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The Most Affordable Places To Retire Near You

Cynthia Measom

Whether retirement is on the horizon or you’re basking in its glow, putting a plan in place to save hundreds to thousands of dollars per year can help you stretch your retirement nest egg further. One way to do that is to consider moving to one of the cheapest places to retire near you. For example, there are cities in Alabama, Michigan, Indiana and New York that feature median home list prices that are at least $220,000 lower than the national average.

GOBankingRates did the research and identified 50 of the most affordable places to retire by looking at factors such as median home list price, annual mortgage total and annual cost of living expenses. Take a look to see if you can afford one of these cities as your retirement destination.

Best Place To Retire In Alabama Near...

  • Mobile: Chickasaw ($21,348.18 a year)

Chickasaw, Alabama, has the lowest median list price for a home at $64,000, which is over 4 1/2 times less than the national average of $289,900. The city’s annual mortgage of $2,868 is also over 4 1/2 times less than the national average of $12,996. Chickasaw has the fifth-lowest annual cost of living plus annual mortgage on the list at $21,348.18. All of these savings could add up to Chickasaw — which has an estimated population of 5,745 — being one of the best small cities to retire.

Best Place To Retire In Alaska Near...

  • Anchorage: Meadow Lakes ($34,357.97 a year)

In Meadow Lakes, Alaska, only 9.13% of residents are 65 and over. However, housing costs are affordable, coming in below the national average. The city has a median home list price of $255,500, which is $34,400 below the national average of $289,900. The annual mortgage payment of $11,460 is also $1,536 below the national average of $12,996.

Best Places To Retire In Arizona Near...

  • Phoenix: Glendale ($31,067.78 a year)
  • Tucson: Green Valley ($25,700.78 a year)

Green Valley, Arizona, has the largest population of people 65 and older at 77.30%, whereas Glendale’s 65-and-over population is on the lower side at 10.96%. Green Valley’s median home list price of $189,900 and annual mortgage of $8,520 are more affordable than Glendale’s, which total $254,000 and $11,388, respectively.

Best Place To Retire In Arkansas Near...

  • Little Rock: Jacksonville ($21,967.33 a year)

In Jacksonville, Arkansas, 13.51% of the population is 65 and over, which is below the national average of 18.70%. But moving there might not be a bad idea. The city has the seventh-lowest annual cost of living plus annual mortgage at $21,967.33 a year, which is well below the national average of $31,210.

Best Places To Retire In California Near...

  • San Jose: San Jose ($65,595.96 a year)
  • San Francisco: Richmond ($43,546.23 a year)
  • San Diego: Chula Vista ($43,076.64 a year)
  • Sacramento: Sacramento ($33,709.03 a year)
  • Los Angeles: Lancaster ($32,124.85 a year)

When considering the annual cost of living plus annual mortgage costs, Lancaster, California, has the clear edge for most affordable places to retire in the state. The median list price in this city is $296,000 — the cheapest among the cities analyzed. But because California is a large state, one of the other cities might be closer or more desirable to you.

Sacramento, for example, has the second-cheapest median home list price in California at $330,000, whereas Richmond and Chula Vista’s median home list prices are much higher at $525,000 and $535,000, respectively. Meanwhile, San Jose has the most expensive list price in the study at $998,000.

Best Places To Retire In Colorado Near...

  • Denver: Aurora ($35,741.22 a year)
  • Colorado Springs: Security-Widefield ($30,066.51 a year)

Both Aurora and Security-Widefield, Colorado, have 65-and-over populations that are below the national average, 10.48% and 12.06%, respectively. For seniors interested in the most economical housing, Security-Widefield is the better bet. The median home list price there is $270,000, whereas in Aurora the price is $360,000, exceeding the national average of $289,900.

 

Best Place To Retire In Connecticut Near...

  • Bridgeport: Bridgeport ($30,405.21 a year)

In Bridgeport, 10.68% of the population is over 65. Seniors interested in owning a home here will find median list prices at $189,900 — a whopping $100,000 below the national average. The annual mortgage payment at $8,520 is also below the national average of $12,996.

Best Place To Retire In Delaware Near...

