With nearly 27% of Americans aged 59 or older having no retirement savings, according to a recent study by GOBankingRates,1 finding an affordable place to retire is more important than ever.
These charming small towns offer a low cost of living without sacrificing quality of life, making them perfect for retirees seeking to make the most of their golden years.
1. Camp Hill, Pennsylvania
With a livability rating of 92, the highest on our list, Camp Hill, Pennsylvania, is a retirement paradise. (ref) Approximately 8,000 residents call this town home, enjoying a median household income of around $105,000 and an average monthly cost of living of just $3,360, including rent and other necessities.
2. Decatur, Alabama
Retirees in Decatur, Alabama, enjoy an annual cost of living that’s 14% below the U.S. average. (ref) The Heart of Dixie provides ample opportunities for outdoor recreation, including some of the state’s best bass fishing in Wheeler Lake.
Plus, Alabama doesn’t tax Social Security income, and homeowners 65 and older are exempt from state property taxes.
3. Prescott, Arizona
Prescott, Arizona, boasts a cost of living that’s 3.7% below the national average. Retirees can enjoy a vibrant downtown square, miles of hiking and biking trails, and a mild four-season climate in this high desert small city. Arizona is also one of the most tax-friendly states for retirees.
4. Big Rapids, Michigan
About an hour north of Grand Rapids lies Big Rapids, Michigan, where retirees can enjoy 100 lakes, golf courses, trails, breweries, wineries, and annual festivals. With total average monthly expenditures of just over $2,539, Big Rapids has the lowest cost of living on our list.
5. Punta Gorda, Florida
Punta Gorda, Florida, consistently ranks as one of the best places to retire, thanks to its desirable climate and favorable tax status. Nearly half of the city’s residents are 65 or older, and numerous retirement communities offer waterfront sites, golfing, fishing, and other activities.
The cost of living in Punta Gorda is 5.2% below the U.S. average.
6. Waukesha, Wisconsin
The Village of Waukesha, Wisconsin, with a population of about 8,400, boasts the 9th highest median household income on our list.
Retirees in Waukesha can expect a total monthly cost of living of $3,379, with the average rent being $1,365. This charming village also received high scores for overall quality of life. (ref)
7. Maplewood, Missouri
Maplewood, Missouri, offers a monthly cost of living of just $2,810. This St. Louis suburb also scores high on livability, with a rating of 87 out of 100. Retirees can enjoy the town’s quaint downtown, filled with unique shops and restaurants.
8. Sharpsburg, Pennsylvania
Just outside Pittsburgh, Sharpsburg, Pennsylvania, offers retirees a monthly cost of living of $2,840 and a crime rate of only 9.68 per 1,000 residents.
Situated along the Allegheny River, this historic town provides easy access to the cultural attractions of the Steel City, without the big-city price tag.
9. Brentwood, Pennsylvania
Another Pittsburgh suburb, Brentwood, Pennsylvania, boasts a monthly cost of living of $2,937 and an impressively low crime rate of 7.43 per 1,000 residents.
Numerous parks, including Brentwood Park with its walking trails, sports fields, and swimming pool, provide ample opportunities for outdoor recreation.
10. Alamo Heights, Texas
A suburb of San Antonio, Alamo Heights, Texas, offers retirees a monthly cost of living of $3,036 and a livability score of 80. Known for its tree-lined streets, historic homes, and thriving business district along Broadway, this upscale enclave is a great choice for budget-minded retirees.
Texas also has no state income tax, making it an attractive option.
11. Riverdale, Utah
Riverdale, Utah, just outside of Ogden, provides retirees with stunning mountain views and a monthly cost of living of $3,084.
Scoring high on livability with a rating of 82, this small city is perfect for outdoor enthusiasts who appreciate the town’s proximity to skiing, hiking, and fishing in the nearby Wasatch Mountains.
12. Lindale, Texas
Nestled in the Piney Woods region of East Texas, Lindale offers retirees a monthly cost of living of $3,143 and a crime rate of just 15.97 per 1,000 residents.
Home to country music star Miranda Lambert, this small city features a historic downtown with antique shops, restaurants, and a popular farmers market.
13. Coraopolis, Pennsylvania
Coraopolis, Pennsylvania, another Pittsburgh suburb, provides retirees with a monthly cost of living of $3,145 and a livability score of 82.
Along the Ohio River, this former mill town has undergone a revitalization in recent years, with a renewed focus on its riverfront and historic downtown.
14. Grand Blanc, Michigan
A suburb of Flint, Grand Blanc, Michigan, offers retirees a monthly cost of living of $3,146 and a crime rate of 14.31 per 1,000 residents. Several parks, golf courses, and a charming downtown with unique shops and restaurants make this small city a great choice for retirees.
