5 Most Affordable Medium-Sized Cities for Retirees To Grow Old at Home
Written by
Paige Cerulli
Edited by
Brendan McGinley
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When you’re deciding where you want to retire, it’s important to consider the cost of living in your planned destination. Since that cost increases over time, retirees living on a fixed income benefit by choosing affordable destinations that are well within their budgets. If you love city life, that doesn’t mean that you have to live in a more rural setting, but it does mean you’ll want to be careful about which city you choose.
To help you get started, GOBankingRates analyzed U.S. cities with populations of at least 150,000 to determine which ones are most affordable for retirees. Here are the top five and some important facts to consider about each retirement destination.
Akron, Ohio
- Monthly expenditure: $1,699
Akron, Ohio tops the list with the lowest monthly expenditure, but there are other reasons for retirees to consider this city. Akron is home to several medical centers, including the Akron General Health Center, Cleveland Clinic Akron General and Select Specialty Hospital. According to Seniors Guide, Akron is just 45 minutes south of Cleveland, and Columbus is a two-hour drive away, so retirees could easily seek healthcare from other cities.
While the winters in Akron can be cold, summers are warm and enjoyable, plus retirees can enjoy the noteworthy beauty that spring and fall bring to the area.
Albuquerque, New Mexico
- Monthly expenditure: $1,710
Retirees who love the sun and warmth may find that Albuquerque is an ideal destination. Myers & Myers Real Estate reported that Albuquerque not only has an affordable cost of living, but that housing options are diverse. Retirees can choose from numerous low-maintenance options, or they can opt for a custom-built home with beautiful mountain views. As an added bonus, the area is known for its rich culture and history, and it’s home to many historic landmarks.
Hospitals like the Presbyterian Hospital, UNM Hospital and Lovelace Women’s Hospital ensure healthcare is readily accessible.
Spokane, Washington
- Monthly expenditure: $1,711
Spokane, Washington may be particularly appealing to retirees because Washington state has no individual or corporate income tax, according to the Washington State Department of Revenue. There are other perks to the area, too. Rent.com reported that Spokane is known for its friendly neighborhoods and strong sense of community, so chances are that retirees who decide to move to the city will find it to be a welcoming place. Winters can be harsh, though, so it’s important to be prepared with a snow-removal plan.
Cleveland
- Monthly expenditure: $1,723
Ohio makes the list of the most affordable cities again with Cleveland. According to 55Places.com, the city is home to numerous communities for active adults aged 55 and older. The Cleveland Clinic consistently ranks as one of the top hospital systems in the world, meaning retirees can access top-quality healthcare without having to travel beyond the city. Cleveland healthcare costs tend to be lower than the national average, plus the city’s rich cultural scene gives retirees many entertainment options.
Toledo, Ohio
- Monthly expenditure: $1,738
Like the other most affordable cities, Toledo, Ohio has a robust healthcare system. Retirees can access care through the ProMedica Toledo Hospital, University of Toledo Medical Center, St. Vincent Medical Center and more. Located at the Western tip of Lake Erie, Toledo experiences warm summers, though winters can be snowy and cold, according to WeatherSpark. Retirees will want to be prepared for lots of snow if they plan to move to this city.
Additional Considerations When Choosing a City To Retire To
While it’s easy to look at cost of living and a home’s purchase price in a city, Jessica Robinson, co-owner at Family Nest North Central Florida, encourages retirees to consider other factors, too. For example, think about the long-term affordability in terms of the city’s property taxes, homeowner’s insurance, healthcare access and local amenities.
“Be sure to note any hidden costs such as HOA fees, maintenance, utility rates and other expenses that often catch buyers off-guard,” she said. “I always advise retirees to prioritize smaller, energy efficient homes in well-located communities that balance comfort, safety and financial sustainability.”
Ryan Dossey, co-founder of SoldFast, emphasized that the cost of and access to healthcare should always be a top priority for retirees. Consider not only accessibility to hospitals, but also the cost of and access to medical devices like wheelchairs and hearing aids.
“Some of these costs can become semi-regular so it helps to know the general expectations for an area,” he said. “You could even include the available nursing and hospice facilities if living independently becomes more difficult.”
He also suggested that retirees evaluate their forms of taxable income and how each city taxes that income. Cities may have different tax rates for different kinds of investments and retirement accounts, and retirees might be surprised at how those taxes can eat away at their residual income. If you’re planning to shop for a new home in a different city, consider the maintenance that the home is likely to require.
“It’s harder to provide upkeep for larger homes, especially ones with multiple floors,” said Dossey. “A comfortable, single-level home is always a smart choice.”
Finally, think about how the city’s climate will affect factors like home maintenance and healthcare costs. Dossey said that many retirees choose to move to the desert because it’s warm, dry, and flat, all of which make it easier for seniors to stay healthy. By staying healthy, retirees can save on medical costs. And as a bonus, there’s no leaf or ice removal to worry about with homes in desert climates, contributing to retiree safety while saving on maintenance costs.
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