The 10 Most Affordable Places to Retire in the US

Ross Quade | Financial | 10 Apr, 2015 | No Comments

city at night


Retirement can mean a time of relaxation and more time spent with friends, family and grandchildren. Many retirees decide to relocate when they retire, usually to someplace warmer or closer to the ones they love. Maybe you just want to be closer to the beach or your favorite vacation spot.  One thing that can be important to consider when looking for your dream retirement location is which location is the most affordable because moving somewhere more affordable can make your retirement savings last longer.

1.   Albuquerque, NM

Albuquerque is known for the low cost housing they offer. Due to the low cost of living, it is a great place to retire. You get sun and sand, and a low cost home.  Albuquerque offers busing, so you can save money on gas costs too. If you are worried about what you will do for entertainment, Albuquerque is a cultural mecca with many museums, zoos, botanic gardens, cultural centers, trails and bike paths, so there is plenty to keep you busy. The monthly rental cost averages around $650 and the cost to keep up a house with no mortgage/rent averages close to $350 a month.

2.   Knoxville, TN

Knoxville is a delightful place to live, and is very affordable at only around $350 a month for house upkeep with no mortgage. Rent typically runs around $600 a month here. Knoxville is a great place for artists and musicians, or those that love music and the arts. It is home to over 80 parks, there are many trails, and it’s a quick drive from the Smoky Mountains National Park.  The Ijams Nature Center may be one of the most amazing things to see in Knoxville. It is an urban greenspace covering 300-acres that offers hiking, biking and a great chance to enjoy the simplicities of nature.

3.   Augusta, GA

Augusta is the perfect affordable place for any retiree that enjoys golfing. Not only is it the home of the Masters Tournament, it is home to over a dozen golf courses. Rent is only a little over $600 on average and house payments (with no mortgage) run about $350 a month. The Augusta Canal offers a great boating experience and the city is a great place to explore arts and heritage. There are many history and art museums, and it is also the location of the boyhood home of President Woodrow Wilson.

4.   St. Louis, MO

St. Louis isn’t just the home of the Gateway Arch; it offers many more wonderful cultural and historical adventures, including the museum under the arch. There are over 100 parks for the enjoyment of nature lovers that relocate to St. Louis. This city also offers a science center, many museums, and even a zoo. It is also home to a top ranked teaching hospital. Rent is around $650 a month and house payments without a mortgage average about $450. If you are a sports fan you can enjoy football, basketball and even hockey with their professional sports teams.

5.   San Antonio, TX

San Antonio may not seem like an affordable retirement choice when you look at their extensive park system or the over 50 fun golf courses they are home to, but it is a popular place for retirees because of its affordability. Rental costs average around $660 a month and home upkeep averages around $440. The state of Texas also allows your dollars to go further with its lack of state income taxes. If golf is not your thing there are other ways to stay busy here as San Antonio is home to the Alamo Mission, museums, a gorgeous river walk, Sea World, zoos, and many other amazing things to see and do.

6.   Columbia, SC

Columbia is the capital of South Carolina and it’s the perfect place for the retiree that still wants the experience of living in the big city, but allows for low cost living. If you’re a renter, you can look to spend an average of around $700 a month for housing. House payments start around $350 for general upkeep. Want to expand your knowledge? If you are 60 or older and not working full-time, you can actually qualify to attend the University of South Carolina for free. If you’re not looking to attend college, you can use your spare time to enjoy parks, museums, arts and much more.

7.   Jackson, MS

Jackson is the perfect cheap place to retire to if you constantly want something to keep you busy. Check out the great local music, home to lots of blues and gospel music. You can spend time at the opera, the zoo, the planetarium or even the ballet. Your entertainment needs will definitely be covered. If you are renting your home, you can expect to pay just over $600 a month. House payments start about $325 for homes without a mortgage payment. You may also want to visit the awe inspiring Jackson Volcano, which is, thankfully, and extinct volcano.

8.   Pittsburgh, PA

Pittsburgh is a sports mecca, so if you loved watching sports on TV, moving here during retirement gives you plenty of options for viewing sports live. If sports aren’t your thing you can check out the symphony or the ballet. Pittsburgh also offers a great zoo, and many museums to choose from. If art is your preferred method of enjoyment, you will find some great art museums, including The Andy Warhol Museum. Housing is just as affordable in this great city as the previously mentioned choices. Rent is an average of $590 a month and homeowners can expect to make payments of around $450.

9.   Little Rock, AR

There is plenty to do with your time if you spend your retirement years in Little Rock. You can visit the Little Rock Zoo, which is not just a good place to see the animals, but also for fitness. Who needs to walk around a mall when you can do it in nature? There is also the Arkansas Museum of Discovery, as well as other museum options. Little Rock, home to former president William J. Clinton, also is home to the William J. Clinton Presidential Library. Renting retirees can expect to pay around $650 a month in rent, or $350 minimum for their house costs.

10.   Louisville, KY

One of the most prominent features of Louisville is that it is home to of the Kentucky Derby. You’ll also find over one hundred parks to enjoy the outdoors in. Louisville has a magnificent museum row full of sports, history and science. You’ll also find other cultural events such as the ballet, orchestra and the arts. Kentucky seniors can attend classes through the University of Louisville at no cost. Housing for renters is an average of $575 a month and homeowners can expect to pay about $375 for their mortgage free home.



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