Low-cost locales
One of the fastest ways to improve your retirement finances is to relocate to a place with more affordable housing and a lower overall cost of living. U.S. News analyzed Census Bureau data to find the places where homeowners age 65 and older pay the least in monthly housing costs, both with and without a mortgage. Here are the most affordable places in the U.S. to buy a retirement home:
Wheeling, West Virginia
Located in the northernmost part of West Virginia, Wheeling is 55 miles from downtown Pittsburgh and 120 miles from Columbus, Ohio. Homeowners age 65 and older pay a median of only $764 per month with a mortgage and $298 monthly if they have paid off their mortgage.
Muncie, Indiana
Muncie is the home of Ball State University, which enrolls 21,000 students each year. The area also provides affordable homes for retirees, with housing costing older homeowners a median of $766 per month with a mortgage and $335 without one.
Owensboro, Kentucky
Located along a bend in the Ohio River, Owensboro is among the most affordable places in Kentucky for retirees. Seniors age 65 and older pay a median of $775 in monthly housing costs if they have a mortgage, and monthly expenses drop to a median of $301 once they have paid off their home.
Beckley, West Virginia
Beckley’s tourist draws include an Exhibition Coal Mine and Tamarack, an artisan shopping center. People stay for the low housing costs, which are a median of $783 for those age 65 and older with a mortgage and just $271 for retirees with paid-off homes.
Weirton-Steubenville, WV-OH
The metro area that includes Weirton, West Virginia, and Steubenville, Ohio, has median homeownership costs of $804 per month for people age 65 and older. Those who have paid off their mortgages pay just $313 in monthly housing expenses.
Dothan, Alabama
Dothan is located in southern Alabama near the Florida state line and is known for its peanut crop. Housing costs retirees a median of $823 monthly with a mortgage and a scant $289 if they have paid off their home.
Fort Smith, Arkansas
People age 65 and older in Fort Smith pay a median of $831 in monthly housing costs, including their mortgage payments. Homeowners who have paid off their homes have a median of $310 in monthly housing costs.
Parkersburg-Vienna, West Virginia
In the area of West Virginia that includes the cities of Parkersburg and Vienna, housing costs for people age 65 and older are a median of $834 per month. That cost drops to $274 monthly for retirees who have paid off their homes.
Terre Haute, Indiana
Terre Haute is the home of Indiana State University, which has about 12,000 students. This college town is also affordable for retirees, costing a median of just $334 monthly for seniors age 65 and older who have paid off their homes and $844 for those with a mortgage.
Huntington, West Virginia
The Huntington, West Virginia, metro area, which also includes the smaller city of Ashland, Kentucky, has median monthly housing costs for retirees of just $847 with a mortgage and $294 without one. For that low price, retirees get amenities including Marshall University, a municipal rose garden and the Huntington Museum of Art.
Kokomo, Indiana
Kokomo is located 50 miles north of Indianapolis in central Indiana. Housing costs are a median of $856 per month for people age 65 and older with a mortgage and $322 for seniors with paid-off homes.
McAllen, Texas
The McAllen metro area, which also includes Edinburg and Mission, is located at the southern tip of Texas. Housing prices are low, costing seniors age 65 and older a median of $860 with a mortgage and $316 without one. Plus, the state of Texas doesn’t levy an income tax.
Lake Charles, Louisiana
As its name implies, Lake Charles has plenty of lakes, rivers and marshes, and is also close to the Gulf of Mexico. The scenic beauty is coupled with low home prices, which are a median of $860 per month with a mortgage and just $288 without a mortgage for people age 65 and older.
Joplin, Missouri
In this city in the southwestern corner of Missouri, seniors age 65 and older pay a median of $864 per month for their homes. But that price drops to $344 monthly among people who have paid off their mortgages.
Charleston, West Virginia
This state capital city is affordable for retirees, with housing costing a median of $867 per month for homeowners age 65 and older with a mortgage. Retirees who have paid off their mortgages have median housing costs of only $300 per month.
Cape Girardeau, Missouri
Cape Girardeau is a low-cost city in southeastern Missouri. Retirees pay a median of $870 in monthly housing costs with a mortgage and $335 without one. Missouri residents who are 65 and older are eligible for significantly discounted classes at Southeast Missouri State University.
