The cost of housing is the largest recurring bill for many retirees — making this expense among the critical things to consider when choosing where to retire.
However, retirees might have more options than they realize. A GOBankingRates analysis recently identified 20 U.S. cities with affordable housing, plus other characteristics that make them ideal for retirees.
The factors examined for the analysis include:
- Apartment data
- Senior population
- Crime rate
- Walk Score (a measurement of a city’s “walkability” detailed in “The 35 Most Walkable Cities in America“)
You won’t find the likes of New York City, Los Angeles or Chicago on the resulting list. But you will find smaller cities with a draw of their own — a high quality of life coupled with a low cost of living.
For example, in these 20 cities, retirees can rent a one-bedroom apartment for less than $1,000 a month, on average. In the top 10 cities, retirees can find the same size home for less than $840.
In the No. 1 ranked city — El Paso, Texas — rent for a one-bedroom averages $550 a month. To boot, 11.2 percent of residents are seniors, and the city earned the best safety score of all the cities in the analysis.
“Many of the cities [listed] appear regularly on ‘top cities to live’ lists, and combine the great outdoors with thriving downtown areas that offer modern amenities, restaurants and entertainment.”
El Paso is an example of such a “top city.” Just in the past year or so, it has been featured in articles such as “The 20 Cheapest Big Cities for Renters” and “The 25 Most Undervalued Cities in America.”
The 10 highest-ranked cities in GOBankingRates’ analysis are:
- El Paso, Texas — Average monthly rent for a one-bedroom apartment is $550
- Boise, Idaho — $762
- Mesa, Arizona — $805
- Rochester, New York — $742
- Waterbury, Connecticut — $750
- Billings, Montana — $598
- Lincoln, Nebraska — $766
- Eugene, Oregon — $801
- Omaha, Nebraska — $838
- Reno, Nevada — $800
If you dream of spending your golden years overseas, consider the country that was recently named the top place to retire abroad for the fourth consecutive year.
What do you consider the ideal city for retirement? Let us know why by commenting below or on our Facebook page.
Learn everything you need to plan your dream retirement
The Only Retirement Guide You'll Ever Need gives you the knowledge you need to retire on your own terms. Sure, you can pay a financial adviser, but this online course gives you total control to create a custom retirement plan around the things that make you happy.
You're going to get expert, personalized advice. You'll have access to the latest tools. And when it's complete, you'll be able to approach your retirement confidently and with peace of mind.
It's time to plan the best years of your life. Let's get started.