For many older homeowners, retirement may means sacrificing comfort and living in the cheapest place possible, often in a big city. However, according to 55places.com, that doesn’t have to be the case. 55places determined which towns in the U.S.
“Understanding not everyone wants to live in a big city or large community, the company researched the most affordable small towns to retire in 2019,” 55places stated.
55places’ cheapest small towns for retirees included Logan, Utah, Wausau, Wisconsin, Cedar, Falls, Iowa, Winchester, Virginia, and Dunedin, Florida. Additionally, 55places surveyed its readers to uncover anticipated costs for buying a home for retirement when comparing it to the value of their current one. According to the survey, 26 percent of respondents answered "about the same," 27 percent said "slightly less" and 24 percent said "much less."
Survey respondents also reported how much they want to pay for their home, with 30 percent wishing to pay $200,000 or less, and 62 percent expect to pay $300,000 or less.
"Affordability is clearly a driving factor when purchasing a home for retirement," said Danny Goodman, COO of 55places.com. "Whether retirees are looking to stay close to family, move to a warmer climate, adopt a low-maintenance lifestyle, or join the camaraderie that comes with active adult communities, the small towns recognized here offer practical options and attractive amenities at a reasonable price point."
55places used the U.S. Census to analyze metropolitan areas across the country with a population of 55,000 or less to determine rankings. From there, certain locations were eliminated based on local crime rates, cost of living, and extreme real estate prices, narrowing it down to 215 places. The remaining locations were determined based on 12 weighted data points, including median income and cost of living via Sperling's Best Places, average home sale price, tax friendliness to retirees, active adult communities, local health care options, job growth based on the Milken Institute, AllTransit Performance Score.