Morgantown, West Virginia
Morgantown is the home of West Virginia University and a unique, electric Personal Rapid Transit system that costs just 50 cents per trip. Housing is affordable, costing retirees a median of $873 per month with a mortgage and $292 once it is paid off.
Columbus, Indiana
Columbus is known for its architecture, including seven buildings that are National Historic Landmarks. But retiring near these historic places doesn’t cost much, with people age 65 and older paying a median of $877 monthly with a mortgage and $371 with a paid-off home.
Altoona, Pennsylvania
Home prices are affordable in this central Pennsylvania city, where seniors age 65 and older pay a median of $883 per month in housing costs. Retirees who have paid off their mortgages pay $394 monthly in other housing costs.
Sumter, South Carolina
Sumter has amenities including the Swan Lake Iris Gardens and the Sumter Opera House, but the housing prices don’t reflect it. Retirees age 65 and older pay a median of $887 in monthly housing costs. Meanwhile, seniors who have paid off their mortgages have median housing costs of just $322 per month.
Pine Bluff, Arkansas
About 44 miles south of Little Rock, Pine Bluff is located along the Arkansas River. Mortgage payments and other homeowner expenses cost retirees age 65 and older a median of $890 per month. Older homeowners who have paid off their mortgages have just $330 in median monthly costs.
Jonesboro, Arkansas
Jonesboro is the home of Arkansas State University, where Arkansas residents age 60 and older can enroll in classes tuition-free. Housing prices are also low, costing people age 65 and older a median of $892 per month with a mortgage and $323 monthly with a paid-off home.
El Paso, Texas
El Paso is in the westernmost part of Texas, bordering both Ciudad Juarez, Mexico, and New Mexico. The city has a large military and federal government presence. Housing costs for older residents run a median of $893 monthly with a mortgage and $317 for retirees who are mortgage-free.
Fort Wayne, Indiana
Fort Wayne is in northeastern Indiana near the Ohio border. The city has art, science and history museums, all of which offer discounts to senior citizens. Homeownership costs for older residents are $328 per month with a paid-off house and a median of $894 for retirees who continue to make mortgage payments.
Hickory, North Carolina
Hickory is 50 miles northwest of Charlotte and 80 miles east of Asheville. In the Hickory metro area, which also includes Lenoir and Morganton, housing costs retirees a median of $898 monthly, including mortgage payments. Homeowner expenses drop to $300 per month for retirees who have paid off their mortgages.
Shreveport-Bossier City, Louisiana
The cities of Shreveport and Bossier City are separated by the Red River, but otherwise the two cities are closely linked. Homeowner costs for older residents are a median of $898 per month with a mortgage and $303 monthly without one.
Monroe, Louisiana
The city of Monroe is nearly surrounded by bayous and creeks, and several nearby wildlife refuges offer plenty of opportunities for volunteer work and recreation. The median monthly housing cost for retirees is $902 per month, which drops to $288 for seniors who have paid off their mortgages.
Springfield, Missouri
Springfield has 102 parks, the Springfield Cardinals minor league baseball team and it’s the home of Missouri State University. Homeowner costs are as low as $333 per month for people age 65 and older who have paid off their mortgages. Seniors with mortgages pay a median of $905 per month in housing costs.
Danville, Illinois
This small city has plenty of affordable housing for retirees. Homeowners age 65 and older pay a median of $907 per month in housing costs. Seniors who have paid off their mortgages face housing expenses of $365 monthly.
Sebring, Florida
The state of Florida doesn’t have an income tax. Another plus for retirees: This inland Florida city also has affordable housing, costing retirees age 65 and older a median of $908 per month, or $332 monthly if they have paid off their mortgage.
Odessa, Texas
Odessa has several unique attractions, including a replica of Stonehenge and a giant meteor crater. Homeownership costs a median of $911 per month for people age 65 and older who are making mortgage payments and $373 monthly for people who are mortgage-free.
Lafayette, Indiana
Lafayette and neighboring West Lafayette are located between Indianapolis and Chicago. At Purdue University, Indiana resident retirees age 60 and older are exempt from paying tuition. Housing is affordable in this college town, costing retirees a median of $911 with a mortgage and $344 without one.
Mansfield, Ohio
Mansfield is located about halfway between Columbus and Cleveland. Retirees who have paid off their mortgages have a median of $366 in monthly housing costs, while those still making mortgage payments face $915 per month in homeowner expenses.
