Yahoo Finance Real Estate Agents: 8 Affordable Places Where the Middle Class Should Retire
Being middle class often means having enough to not worry about your basic needs, but not necessarily so much that saving is a breeze, which makes an affordable retirement important.
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Salaries range pretty widely in the middle class, from $55,000 on the lower end to $150,000 on the higher end, so budgets are likely top of mind for most middle-class retirees.
Real estate agents recommend these eight affordable places to ride out a comfortable retirement.
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Decatur, Alabama
A little tour to the south will enable a very affordable life, according to Dino DiNenna, Realtor and real estate broker with Southern Lifestyle Properties. In Decatur, Alabama, the typical house value is a mere $120,400, significantly less than the $176,700 national average, he said.
“And the tax benefits? Alabama will not touch your pension or Social Security benefits. Additionally, you are exempt from state property taxes and possibly even certain local ones if you are 65 years old and beyond.”
Check Out: How Long $1 Million in Retirement Will Last in Every State
Hot Springs, Arkansas
Another southern spot is Hot Springs, Arkansas, DiNenna said, which “could be the perfect destination for those seeking a place to unwind without having to travel far.”
Situated at the northern edge of the city is Hot Springs National Park, which boasts 47 thermal springs and bathhouses, he pointed out, but the best part is “[r]etirees enjoy substantially lower housing and healthcare costs — 24.1% and 12.2% lower than the national average. Your wallet will thank you.”
Grand Junction, Colorado
Grand Junction, Colorado, is the perfect retirement place for nature lovers, DiNenna said.
“Activities like riding, hiking, rafting, skiing or snowshoeing throughout the winter are frequently accessible.”
For people over 55, the highest state also maintains low taxes.
“No inheritance, estate taxes or state taxes on retirement income is a great offer.”
Des Moines, Texas
“If you prefer to live in a major city on a tight budget, Des Moines, Texas, is the place for you,” DiNenna said.
He shared that the Milken Institute ranked it seventh for “successful aging.”
In addition, “It offers excellent healthcare services for older people, a robust economy and a wealth of museums and art venues, in addition to being reasonably priced.”
Prescott, Arizona
Prescott is a treasure for anyone considering Arizona, the home of the Grand Canyon, DiNenna said.
“Not only does it offer beautiful scenery, it’s also tax-friendly, ranking among the top 10 states that are friendly to retirees, with low-income taxes and no state taxes on Social Security.”
Overall, Prescott offers a thriving cultural scene, an abundance of outdoor activities like hiking and golfing and living prices that are below average, he said.
Knoxville, Tennessee
Not only does Knoxville boast stunning scenery and cultural offerings, but the cost of living here is almost 9% below the national average, according to Mike Qiu, a licensed real estate agent and the owner of Good As Sold Home Buyers.
“Housing options are quite affordable, whether you’re looking to rent or buy,” he said.
The typical home costs $314,700.
Plus, Knoxville provides a variety of recreational activities, from beautiful parks to hiking trails and cultural events, Qiu said.
Omaha, Nebraska
In Omaha, you’ll find another gem for retirees, Qui said.
“With a low unemployment rate and a cost of living below the national average, Omaha offers financial stability,” he said.
Cost of living is about 10% lower than the rest of the nation, and a typical home costs $252,100.
“The city is known for its friendly communities and diverse cultural scene. Affordable housing and healthcare make Omaha an attractive option for retirees without breaking the bank,” Qui said.
Roanoke, Virginia
This Virginia city is another charming choice, Qui said.
“Nestled near the Blue Ridge Mountains, it combines a low cost of living with a rich cultural heritage and easy access to outdoor activities.”
Indeed, overall cost of living is almost 20% lower than the rest of the nation. The typical house costs around $225,600.
“Whether you’re into local festivals, a vibrant arts scene, or simply enjoying the scenic beauty, Roanoke has something for everyone, all while keeping retirement expenses in check.”
One of these cities may be the key to your comfortable retirement.
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