5 Cities With An Affordable Cost Of Living for Retirees

Retirement offers a host of new opportunities and experiences. But before you enjoy your golden years, there are practical and logistical matters that have to be considered and planned for before the fun can start. An important question to answer is how far your savings or retirement income will go.

For many retirees, this season of life involves a move. Whether this is to downsize or find a more fiscally friendly area, there many retirement friendly cities across the country. To help you make your decision, here are some of the most affordable cities to live around the Unites States:

El Paso, Texas

Also known as Sun City, El Paso was rated the third best town for retirees by US News & World Report in 2017, and in 2020, the city made the list by having the lowest cost of living. Notably, median home prices sit at $146,450, and average rent for a one bedroom apartment is about $812. These affordable housing options and lovely weather make this a great city to retire in, especially for outdoor lovers who want to take advantage of all the outdoor recreation opportunities.

Wichita, Kansas

Wichita is another extremely affordable city for retirees, sitting at second lowest cost of living in the nation. Move.org actually has Wichita’s average fuel and food costs running lower than in EL Paso, but loses out on that lowest cost of living title by having marginally higher rent and home prices. This affordable city offers an eclectic range of activities for residents, and the word on the street is that the sunsets are reliably beautiful.

Lincoln, Nebraska

Nebraska is not known as a destination for retirement, however in 2019, Bankrate named the state as one of the best for retirees to relocate to. It should be noted that it is not a flashy destination like Arizona or Florida. The charms of Nebraska exist in its quality health care and cost of living, making it an affordable city for minimum wage employees or those who have more modest retirement savings.

Tucson, Arizona

Arizona is on the short list of states known for its population of retirees. As a destination state, the city of Tucson offers value by being one of the more affordable options. Evident with its median monthly living costs running just under $1,500 and retiree friendly tax laws – retirement funds go further here. Tucson offers a laid-back atmosphere with an abundance of retirement communities and year-round beautiful weather.

Albuquerque, New Mexico

Aside from the popular TV series, Breaking Bad, and the notoriety the city has for its film tourism, Albuquerque is another affordable city to retire in. With an average living cost right above the $1,500 mark and a vibrant art and culture scene, this can be a great retirement option for those looking for a less traditional retirement experience.

Start Planning Today

For those expecting to retire soon, or even those who have already retired, these cities represent only a handful of the many options available. Considering the cost of living is an excellent place to begin, but given that it is not the only factor in making a decision, readers are encouraged to search online to learn more about possible retirement destinations.