Retiring on a budget? Wondering how to make your Social Security or pension stretch as far as possible? Looking to have a decent lifestyle on not much money? Then it’s important for you to know the cheapest states to retire.
Here are the 14 states that are the cheapest states to retire because they offer very low costs of living and affordable housing and low taxes.
Florida is the most popular state for retirees and one of the reasons is because it is the cheapest place you can retire. In fact, when you retire to Florida you qualify for some perks. There is a property tax exemption of up to $25,000, no state income tax and it is now much cheaper to buy a home than it was just a few years ago. Florida has many inexpensive senior citizen communities that offer another alternative for retirement living.
In 2009, the Missouri Economic Research and Information Center ranked Oklahoma as having the lowest cost of living and the fourth-lowest total tax burden in the US. It has affordable housing whether you are buying or renting, as well as a low tax burden.
Tulsa, the second largest city in Oklahoma, ranks as one of the cheapest cities in which to live in the US. It is also considered an attractive place to live due to low crime levels, thousands of acres of city parks and trails, good entertainment and sporting venues and a low unemployment rate.
Arkansas is a cheap retirement option as the average house price is just $87,000. Arkansas also offers excellent medical service, senior support programs and a low cost of goods. Plus, it is very welcoming to newcomers. The northwest corner of Arkansas has been booming over the past 10 years, mostly due to the fact that Bentonville is the corporate headquarters of Wal-Mart.
The three cities in Texas that appeal the most to retirees due to their low cost of living are Brownsville, Ft. Worth and Harlingen. As an example of how affordable living can be in Texas, one of the suburbs of Fort Worth, Benbrook, has an average house price of around $145,000 but is a fantastic area that offers endless recreational opportunities, beautiful scenery and no state income tax.
This state is appealing to retirees because of its inexpensive housing, excellent weather and all of its recreational activities. Arizona has many retirement communities and some great small towns such as Brisbee, Tucson and Prescott that offer very affordable costs of living.
North Carolina may be the best state of all, as well as a cheapest state, for retirees. It offers a great geographic diversity with both coastal and mountain recreational activities and has some of the best hospitals in the country. Three great towns in North Carolina to consider for retirement are Hendersonville, Asheville, and Wilmington.
Tennessee has no sales tax, abundant land and inexpensive housing. It also has the cultural opportunities you would expect to find in its larger cities – Nashville and Memphis. Tennessee as well as the spaciousness and appeal of its rural areas. One of the best cities in America to retire is Paris, Tennessee.
The cost of housing in Pennsylvania can be 30% below the national average so a retiree can buy housing much cheaper than in many other states. Pennsylvania has numerous airports that make it easy to get in and out for travel to visit friends and relatives. Philadelphia and Pittsburgh offer many cultural opportunities and Pittsburgh is rated as one of the cheapest places to retire in America. Plus, Pennsylvania does not tax retirement income.
This southern state offers good weather, abundant recreational opportunities and a lot of cultural activities. Atlanta, often called the capital of the south, has its great amenities. There is a low cost of living in its smaller towns such as Gainesville, Athens and Columbus. Georgia has excellent medical care available throughout the state
Colorado is renowned for the beauty of its mountains, rivers and lakes, and wide-open spaces that make it a great place to retire. It has smaller communities with a low cost of living that are near large cities such as Denver and Colorado Springs with their cultural activities for retirees. In fact, Aurora, Salida and Fort Collins, Colorado are on almost everyone’s lists of best, affordable small towns for retirees.
This sleepy, Midwestern state offers a nice relaxed lifestyle that many retirees will find attractive, especially those who are coming from a fast-paced lifestyle. Iowa’s capital, Des Moines is listed as one of the most affordable cities to retire. It is the home of more insurance companies than any other city in America so it also offers opportunities for part-time jobs for retirees or even full time jobs if you want to continue working after retirement.
Here you will find some of the finest beaches and golf courses in the nation. What happened to housing in the US also happened to housing in South Carolina so home prices for have fallen considerably – making it great for retirees. Another plus is that South Carolina’s weather is very pleasant 12 months of the year.
Now you have a better idea of the cheapest states to retire in America. You can check hotel and flight prices to see if you can make a trip to a few locations you are thinking about to see how well you might fit in one of these cheap places to retire.