As the golden years approach, the question of where to retire becomes increasingly important. With the rising cost of living and the need for financial stability, finding an affordable retirement destination can be a challenge. However, there are still many cities across the United States that offer a comfortable and enriching retirement experience without breaking the bank. In this comprehensive guide, we’ll explore the 10 most affordable places to retire in the U.S. in 2024, providing you with the information you need to make an informed decision about your retirement plans.
Before diving into the list, it’s important to understand the financial realities and considerations that come with retirement planning. According to a study by T. Rowe Price Group, Inc., 64% of baby boomers experience moderate to high levels of stress concerning their retirement savings.
This stress is compounded by the projected depletion of Social Security funds by 2034, which could result in beneficiaries receiving only 80% of their scheduled benefits. To mitigate these challenges, many retirees are exploring affordable living options that can help stretch their retirement dollars further.
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10. Florence, Alabama
Cost of Living Index: 83
Median Home Price: $235,000
Livability Score: 81
Located in the heart of the South, Florence, Alabama, offers a charming retirement destination that combines affordability with cultural richness and outdoor recreational opportunities. Seniors can take advantage of the city’s affordable cost of living, which is 17% lower than the national average, while enjoying the region’s renowned southern hospitality.
One of the standout features of Florence is its vibrant cultural scene. The city is home to the University of North Alabama, which provides opportunities for lifelong learning and intellectual stimulation. Additionally, Florence boasts a thriving arts community, with numerous museums, galleries, and performing arts venues.
For those who enjoy the great outdoors, Florence offers ample opportunities for recreation. The city is situated along the Tennessee River, providing scenic trails for hiking, biking, and picnicking. Nearby parks and nature reserves offer additional options for outdoor adventures, such as fishing, boating, and camping.
9. Asheboro, North Carolina
Cost of Living Index: 82.8
Median Home Price: $230,000
Livability Score: 72
Nestled in the heart of North Carolina, Asheboro is a charming city that offers retirees a blend of small-town charm and big-city amenities. With a cost of living that is 17.2% lower than the national average and a median home price of $230,000, Asheboro is an attractive option for those seeking an affordable retirement destination.
One of the highlights of Asheboro is its vibrant downtown area, which features a variety of shops, restaurants, and cultural attractions. The city’s touristy vibe and annual events, such as the North Carolina Zoo and Asheboro Fall Festival, provide ample opportunities for entertainment and socializing.
Outdoor enthusiasts will appreciate Asheboro’s proximity to numerous golf courses and recreational areas, including the Birkhead Mountains Wilderness, which offers hiking trails and scenic vistas.
8. Kalamazoo, Michigan
Cost of Living Index: 85.4
Median Home Price: $195,000
Livability Score: 75
Located in the heart of Michigan’s scenic countryside, Kalamazoo is an affordable and vibrant city that offers retirees a high quality of life. With a cost of living that is 14.6% lower than the national average and a median home price of $195,000, Kalamazoo is an attractive option for those seeking an affordable retirement destination.
One of the standout features of Kalamazoo is its proximity to world-class healthcare facilities, including Bronson Methodist Hospital and the Western Michigan University Homer Stryker M.D. School of Medicine. This ensures that retirees have access to top-notch medical care and services.
In addition to its healthcare offerings, Kalamazoo boasts a vibrant cultural scene, with numerous museums, art galleries, and performing arts venues. The city is also home to several colleges and universities, providing opportunities for lifelong learning and intellectual stimulation.
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7. Brownsville, Texas
Cost of Living Index: 80
Median Home Price: $225,000
Score: 78
Situated along the Mexican border, Brownsville, Texas, offers retirees a unique and affordable retirement destination. With a cost of living that is 20% lower than the national average and a median home price of $225,000, Brownsville provides an attractive option for those seeking to stretch their retirement dollars.
One of the highlights of Brownsville is its close proximity to beautiful beaches and stunning natural scenery. Retirees can enjoy the warm Gulf Coast climate while exploring nearby attractions, such as the Palo Alto Battlefield National Historical Park and the Brownsville Historic Battlefield Trail.
In addition to its natural beauty, Brownsville boasts a rich cultural heritage and a vibrant culinary scene. Retirees can indulge in authentic Mexican and Tex-Mex cuisine, while enjoying local events, festivals, and gatherings throughout the year.
6. Harlingen, Texas
Cost of Living Index: 76
Median Home Price: $253,000
Livability Score: 71
Located in the Rio Grande Valley of Texas, Harlingen is an affordable and welcoming city that offers retirees a relaxed and comfortable lifestyle. With a cost of living that is 24% lower than the national average and a median home price of $253,000, Harlingen is an attractive option for those seeking an affordable retirement destination.
One of the standout features of Harlingen is its warm and inviting climate, which allows retirees to enjoy outdoor activities and events throughout the year. The city boasts numerous parks, golf courses, and recreational facilities, providing ample opportunities for an active and fulfilling retirement.
In addition to its outdoor offerings, Harlingen is home to a vibrant community that values arts, culture, and hospitality. Retirees can explore local museums, attend community events, and immerse themselves in the city’s rich cultural heritage.
5. Huntington, West Virginia
Cost of Living Index: 83.5
Median Home Price: $126,450
Livability Score: 80
Nestled along the Ohio River, Huntington, West Virginia, offers retirees an affordable and charming retirement destination. With a cost of living that is 16.5% lower than the national average and a median home price of $126,450, Huntington provides an attractive option for those seeking to stretch their retirement dollars.
One of the standout features of Huntington is its vibrant arts and cultural scene. The city is home to numerous museums, galleries, and performing arts venues, including the Huntington Museum of Art and the Marshall Artists Series.
In addition to its cultural offerings, Huntington boasts a thriving culinary scene, with a variety of restaurants and eateries showcasing the region’s rich culinary heritage.