  • Wilmington: Wilmington ($27,871.74 a year)

In Wilmington, Delaware, the percentage of the population 65 and over is 11.98%. The city has the exact same median list price for a home as Bridgeport, Connecticut, at $189,900, which is quite a savings when compared to the national average. The annual mortgage in both states matches, too, at $8,520.

Best Places To Retire In Florida Near...

  • Jacksonville: Jacksonville ($28,473.86 a year)
  • Orlando: Kissimmee ($24,087.21 a year)
  • Miami: Boynton Beach ($32,540.74 a year)
  • Tampa: New Port Richey ($28,739.17 a year)

Retirees are no stranger to Florida: New Port Richey has the third-largest population of people 65 and older at 25.49%, whereas Boynton Beach has the 10th-largest population of people 65 and older at 16.66%. Meanwhile, the annual cost of living plus mortgage in Kissimmee — known as the gateway to Disney — ranks as the 17th-most affordable out of all cities on the list.

Best Place To Retire In Georgia Near...

  • Atlanta: Lithonia ($26,745.28 a year)

In Lithonia, those 65 and over can snag an awesome deal when buying a home: The median list price in the city is $156,900, which is $133,000 below the national average. The annual mortgage payment is low, too, at $7,032, which averages out to $586 a month.

Best Place To Retire In Hawaii Near...

  • Urban Honolulu: Waipahu ($49,143.98 a year)

If living in Hawaii is your retirement goal, you’re in good company: Waipahu has the ninth-largest population of people 65 and older at 16.68%. Median list prices for a home are $549,900, and the annual mortgage is $24,612. You’ll pay more to live here than almost all of the other cities on the list except for San Jose, California, but if you’re dreaming of an island paradise, this is one of the more affordable spots on Oahu.

Best Place To Retire In Idaho Near...

  • Boise City: Caldwell ($27,976.19 a year)

Approximately 12% of the population in Caldwell is 65 and over. And you won’t pay a premium to live in this city that is considered part of the Boise metropolitan area. The median list price for a home is $245,990 — $43,910 less than than the national average. The annual mortgage payment of $11,028 is also less than the national average of $12,996.

Best Place To Retire In Illinois Near...

  • Chicago: Joliet ($25,801.09 a year)

Joilet, located 40 miles southwest of Chicago, features a retirement population percentage of 9.64%. The median list price for a home here is $169,900, which is $120,000 below the national average of $289,900. Annual mortgage costs of $7,620 are also more affordable than the national average of $12,996. The annual cost of living plus annual mortgage of $25,801.09 a year falls just outside the 25 most affordable cities on the list.

Best Places To Retire In Indiana Near...

  • Indianapolis: Anderson ($19,807.48 a year)
  • Fort Wayne: New Haven ($22,025.42 a year)

Anderson has the eighth-largest population of people 65 and older at 16.96%. The city also has the most affordable annual cost of living plus annual mortgage cost at $19,807.48 — that’s $11,402.52 below the national average. As for New Haven, it has the eighth-lowest annual cost of living plus annual mortgage at $22,025.42 a year.

Best Place To Retire In Iowa Near...

  • Des Moines: Des Moines ($24,346.93 a year)

Des Moines has the 18th-most affordable annual cost of living plus mortgage on the list. The median home list price here is $147,500, which is $142,400 below the national average. And the annual mortgage payment is $6,612 — $6,384 below the national average.

Also See: The Best Places to Retire in America Are All College Towns

Best Place To Retire In Kansas Near...

  • Wichita: Haysville ($24,542.95 a year)

The median list price for a home in Haysville is $148,900, which is $141,000 below the national average. Plus, the annual mortgage of $6,672 is far less than the national average of $12,996.

Best Places To Retire In Kentucky Near...

  • Louisville: Louisville ($27,207.20 a year)
  • Lexington: Georgetown ($27,504.33 a year)

The annual cost of living plus mortgage in Louisville and Georgetown is just a few hundred dollars apart. When it comes to each city’s median home list price and annual mortgage, however, the costs are thousands of dollars apart. For example, in Louisville, the median home list price is $215,000, whereas the price is $239,000 in Georgetown. That might help explain why the percentage of seniors 65 and over is higher in Louisville than Georgetown: 14.12% versus 9.61%, to be exact.