Johnstown, Pennsylvania
Johnstown is located in the Laurel Mountains 67 miles east of Pittsburgh. People age 65 and older pay a median of $916 per month to own a home in Johnstown, which drops to $401 when they pay off their mortgage.
Alexandria, Louisiana
Alexandria is located along the Red River in central Louisiana, and the nearby 604,000-acre Kisatchie National Forest offers ample opportunities for recreation. Monthly housing costs for homeowners age 65 and older are a median of $917, but that price declines to just $293 among retirees who have paid off their houses.
Sioux City, Iowa
Housing costs for people age 65 and older are $919 per month in Sioux City, or just $397 among retirees who are mortgage-free. Sioux City has 1,132 acres of parkland at 53 locations in the city, and nearby Stone State Park offers opportunities for camping and outdoor sports.
Decatur, Alabama
Decatur is located along the Tennessee River, near Redstone Arsenal and about 25 miles from Huntsville. Median home prices for people age 65 and older are $920 per month with a mortgage and $321 monthly for a mortgage-free property.
Houma-Thibodaux, Louisiana
This southern Louisiana city is located on the Gulf of Mexico about 50 miles from New Orleans. The area is known for its low housing prices, which are a median of $921 for people age 65 and older with mortgages. They drop to just $281 per month among retirees with paid-off homes.
Florence, South Carolina
Retiree homeowners in Florence who are 65 and older pay a median of $923 per month in housing costs, including their mortgage payments. Retirees who have paid off their mortgages pay a median of $313 per month in other housing costs.
Texarkana, Texas
This northeastern Texas city is located along the Arkansas border, near the Red River Army Depot. Housing prices for people age 65 and older are a median of $925 per month. Retirees without mortgages pay a median of $338 in monthly housing costs.
Spartanburg, South Carolina
Spartanburg is a college town with seven colleges and universities. The area is affordable for both students and retirees, with housing costing the typical senior $925 monthly with a mortgage, and only $286 if they own a paid-off house.
Bowling Green, Kentucky
The city of Bowling Green is a member of the World Health Organization’s global network of age-friendly communities and the home of Western Kentucky University. The low housing prices definitely make life easier for retirees, costing them a median of $927 per month with a mortgage and $319 without one.
Morristown, Tennessee
About 40 miles northeast of Knoxville, Morristown is known for its unique elevated sidewalks, called SkyMart. Homeowners age 65 and older pay a median of $931 monthly to live in Morristown, but that cost drops to $313 among retirees without mortgages.
Florence, Alabama
Florence is located along the Tennessee River and offers a low cost of living for retirees. Homeowners age 65 and older pay a median of $932 per month in housing costs. For retirees who have paid off their mortgages, housing costs drop to a median of $335 per month.
Johnson City, Tennessee
Johnson City is located near Cherokee National Forest, which has more than 600 miles of trails. The city’s median monthly housing cost of $933 with a mortgage and $315 for a paid-off house make it affordable to spend your retirement years perusing the 650,000-acre forest.
South Bend, Indiana
In the South Bend metro area, which also includes Mishawaka, housing costs for people age 65 and older are a median of $935 monthly with a mortgage and $337 without one. The University of Notre Dame even has a college-affiliated retirement community.
Kingsport, Tennessee
Homes in the Kingsport metro area, which also includes Bristol, cost retirees age 65 and older a median of $936 per month. Costs drop to $301 monthly among people who have paid off their mortgages.
Gadsden, Alabama
A monthly payment of $940 is the median price people 65 and older pay to own a home in Gadsden, and it drops to $330 if they don’t have a mortgage. Local seniors also get discount admission to Noccalula Falls Park, which includes a train ride, pioneer village and, of course, a waterfall.
Dalton, Georgia
Dalton is located in the foothills of the Blue Ridge Mountains and is best known for the carpets and other floor coverings produced there. Retiree homeowners pay a median of $940 per month for their homes, and those who have paid off their mortgages have $326 in monthly housing costs.
Elkhart, Indiana
In the Elkhart metro area, which also includes Goshen, seniors age 65 and older pay a median of $941 in monthly housing costs, or $344 if they have paid off their mortgages. The Interurban Trolley is an affordable bus system that uses vintage trolley-style cars to connect Elkhart and Goshen, and seniors get discounted fares at certain times of day.
More from U.S. News
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10 Affordable Places to Rent an Apartment in Retirement
50 Affordable Places to Buy a Retirement Home originally appeared on usnews.com