Michigan also provides a pension and retirement income tax exemption for those 65 and older.
15. Richmond Heights, Missouri
Richmond Heights, Missouri, another St. Louis suburb, boasts a monthly cost of living of $3,155 and a livability score of 85. Retirees can enjoy the city’s numerous parks and easy access to the cultural attractions of St. Louis while living in this upscale community known for its luxurious homes, high-end shopping, and fine dining.
16. Edgewood, Kentucky
Nestled along the Ohio River, Edgewood, Kentucky, offers retirees a monthly cost of living of $3,168 and a livability score of 83. This Cincinnati suburb is known for its well-maintained homes, excellent schools, and low crime rate.
Retirees can enjoy the city’s numerous parks, including Presidents Park, which features walking trails and a fishing lake.
17. Fairfield, Ohio
Fairfield, Ohio, a suburb of Cincinnati, provides retirees with a monthly cost of living of $3,170 and a crime rate of 16.14 per 1,000 residents. With over 20 parks, including the 275-acre Harbin Park, retirees have ample opportunities for outdoor recreation.
The city also boasts a thriving arts scene, with the Fairfield Community Arts Center hosting concerts, plays, and art exhibits.
18. Farmington, Michigan
A suburb of Detroit, Farmington, Michigan, offers retirees a monthly cost of living of $3,201 and a livability score of 83. The city’s historic downtown features unique shops, restaurants, and a weekly farmers market.
Retirees can also enjoy the city’s numerous parks, including the 211-acre Heritage Park, which offers hiking trails, a nature center, and an amphitheater.
19. Ballwin, Missouri
Ballwin, Missouri, yet another St. Louis suburb, provides retirees with a monthly cost of living of $3,205 and a crime rate of just 6.72 per 1,000 residents. Vlasis Park, the city’s crown jewel, spans 68 acres and features walking trails, fishing ponds, and a community center.
Golf enthusiasts will appreciate the numerous courses in the area, while wine lovers can explore the nearby wineries of Missouri’s Augusta region.
20. Berkley, Michigan
With a monthly cost of living of $3,211 and a livability score of 83, Berkley, Michigan, a suburb of Detroit, is an attractive option for retirees. Downtown Berkley boasts unique shops, restaurants, and a beloved ice cream parlor, creating a charming atmosphere.
Jaycee Park, spanning 57 acres, is one of the many parks in the city, offering walking trails, a fishing pond, and a community center for retirees to enjoy.
21. Grandview Heights, Ohio
Grandview Heights, Ohio, a suburb of Columbus, offers retirees a monthly cost of living of $3,215 and a low crime rate of just 8.63 per 1,000 residents. The walkable downtown is home to unique shops, restaurants, and a popular brewery, providing a vibrant atmosphere for retirees.
Wyman Woods Park, covering 28 acres, is one of the many parks in the city, featuring walking trails and a fishing pond.
22. Glendale, Missouri
Glendale, Missouri, another St. Louis suburb, provides retirees with a monthly cost of living of $3,220 and a livability score of 82. Tree-lined streets and historic homes create a charming backdrop for retirement living in this quaint city.
Glendale Park, spanning 10 acres, is one of the many parks residents can enjoy, offering walking trails, a fishing pond, and a community center.
23. Clawson, Michigan
Clawson, Michigan, a suburb of Detroit, offers retirees a monthly cost of living of $3,224 and a low crime rate of just 10.45 per 1,000 residents. The quaint downtown features unique shops, restaurants, and a popular farmers market, providing a charming small-town feel.
City Park, covering 38 acres, is one of the many parks in Clawson, boasting walking trails, a fishing pond, and a community center for retirees to enjoy.
24. Montgomery, Ohio
With a monthly cost of living of $3,228 and a livability score of 81, Montgomery, Ohio, a suburb of Cincinnati, is an attractive option for retirees. The historic downtown is home to unique shops, restaurants, and a popular wine bar, creating a vibrant atmosphere.
Pioneer Park, spanning 102 acres, is one of the many parks in the city, offering hiking trails, a fishing lake, and a community center for retirees to enjoy.
25. Pleasant Ridge, Michigan
Pleasant Ridge, Michigan, a suburb of Detroit, provides retirees with a monthly cost of living of $3,232 and an impressively low crime rate of just 5.19 per 1,000 residents. Downtown Pleasant Ridge boasts unique shops, restaurants, and a beloved ice cream parlor, creating a charming atmosphere.
Gainsboro Park, covering 12 acres, is one of the many parks in the city, featuring walking trails, a fishing pond, and a community center for retirees to enjoy.
Source:
1. GO Banking Rates
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Davin is a jack-of-all-trades but has professional training and experience in various home and garden subjects. He leans on other experts when needed and edits and fact-checks all articles.