Best Places To Retire In Louisiana Near...

  • New Orleans: Marrero ($25,482.07 a year)
  • Baton Rouge: Denham Springs ($28,814.28 a year)

Living in close proximity to New Orleans in Marrero will be cheaper for retirees than living near Baton Rouge in Denham Springs. The annual mortgage payment in Marrero is $7,020 versus Denham Springs’ $9,456. And the median home list price in Marrero is $54,400 lower than in Denham Springs.

Best Place To Retire In Maine Near...

  • Portland: South Portland ($33,109.90 a year)

South Portland ranks No. 16 for percentage of population 65 and over at 15.42%. Although the median home list price at $339,450, the annual mortgage at $15,216 and the annual cost of living plus annual mortgage at $33,109.90 are all above the national average, this location could be an affordable pick if East Coast living is your thing.

Best Places To Retire In Maryland Near...

  • Baltimore: Dundalk ($26,376.57 a year)
  • Washington: Frederick ($33,933.51 a year)

If living in Maryland is your retirement goal, there are a couple of more affordable choices. In Dundalk, the median home list price is below the national average at $149,925, whereas the median home list price in Frederick is $341,000.

Best Place To Retire In Massachusetts Near...

  • Boston: Lawrence ($31,519.44 a year)

Around 9.85% of the population in Lawrence is comprised of seniors 65 and over. Prices in this city are a bit higher than the national average but still affordable. For example, the median home list price is $299,900 and the annual mortgage is $13,452 or $1,121 per month. Additionally, the combined cost of living and annual mortgage is only $309.44 above the national average.

Best Place To Retire In Michigan Near...

  • Detroit: Detroit ($23,578.02 a year)

Detroit has the second-lowest median list price for a home at $65,000. The city also has the second-lowest annual mortgage at $2,916. Both pose amazingly considerable savings when you consider the national averages of $289,900 and $12,996, respectively. No wonder 13.08% of the population here is made up of retirees 65 and over.

Best Place To Retire In Minnesota Near...

  • Minneapolis: St. Paul ($28.621.59 a year)

All cost categories in St. Paul are below the national averages. The median list price for a home at $234,900 is $15,000 lower than the national average. And the annual mortgage cost at $10,536 is $2,460 lower than the national average of $12,996.

Best Place To Retire In Mississippi Near...

  • Jackson: Jackson ($23,807.20 a year)

It’s very affordable to live in Jackson. Cost of living plus an annual mortgage comes out to $23,807.20 per year, and the median list price of a home at $133,450 is $156,450 less than the national average.

Best Places To Retire In Missouri Near...

  • Kansas City: Independence ($23,290.60 a year)
  • St. Louis: Florissant ($22,954.87 a year)

If it comes down to a decision between moving to Independence or Florissant, consider these facts: Independence has the sixth-largest population of people 65 and older at 17.54% and the 10th-lowest mortgage at $4,992. Florissant has the ninth-lowest median list price for a home at $110,000 and the ninth-lowest mortgage at $4,932.

Best Place To Retire In Montana Near...

  • Billings: Billings ($28,634.24 a year)

Billings seems popular with retirees. The population of seniors 65 and over is 16.15%, which falls just outside of the top 10 ranking cities in this category. The city’s popularity likely has to do with its affordability. All cost categories are below the national averages. For example, the median list price of a home here is $249,900, $40,000 less than the national average of $289,900.

Best Place To Retire In Nebraska Near...

  • Omaha: Bellevue ($29,346.08 a year)

Bellevue’s combined annual cost of living and mortgage comes in under the national average of $31,210, and so do the city’s other cost categories. The annual mortgage of $9,864 comes in well below the national average of $12,996, as does the median home list price of $220,000.

Best Places To Retire In Nevada Near...

  • Las Vegas: Mesquite ($29,840.40 a year)
  • Reno: Cold Springs ($32,611.80 a year)

Although Mesquite and Cold Springs are both considered affordable, Mesquite has the edge. The city has the second-largest population of people 65 and older at 38.03%, which could have something to do with the city’s close proximity to Las Vegas, as well as the affordability. The median home list price in Mesquite is $265,500, whereas the annual mortgage comes in at $11,904.

