HIDDEN GEM LOCATIONS IN THE US WHERE YOU CAN RETIRE FOR CHEAP
After the recent runup in inflation, your nest egg dollars may not stretch as far in retirement as you hoped. This is especially true if you live in an area with a high cost of living, which you don’t have to do.
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As you play around with your retirement numbers and timeline, consider if you could retire earlier — or how much longer your nest egg could last — if you retire to one of the following hidden gem cities sprinkled across the US.
1. Augusta, Georgia
Martin Orefice, CEO of Rent to Own Atlanta, points to a nearby gem.
“One area that I’m shocked doesn’t get more attention as a retirement destination is Augusta, Georgia. The average home price is below $200,000, and the community offers an amazing combination of good weather, great golf and plenty of natural beauty while also being far enough from the coast to be much safer from hurricanes than coastal retirement destinations.”
Orefice is not wrong about the median home price. Zillow pegs it at $176,102, which is less than half the national average of $420,800 according to the Federal Reserve.
2. Chattanooga, Tennessee
With its thriving arts scene, fantastic live music culture and vibrant festivals, Chattanooga offers plenty to do on a budget. Outdoor enthusiasts also love the abundant hiking and biking trails, easy access to the Tennessee River, and even white water rafting.
It doesn’t hurt that Tennessee doesn’t charge income taxes, either.
On the housing side, the median home price in Chattanooga costs more than 25% less than the national average at $303,387.
3. New Orleans, Louisiana
“How about New Orleans for a place to retire? Not every boomer wants the Florida or Arizona-planned community experience, after all,” said Christopher Falvey, co-founder of Unique NOLA Tours. “We have the year-round warm weather checked. But beyond that, we have such a deep, historic culture that is welcoming to people of all ages.
“In fact we’re one of the most welcoming cities in the US, and that includes people of baby-boomer retirement age. New Orleans is not just for younger people partying. We have quaint enclaves, such as the Garden District, that are very subdued.”
“For a major city with all its attendant amenities, New Orleans offers plenty of affordable housing. The median home price is only $247,524, and you could potentially house hack to pay nothing at all. “The ‘New Orleans Housing Dream’ involves buying a double shotgun house and renting out the other half (as an apartment or an Airbnb) to pay for a good chunk or all of the mortgage bill.”
4. Youngstown, Ohio
Sure, Youngstown isn’t exactly the metropolis that New Orleans is. But it sits within an hour’s drive of two major cities, Pittsburgh and Cleveland, for easy access to large airports and a city day trip.
Seniors can enjoy discounts at several golf courses, including two at Mill Creek Park. And Youngstown provides a fun college town feel as Youngstown State University is the largest employer in the city.
Plus, the cost of housing is downright negligible, with median home prices costing just $57,470. Most luxury cars cost less than that!
5. Anderson, South Carolina
“Anderson, South Carolina is a city I’d recommend looking into,” said Seamus Nally, CEO, TurboTenant. “It has the nickname ‘The Friendliest City in South Carolina,’ which is a beneficial thing for anyone, but especially for retirees looking for social opportunities and community. It is also an affordable place to live, with the average rent price being just about $1,050. Plus, it’s only about a two-hour drive from both Atlanta, GA and Charlotte, NC, so you are close to a few fun, big cities.”
Sure enough, the average home price in Anderson clocks in at just $255,628.
6. Baltimore, Maryland
Like Youngstown and New Orleans, Baltimore has a gritty reputation as a post-industrial city.
But much of the city is beautiful, hugging the Chesapeake Bay as it curves into Baltimore’s Inner Harbor. Old port neighborhoods like Fells Point date back hundreds of years, their history visible in their cobblestone streets, marinas and original townhomes. Home to world-class hospitals, Baltimore has a well-deserved reputation for excellent healthcare as well.
And if city life just isn’t for you, Baltimore offers plenty of suburbs and outlying towns, each with its own personality.
Baltimore also enjoys a privileged location. It sits less than an hour from Washington, DC, 90 minutes from Philadelphia, two to three hours from a dozen beach towns and three hours from New York City. Baltimore County features forested hills and plenty of parks for hiking, which are, in many cases, just a few minutes outside the city.
Additionally, the median home price is just $187,223 — unheard of for a major East Coast city.
7. Hickory, North Carolina
Hiking enthusiasts also love Hickory for its year-round mild temperatures and easy access to the Blue Ridge Mountains.
Bordering the city on the north lies Lake Hickory, with over 100 miles of shoreline. Retirees can relax here to fish, boat or just sit on the dock of a cabin and watch the sun set.
Median home prices don’t disappoint either. At just $286,223, they cost 32% less than the nationwide average.
8. Lexington, Kentucky
With over a hundred public parks, six public golf courses and an in-town 734-acre nature preserve, Lexington offers plenty to do outside. And that says nothing of the horse culture and endless outdoor opportunities to tipple a bourbon.
Indoors, check out the Lexington Opera House and its rotating calendar of musicals and plays, comedy shows, concerts, ballets and, of course, operas. Then visit the abundant art galleries for an extra dose of culture.
At the University of Kentucky, the Donovan Fellowship lets seniors over 65 take classes for free. Osher Lifelong Learning Institute also features endless events, groups and courses for residents 50 and over.
Buy a median home in Lexington for a reasonable $303,077.
Final Thoughts
You aren’t stuck with your current house, city or state. You get to decide where — and when — you retire.
“Moving to a more affordable location is top of mind for many retirees,” said Kerry Sherin, consumer advocate at Ownerly.
“Consider the cost of living in your ideal place and take into account rural areas with lower taxes and fewer restrictions. Evaluate your budget and any incentives available, such as tax rebates for seniors.”
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This article originally appeared on GOBankingRates.com: Hidden Gem Locations in the US Where You Can Retire for Cheap
2024-05-26T11:06:21Z dg43tfdfdgfd