Five Great U.S. Cities to Retire to in 2017
Andy Fleming writing on financial freedom…
Cost of living is on the rise, while social security benefits remain unchanged. This can pose a problem for those looking to retire in the near future. Fortunately, there are still plenty of cities in the U.S. that offer great tax incentives for retirees and feature low costs of living and below-median housing prices. If you’re looking forward to retirement, and want to plan for a future that allows you to live comfortably and without financial worry, take a look at these cities:
1. Sherman, Texas
Sherman is, by far, one of the most affordable places to live in the US. It’s a small city, with a population of just 40,000, but Dallas is only an hour away. Although Sherman is small, there’s plenty to do. It boasts a 12,000-acre wildlife refuge, regular local art performances and festivals, and a nice selection of shops and quality dining options.
Cost of living for retirees is 13% below the national average, which is a hard number to beat. Housing prices are quite low as well, between $79,000 and $98,000 in the greater metro area, cheap compared to the state’s median of $128,900. Couple this with the fact that Texas has no income tax and it’s quite easy to see why you could affordably live in Sherman.
2. Canon City, Colorado
If you enjoy a more remote location, Canon City is worth a look. It’s roughly an hour from Colorado Springs and features a low cost of living – about 16% lower than the Colorado average. House prices aren’t great (the median is around $140,000) but the true value of Canon City lies in its amazing climate. The sun is out and shining bright roughly two-thirds of the year, and the lack of urban sprawl helps keep the temperature at a pleasant level. There’s plenty of options for hiking and fishing in the area as well, making it a prime location if you love the outdoors.
On the other end of the spectrum, at least when it comes to city size, is Tulsa. It’s the second largest city in Oklahoma with a population of 400,000. However, cost of living for retirees is 11.6% below the national average. Everything in Tulsa, from groceries to health care, costs less. The median home price sits around $122,000, but other housing costs are particularly low, about 34.9% below average. If you enjoy the city life, and want plenty of options when it comes to daily activities, Tulsa is your city. You’ll have access to over 100 tennis courts, 20 golf courses, 50 miles of hiking trails, and a plethora of art galleries, museums, theatres, and fine dining options.
4. Fort Walton Beach, Florida
Florida is a popular destination for retirement. While this drives up costs in areas like Pensacola and Sarasota, Fort Walton remains incredibly affordable. The cost of living is 6% below average, the average home price sits around $150,000, and the state has no personal income tax. It’s not uncommon for residents of the area to live on less than $50,000 a year.
Despite the cost-benefits, the city still provides access to beautiful beaches, with fine sand and sapphire-colored water. It’s also a popular spot for fishing and dining, and features several quality museums. If you enjoy those high Florida temperatures, but want a cheaper city with a bit less hustle-and-bustle, Fort Walton is the place to be.
5. Bristol, Virginia/Tennessee
Bristol is located in both Virginia and Tennessee, and offers low costs across the board. The cost of living is a whopping 18% below the national average and the median house price is around $112,000. The climate is pleasantly warm most of the year, without being too hot, and there are many miles of hiking trails to wander down if you enjoy the great outdoors. Bristol is a wonderful area to live in if you enjoy local culture. It’s often considered to be the birthplace of country music, and houses the Bristol Motor Speedway, a popular venue for Nascar races.
P.S. Discover how you can enjoy a more laidback, authentic, independent way of life in The Savvy Retiree Daily. Sign up below to have it delivered – free of charge – to your email inbox.