4 Best Lake Towns Where Retirees Can Live Comfortably on Less Than $3,500 a Month
Written by
Jake Safane
Edited by
Zuri Anderson
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Lake towns are often charming, picturesque communities that offer a mix of recreation and relaxation. And while many lake towns are vacation destinations that have high in-season prices, there are plenty of communities where retirees can affordably settle down year-round.
On average, household spending for those 65 years and older — with an average household size of 1.7 people — is about $5,000 per month, according to the Consumer Expenditure Surveys (CE) program from the U.S. Bureau of Labor Statistics.
Yet there are many great lake towns where you could retire on less than $3,500 a month. Some of the best ones, according to Anita Burke, owner of Lakes Escapes Travel, include the following.
Hot Springs Village, Arkansas
While not technically a town, Hot Springs Village in Arkansas is the largest gated community in the country, with its own police and fire department. Prices vary, but rent averages $1,500 per month, according to Zillow. If you can get that price down even more, such as by having a low mortgage instead of renting, it’s definitely possible for a retired couple to live here for less than $3,500, especially since there’s so much to do within the community.
“Home to 11 lakes and nine golf courses, the Village has tons of outdoor recreation, trails and any community club or activity you could probably dream of,” said Burke. “Residents can choose from lakefront, golf-course and near-lake properties, all in this quiet, lesser-known area that has mild winters and beautiful landscape.”
Plus, it’s “a short drive from downtown Hot Springs, which has access to history, culture, and locally-owned shops and restaurants. There are great nearby healthcare services and not too far from the bigger city of Little Rock, which makes it a great option for retirees looking for both comfort and convenience,” she added.
Lake of the Ozarks, Missouri
The Lake of the Ozarks may be famous thanks to Netflix, but it can also be a great place to retire.
“Lake of the Ozarks has a range of housing options for really any retirement budget. The lake and its surrounding communities are perfect for anyone looking for a relaxed, water loving lifestyle,” said Burke.
There are many communities to choose from along the lake, but one option is the city of Lake Ozark. According to BestPlaces, a single person needs just $2,100 per month to live in Lake Ozark. That also likely means a retired couple could find a way to live a good life here for less than $3,500, depending on factors like housing size. Plus, you can keep costs down with all the natural recreation in the area.
“From hiking trails and the Missouri cave systems, to golf courses and year-round recreational activities, Lake of the Ozarks is a great place for active retirees who are looking for nature, convenience and community,” said Burke.
Rogers, Arkansas (Beaver Lake)
Beaver Lake, located in the city of Rogers, Arkansas, is also a great option for retirees, due to its “low cost of living, mild seasonal weather and access to both recreation and culture to enjoy,” suggested Burke.
Like many lake towns, there can be a wide range in housing prices, but you can find plenty of charming places to live for less than $400,000. And grocery prices in Rogers are 5% lower than the national average, according to PayScale. Meanwhile, there’s so much to do in the area.
“Beaver Lake is known for its excellent fishing, boating, hiking, and nature views. It is nearby the town of Bentonville which is booming with growth and has fantastic amenities,” such as healthcare and art, Burke said.
“Beaver Lake is also a short drive from Eureka Springs, which has its own charm of boutique shops, local art galleries and a fun, eclectic atmosphere. This area has a low cost of living, mild seasonal weather and access to both recreation and culture to enjoy.”
Grove, Oklahoma (Grand Lake)
Lastly, retirees looking for an affordable lake town should consider places like Grove, Oklahoma, situated along Grand Lake o’ the Cherokees, also called Grand Lake.
Here, you can find many housing options for under $300,000, with a median sale price in Grove of $269,000, per Redfin. There are also several other communities along the lake to consider too to help you find something aligned with your budget and lifestyle.
“Grand Lake o’ the Cherokees is considered the best lake in Oklahoma for retirees. It has affordable living, a welcoming community, and lots of shoreline with wide channels of water for all types of lake activities. There are quieter coves, great fishing, golf communities like Shangri-La, and the towns of Grove and Monkey Island have plenty of amenities so you can enjoy an active lake lifestyle year-round,” said Burke.
Plus, “There is access to quality healthcare, mild seasons and a strong retiree population great for anyone looking to settle into lakefront living without high costs or crowds,” she added.
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