Best Place To Retire In New Hampshire Near...

  • Manchester: Manchester ($30,031.95 a year)

For seniors living in or close to New Hampshire, moving to Manchester might be a good way to help you stretch your retirement nest egg further. The annual cost of living combined with the annual mortgage comes in below the national average of $31,210.

Best Place To Retire In New Jersey Near...

  • Newark/Jersey City: Lakewood ($30,010.64 a year)

Although the percentage of seniors 65 and over is small in Lakewood compared to other cities on the list — 4.47% — that doesn’t mean it’s not worth considering. As far as affordability, the median home list price is $40,500 below the national average, and the annual mortgage is $1,812 less.

Best Place To Retire In New Mexico Near...

  • Albuquerque: South Valley ($24,617.87 a year)

South Valley has several positives. First, there’s a healthy population percentage of retirees 65 and over at 15.14%. Next, there’s an opportunity to save tons on a home — median list prices are low at $159,000. And the annual cost of living plus annual mortgage, at $24,617.87, is $6,592.13 less than the national average.

Best Places To Retire In New York Near...

  • New York: Poughkeepsie ($30,402.16 a year)
  • Buffalo: Niagra Falls ($20,361.29 a year)

Niagra Falls, New York, has the fourth-lowest median list price for a home at $69,900 — tied with Anderson, Indiana. The city also has the fourth-lowest mortgage at $3,132, also tied with Anderson. In addition, Niagra Falls has the third-lowest combined annual cost of living and annual mortgage of $20,361.29 a year.

Best Places To Retire In North Carolina Near...

  • Charlotte: Salisbury ($27,384.94 a year)
  • Raleigh: Clayton ($30,380.11 a year)
  • Greensboro: High Point ($25,293.43 a year)
  • Durham: Durham ($31,335.34 a year)
  • Winston-Salem: Lexington ($26,483.03 a year)

Salisbury has the seventh-largest population of people 65 and older at 17.27%, but it’s not the most affordable destination in the state. Both High Point and Lexington beat out Salisbury for annual cost of living and annual mortgage expenses. And when it comes to median home list prices, High Point is the most affordable at $165,000.

Best Place To Retire In North Dakota Near...

  • Fargo: West Fargo ($27,211.27 a year)

In West Fargo, the population percentage of retirees 65 and over is on the lower side at 8.61%. However, the affordability factor might make up for a lack of camaraderie. Median list prices for homes are $40,000 below the national average of $289,900 and the annual cost of living plus annual mortgage is $3,998.73 less than the national average of $31,210.

Best Places To Retire In Ohio Near...

  • Columbus: Newark ($23,244.34 a year)
  • Cleveland: Lorain ($19,898.01 a year)
  • Cincinnati: Middletown ($22,664.25 a year)
  • Toledo: Toledo ($20,502.00 a year)

Toledo has the fifth-lowest median list price for a home at $84,900, as well as the fifth-lowest mortgage at $3,804. It also has the fourth-most affordable annual cost of living plus annual mortgage at $20,502 a year. Lorain has the sixth-lowest mortgage at $3,816, as well as the second-most affordable annual cost of living plus annual mortgage at $19,898.01 per year. And Middletown has the 10th-lowest annual cost of living plus annual mortgage at $22,644.25 a year.

Best Places To Retire In Oklahoma Near...

  • Oklahoma City: Midwest City ($26,113.94 a year)
  • Tulsa: Tulsa ($27,315.64 a year)

When comparing the annual cost of living plus annual mortgage between Midwest City and Tulsa, Midwest City has the edge. In fact, Midwest City has the edge all the way across the board. Median home list prices are $151,258 versus Tulsa’s $195,000. And annual mortgages are $6,780 versus $8,748 respectively.

Best Place To Retire In Oregon Near...

  • Portland: Gresham ($33,003.21 a year)

Costs in Gresham across the board are above the national averages. But that hasn’t resulted in a seriously low retiree population: The 65-and-over population percentage in Gresham is 12.73%. Retirees can expect to pay a median list price of $360,000 for a home and $16,140 annually for a mortgage.

