As per data from the Bureau of Labor Statistics (BLS), The average American retired person aged 65 and over spends $52,141 per year, which is $4,345 monthly. However, your price of living depends on a myriad of variables, including expenses for housing, healthcare, and lifestyle choices.
If you’re on two incomes during your retirement, you’ll likely have more cash for basic necessities and no needs. Suppose you’re hoping to retire on one income. In that case, your finances might be stretched, mainly if your savings or income from retirement aren’t as great as you’d have hoped for.
Harrisburg, Pennsylvania
“I often assist my clients in finding the perfect spot to retire in,” said Chenise Hinds, a licensed real estate agent based in Washington, D.C. “When planning for this significant life change, essential factors such as the price of life, accessibility to high-quality healthcare, and recreational opportunities must be considered.”
One place that is on the right track According to Hinds, one of the locations that hits the mark can be found in Harrisburg, Pennsylvania. The average home price is $230,169. In addition, the city has plenty of nature, cheap healthcare, and easy access to modern facilities that seniors require.
Pennsylvania is also in the middle regarding general affordability, with the cost-of-living index being 94.8.
York, Pennsylvania
“York, Pennsylvania, gives retirees a peaceful life as opposed to the bustling city,” Hinds said. “It is a great place to live for low-cost healthcare and housing.”
The average home’s price in York is $241,386, with a rising trend that makes it an excellent option for those seeking to downsize their house and move to a bigger, cheaper one.
Daytona Beach, Florida
Florida is a trendy retirement destination. Although prices for living in the state have gone up in recent years, people living on a single income can still afford healthcare and housing in cities such as Daytona Beach.
“Daytona Beach,” Florida, allows retirees to have fun in the sun and sand,” Hinds said. “Beachside living is accompanied by decent costs for housing and healthcare.”
The average house value for a home in Daytona Beach is $254,480. The price of living is 100. This is slightly more than the national average.
Sarasota, Florida
If you’re on a larger salary, Sarasota could be worth exploring. The average home price is $454,620, and groceries, transport, utilities, and healthcare expenses are all less than the average for the nation.
Additionally, as Hinds stated, Sarasota excels regarding its beach culture, institutions of culture, art scene, and overall culture.
Las Vegas
“Las Vegas has lots to offer retirees in terms of entertainment as well as 55plus neighborhoods,” said Ty Fischer, a licensed real estate agent and the founder of RetireBetterNow.com. “It offers a moderately affordable cost of living, and there are no taxes on income earned by the state.”
The median home value for a house in Las Vegas is $400,354. However, retirees with a single income may locate cheaper homes near the city’s fringes.
Nevada is also home to one of the cheapest healthcare costs in the nation, with a health index of just 89.2.
Phoenix
Phoenix is worth checking out if you’re a retiree looking forward to the sun all year. The average home price is $414,076 and has declined slightly over the last twelve months. Health and utility expenses are also less than the average for the country.
“Phoenix provides the sought-after warm climate snowbirds seek and a less expensive cost of living. It also happens to be the home of Sun City, the first retirement community of its type,” Fischer said.
Sun City has no sales tax for the city and an overall cheaper cost of living than other cities. The cost of housing ranges between $35,000 and $350,000. The annual property tax ranges from $300 to $1300.
Tampa, Florida
Tampa has a variety of 55+ communities offering luxurious amenities and ease of living. The housing market in Tampa is also affordable, with an average home price of $377,792.
“This city is close to stunning beaches as well as major sports teams, entertainment, and mild weather,” Fischer said. “Retirees also enjoy the benefit of the absence of a state income tax.”
Asheville, North Carolina
If you want to retire in mountain ranges, Asheville, North Carolina, is a good option.
“There are a variety of elements that determine what makes a perfect area to retire in such a way as the cost of living, accessibility to healthcare, the overall living conditions, and other activities that suit one’s preferences,” Fischer said. “[Asheville is] a place with an affordable cost of living and a moderate climate, which makes it an appealing alternative for retired people. There are many outdoor activities.”
North Carolina is also ranked 27th on the overall cost of living. Most items, including utilities, groceries, and transportation, are priced lower in the state.
The home’s price in Asheville is more expensive at $453,631.
Iroquois County, Illinois
With a median home value of just $122,797, Iroquois County is an ideal home purchase or rental option for retired people with a single source of income.
“One of the best-kept secrets for retiring to pleasant seasonally-driven weather, low cost of housing, and close accessibility to a variety of midwestern cities is Iroquois County in Illinois,” said Jerry Grodesky, an experienced real estate agent at Farm as well as Lake Houses Real Estate Inc.
Iroquois County is close enough to major cities, such as Bloomington and Indianapolis, so retirees can enjoy the facilities and healthcare services. It’s also far enough from the urban sprawl to enjoy the natural beauty, peace, and tranquility away from the bustle and noise.
In addition, the average price of life in Illinois is 91.8. The state generally has a high ranking for affordable housing, food, health, and utilities.
Fort Myers, Florida
“Affordability is often the top priority for people on a single income,” said Adrian Pedraza, a real estate broker licensed by the state and owner of The California Home Buyer. “Cities like Fort Myers offer a strong community of support for retirees as well as all the other cultural events that you would like to find in a metropolis with a lower price than other cities.”
In addition, Fort Myers benefits from tax-friendly laws. The median home price is $366,621, lower than the nation’s average.
Grand Junction, Colorado
Many areas in Colorado are affordable for retirees with a single income. One can be found in Grand Junction, which has an average home worth $376,395 and cheap health insurance.
“Grand Junction, located in the Western Slope, provides not just affordable living but also access to stunning views,” said Brett Johnson, a licensed realtor and investor in real estate with the New Era Homes Buyers. “The low cost of life is the basis for a lifestyle centered around exploring, wine tasting, and the tranquil atmosphere of the Colorado River.”