4. Springfield, Missouri
Cost of Living Index: 79
Median Home Price: $197,000
Livability Score: 72
Located in the heart of the Ozark Mountains, Springfield, Missouri, offers retirees an affordable and vibrant retirement destination. With a cost of living that is 21% lower than the national average and a median home price of $197,000, Springfield provides an attractive option for those seeking an affordable retirement lifestyle.
One of the standout features of Springfield is its diverse array of cultural amenities. The city is home to numerous museums, art galleries, and performing arts venues, including the Springfield Art Museum and the Juanita K. Bass Black Box Theatre. Additionally, Springfield boasts a thriving culinary scene, with a variety of restaurants and eateries showcasing the region’s unique flavors.
Outdoor enthusiasts will appreciate Springfield’s proximity to numerous parks and nature reserves, including the Bull Shoals-White River State Park and the Ozark National Scenic Riverways. These areas offer ample opportunities for hiking, fishing, and exploring the beautiful Ozark landscape.
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3. Tupelo, Mississippi
Cost of Living Index: 78
Median Home Price: $210,000
Livability Score: 73
Known as the birthplace of Elvis Presley, Tupelo, Mississippi, offers retirees a charming and affordable retirement destination steeped in Southern culture and hospitality. With a cost of living that is 22% lower than the national average and a median home price of $210,000, Tupelo provides an attractive option for those seeking an affordable retirement lifestyle.
One of the highlights of Tupelo is its rich cultural heritage, which is celebrated through various attractions and events. The Elvis Presley Birthplace & Museum pays homage to the city’s most famous son, while the Montfort Museums offer a glimpse into the region’s history and art.
In addition to its cultural offerings, Tupelo boasts a vibrant downtown area, with a variety of shops, restaurants, and entertainment venues. Outdoor enthusiasts can enjoy the city’s numerous parks and greenspaces, as well as the nearby Natchez Trace Parkway, which offers scenic hiking and biking trails.
2. Peoria, Illinois
Cost of Living Index: 82.8
Median Home Price: $110,000
Livability Score: 74
Located along the banks of the Illinois River, Peoria offers retirees an affordable and vibrant retirement destination. With a cost of living that is 17.2% lower than the national average and a median home price of $110,000, Peoria provides an attractive option for those seeking an affordable retirement lifestyle.
One of the standout features of Peoria is its diverse array of recreational activities. The city is home to numerous parks, trails, and golf courses, including the Grand View Drive, which offers stunning views of the Illinois River Valley. Additionally, Peoria boasts a thriving arts and cultural scene, with numerous museums, galleries, and performing arts venues.
Outdoor enthusiasts will appreciate Peoria’s proximity to the Shawnee National Forest, which offers ample opportunities for hiking, camping, and exploring the beautiful natural surroundings. The city is also home to several colleges and universities, providing opportunities for lifelong learning and intellectual stimulation.
1. Youngstown, Ohio
Cost of Living Index: 78.2
Median Home Price: $124,900
Livability Score: 80
Topping our list of the most affordable places to retire in the U.S. in 2024 is Youngstown, Ohio. With a cost of living that is 21.8% lower than the national average and a median home price of $124,900, Youngstown offers retirees an unbeatable combination of affordability and quality of life.
One of the standout features of Youngstown is its rich industrial heritage, which is celebrated through various attractions and museums. The Mahoning Valley Historical Center offers a glimpse into the city’s past, while the Youngstown Historical Center of Industry and Labor explores the region’s history of manufacturing and labor.
In addition to its cultural offerings, Youngstown boasts a vibrant arts scene, with numerous galleries, theaters, and performing arts venues. The city is also home to several colleges and universities, including Youngstown State University, which provides opportunities for lifelong learning and intellectual stimulation.
Outdoor enthusiasts will appreciate Youngstown’s proximity to numerous parks and nature reserves, including the Cuyahoga Valley National Park and the Amelia Wayside Park, which offer ample opportunities for hiking, fishing, and exploring the beautiful natural surroundings.
FAQs
What factors were considered in determining the most affordable places to retire?
To determine the most affordable places to retire in the U.S. in 2024, we considered several key factors, including the cost of living index, median home prices, and livability scores. We compiled an extensive list of affordable retirement destinations from prominent sources and assigned scores to each factor, aggregating them into a distinctive Insider Monkey Score. The final rankings reflect these scores, with the most affordable places ranking higher on the list.
How important is the cost of living when choosing a retirement destination?
The cost of living is a crucial factor to consider when choosing a retirement destination. With limited retirement savings and fixed incomes, many retirees need to find affordable places to live that can help stretch their retirement dollars further. By choosing a location with a low cost of living, retirees can enjoy a comfortable lifestyle without draining their savings too quickly.
What other factors should retirees consider when choosing a retirement destination?
While affordability is a significant consideration, retirees should also consider other factors when choosing a retirement destination. These may include access to quality healthcare facilities, proximity to family and friends, climate preferences, cultural and recreational opportunities, and overall quality of life. By weighing these factors, retirees can find a location that not only aligns with their budget but also meets their lifestyle preferences and retirement goals.
Can retirees still enjoy a fulfilling lifestyle in affordable retirement destinations?
Absolutely! Many of the most affordable places to retire in the U.S. offer a vibrant and enriching lifestyle for retirees. From cultural attractions and outdoor recreation opportunities to thriving culinary scenes and active communities, these cities provide a wealth of amenities and activities to keep retirees engaged and entertained during their golden years.
How should retirees plan for potential changes in the cost of living or healthcare expenses?
While planning for retirement, it’s important to account for potential changes in the cost of living and healthcare expenses. Inflation can erode the purchasing power of fixed incomes over time, and healthcare costs tend to increase as we age.