Best Places To Retire In Pennsylvania Near...

  • Philadelphia: Upper Darby ($26,859.45 a year)
  • Pittsburgh: Penn Hills ($22,458.13 a year)

Penn Hills has the fourth-largest population of people 65 and older at 19.60%. The city also has the seventh-lowest median list price for a home at $90,000 and the seventh-lowest mortgage at $4,032. In addition, Penn Hills has the ninth-lowest annual cost of living plus annual mortgage at $22,458.13 a year.

Best Place To Retire In Rhode Island Near...

  • Providence: Pawtucket ($28,757.39 a year)

For seniors who are dreaming of a Rhode Island retirement destination, Pawtucket is a more affordable choice. The median list price of a home here is $220,000, whereas an annual mortgage is $9,864.

Best Place To Retire In South Carolina Near...

  • Columbia: Columbia ($26,674.12 a year)

The median list price for a home in Columbia is $189,900 — a whopping $100,000 below the national average. Plus, the cost of an annual mortgage is $8,520, or $4,476 below the national average. The percentage of the population over 65, at 9.71%, however, is below the national average of 18.70%.

Best Place To Retire In South Dakota Near...

  • Sioux Falls: Sioux Falls ($27,229.71 a year)

If living in the Midwest is important, Sioux Falls can deliver in the affordability department. The annual cost of living plus annual mortgage comes in at $3,980.29 less than the national average. Plus the median home list price is $59,900 less than the national average.

Best Places To Retire In Tennessee Near...

  • Memphis: Memphis ($24,807.80 a year)
  • Nashville: Murfreesboro ($32,038.00 a year)
  • Knoxville: Oak Ridge ($29,188.11 a year)

When comparing Memphis, Murfreesboro and Oak Ridge, the one with the clear edge as far as cost of living and annual mortgage is Memphis. The city has the eighth-lowest median list price for a home at $105,000 and the eighth-lowest mortgage at $4,704. Oak Ridge, however, has the fifth-largest population of people 65 and older at 19.23% in this study.

Best Places To Retire In Texas Near...

  • Houston: Baytown ($26,242.72 a year)
  • San Antonio: San Antonio ($28,643.69 a year)
  • Dallas: Mesquite ($28,031.67 a year)
  • Austin: San Marcos ($30,864.33 a year)
  • El Paso: Socorro ($23,995.05 a year)

Texas is an expansive state, which explains why there are so many choices here. Mesquite’s annual cost of living and annual mortgage stands above the rest, at a cost that’s $9,242.67 below the national average. Baytown, San Antonio and El Paso also beat the national average in this category, with El Paso being second-most affordable among these Texas cities.

As far as which of these cities has the largest 65-and-over population, Baytown leads the pack with 11.68%, followed closely by San Antonio at 11.58% and Socorro at 11.53%.

Best Place To Retire In Utah Near...

  • Salt Lake City: West Valley City ($31,375.37 a year)

The annual cost of living plus annual mortgage costs in West Valley City slightly exceed the national average. The national median home list price of $289,900 and the annual mortgage at $12,996, however, are directly in line with the national averages. What that means is that other cost of living expenses, namely healthcare and transportation, are slightly higher than the national average here.

Best Place To Retire In Vermont Near...

  • Burlington: St. Albans ($29,769.80 a year)

St. Albans has a 65-and-over population of 12.06%. Costs are all below the national averages here. For example, the median home list prices at $258,000 is $31,900 below the national average of $289,900. And the annual mortgage cost of $11,568 is $1,428 below the national average of $12,996.

Best Place To Retire In Virginia Near...

  • Virginia Beach: Hampton ($26,712.86 a year)

If the possibility of saving over $100,000, on average, on the price of a home is a priority, Virginia Beach can deliver. The median list price for a home here is $107,900 less than the national average. Another perk of living here is the lower annual cost of living plus annual mortgage, which is $4,497.14 lower than the national average.

Best Places To Retire In Washington Near...

