Yahoo Finance I’m a Real Estate Agent: 8 Places I’d Retire on a Fixed Income
If you’re retiring on a fixed income, you’re looking to limit costs wherever you can. One of the biggest expenses of basic living is housing, so finding affordable places in retirement is essential. If you’re open to moving where the living is cheap, there are several cities that real estate agents recommend as ideal.
Learn: 10 Ways for Retirees To Cut Back on Expenses in 2024
I Retired Early: Here’s My Monthly Budget
GOBankingRates spoke to Ron Wysocarski, a real estate broker with Wyse Home Team Realty in Florida and Andy Kolodgie, CEO and co-founder of the real estate company Sell My House Fast to find eight places they recommend you retire on a fixed income:
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
Lancaster, Pennsylvania
Lancaster has a thriving arts and culture scene, first-rate healthcare facilities, and a lower cost of living than other major cities according to Ron Wysocarski.
“It’s a nice spot to retire because of its tight-knit community,” he said.
The cost of living in Lancaster is a tiny bit below the national average, with the average rent for a single studio coming in at $900, and the median home price around $171,000.
Retirement Planning: How Much the Average Person 65 and Older Spends Monthly
York, Pennsylvania
“York provides easy access to high-quality healthcare and a reasonably priced way of living,” Wysocarski said. “It’s a great place to retire because of its vibrant senior communities, historic downtown, and rich cultural environment.
Its cost of living is about 4% below the national average, with housing at almost 30% below average. The average rent for a studio is around $740.
Harrisburg, Pennsylvania
Harrisburg, the state capital of Pennsylvania, offers a blend of suburban and urban living, Wysocarski said.
“The city provides a wealth of recreational opportunities, easy access to medical services, and a cost of living that is cheaper than the national average.”
The cost of living in Harrisburg is almost 11% lower than the national average, with housing almost 35% lower. A single studio runs around $810 per month and the median house price is $212,400.
Pensacola, Florida
You’d think that because Pensacola is a retirement destination, with its gorgeous beaches and pleasant weather, it would be as pricey as other parts of Florida, but Wysocarski said that’s not the case.
“The city is a popular choice for people on fixed incomes because it has lower housing costs and a reduced cost of living,” he said.
In fact, the cost of living is around 11% lower than the national average. The average rent of a studio here is a little pricier than the other cities Wysocarski has mentioned but still less than $1,000 per month. And the median house price is $240,000.
Brownsville, Texas
Brownsville is an appealing alternative for retirees due to its cost of living, which is comparatively lower than average,” said Andy Kolodgie.
Another attraction is the warm weather, which offers respite from the severe winters, he said.
The cost of living is almost 25% lower than the national average. You can rent a studio apartment here for just $650 and the median home cost is around $162,000.
Columbus, Ohio
Another ideal location is Columbus, Ohio, Kolodgie said. “The city’s blend of suburban and urban districts accommodates a range of tastes, making it possible for retirees to find a suitable place to call home.”
The cost of living here is almost 9% lower than the national average, though housing is almost 30% cheaper here. The average rent for a studio is $860 and the median home cost is around $220,100.
Tucson, Arizona
Even with more retirees heading to Arizona, Tuscon is still a reasonably priced choice for individuals who want a warmer, drier climate, Kolodgie said.
Additionally, he said, “The community has healthcare facilities to satisfy medical demands in addition to a retiree-friendly ambiance.”
The cost of living in Tuscon is 4% below the national average, but housing is 7% below. A studio rents for around $800 and the median home cost is just over $303,000.
Sioux Falls, South Dakota
Kolodgie also recommends Sioux Falls, “[B]ecause of its excellent quality of life, low cost of living, and lack of state income tax.”
Additionally, having parks and outdoor activities nearby improves retirement living in general, he said.
Sioux Falls’ cost of living is about 10% lower than the national average. The cost to rent a studio is around $750 per month and the median home cost is just around $308,600.
With a variety of cities to choose from, retirees on a fixed income should be able to find something that meets their needs.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: 8 Places I’d Retire on a Fixed Income
