active baby boomers. While housing prices are a bit higher here with a median price of around $140,000, the state of Texas does have a very senior-friendly tax structure.
In today’s struggling economy, finding an affordable retirement city is more important than ever. The Administration on Aging reports that the median income of men 65 and over is $27,707 – and is only $15,362 for women in that age group. Many baby boomers are facing this money crunch. Although retirement may have reduced your income somewhat, that doesn’t mean you have to suffer a reduced standard of living. If you relocate to the right city in the right state, your retirement dollars can go further.
Originally published January 30, 2024