  • Vancouver: Vancouver ($34,718.93 a year)
  • Spokane: Spokane ($27,877.38 a year)
  • Seattle: Tacoma ($30,286.66 a year)

For retirees who want to settle near Seattle, Spokane and Tacoma are great picks with lower-than-national-average costs across the board. Vancouver, however, has an edge due to its larger population of retirees 65 and over at 14.69% versus Spokane’s 14.48% and Tacoma’s 12.98%.

 

Best Place To Retire In West Virginia Near...

  • Huntington: Huntington ($21,922.26 a year)

Huntington has the 10th-lowest median list price for a home at $114,950, which is $174,950 below the national average of $289,900. The city also has the sixth-lowest annual cost of living plus annual mortgage at $21,922.26 a year. The city has a healthy 65-and-over population of 15.29%

Best Places To Retire In Wisconsin Near...

  • Milwaukee: Milwaukee ($24,754.67 a year)
  • Madison: Madison ($31,003.19 a year)

If you’re trying to decide between Milwaukee and Madison for a retirement destination, Milwaukee has the clear edge on affordability, even though Madison has a higher population of retirees 65 and over: 11.08% vs. 9.97%. The median list price for a home in Milwaukee is $170,000 less than it is in Madison as well, at $129,900 vs. $299,900.

Best Place To Retire In Wyoming Near...

  • Cheyenne: Gillette ($29,770.80 a year)

Only 6.73% of the population in Gillette is made up of retirees 65 and over, but that doesn’t mean it’s not a good pick. Choosing to live here means you’ll have a chance of snagging a median home list price of $230,000, which is well below the national average of $289,900. The annual cost of living plus annual mortgage cost is also below the national average of $31,210 by $1,439.20.

 

The Most Affordable Places to Retire Near You

When it comes to the state with the most affordable places to retire, Ohio is the winner. Three out of the four most affordable cities in Ohio — Lorain, Toledo and Middletown — appear in the top 10, whereas Newark, Ohio, ranks No. 12.

As far as states with the most affordable combined annual cost of living and annual mortgage, Anderson, Indiana, ranks No. 1, followed by Lorian, Ohio;  Niagra Falls, New York; Toledo, Ohio; and Chickasaw, Alabama.

If you’re looking for the most options within a state, Texas, Ohio, North Carolina, Florida and California all had the most cities — four or more — to choose from.

Of course, to save the most money in retirement, you’ll likely want to choose a city near you, instead of moving across the country, which could incur a considerable expense.

Click through to see what a comfortable retirement costs in the U.S.

More on Retirement

Methodology: GOBankingRates analyzed the top metropolitan statistical area (MSA) in each state, as well as each of the top 100 U.S. cities’ MSA to determine the most affordable places to retire near you. GOBankingRates first determined the (1) median list price for each MSA’s top cities using Zillow’s April 2019 data, which was then converted to (2) an annual mortgage total, assuming a 20% down payment was placed for a 30-year fixed-rate mortgage at 3.82%, as reported by the Federal Reserve Bank of St. Louis on June 13, 2019. GOBankingRates then used the Bureau of Labor Statistics Consumer Expenditure third quarter 2017 – second quarter 2018 to determine the annual expenditures for a consumer 65 years and older in terms of groceries (“food at home”), healthcare, utilities (“utilities, fuels and public services”) and transportation (gas, other fuels & motor oils” + “ other vehicle expenses”). These annual expenditures were factored out for each city using Sperling’s Best Places Cost of Living Indices to give GOBankingRates  an (3) annual grocery cost for people 65 and older; (4) annual healthcare cost for people 65 and older; (5) annual utilities cost for people 65 and older; and (6) annual cost of transportation for people 65 years and older. Factors 2-6 were then combined to provide an annual cost of living, which was sorted and ranked, with the cheapest being best. GOBankingRates also provided supplemental data, including the percent of each city’s population over 65 (according to the U.S. Census Bureau’s American Community Survey) as well as the property and violent crime rates of each city, which was also sourced from Sperling’s Best Places. All data is accurate as of June 25, 2019.

This article originally appeared on GOBankingRates.com: The Most Affordable Places To Retire Near You