There are lots of factors that go into making a sound retirement plan, and affordability is one of them. But low housing costs are not the only thing that play into an affordable place to retire.
A recent U.S. News analysis compared the 150 largest cities in the U.S. as potential retirement spots. Weighing data like housing affordability, happiness, desirability, retiree taxes, the job market and access to quality health care, our comprehensive study offers retirees a look at options all over the country.
Read on to explore the cities with the most affordable housing that notched highly on the U.S. News 2024 Best Places to Retire ranking.
— 10. Lexington, Kentucky
— 9. Oklahoma City
— 8. Omaha, Nebraska
— 7. Montgomery, Alabama
— 6. Davenport, Iowa
— 5. Green Bay, Wisconsin
— 4. Hickory, North Carolina
— 3. Wichita, Kansas
— 2. Huntsville, Alabama
— 1. Fort Wayne, Indiana
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10. Lexington, Kentucky
Deep in the heart of Kentucky stands a city with a knack for whiskey and affordable housing. Lexington offers residents many of the perks of a bustling city with the sights and feels of a smaller Midwestern town. Aptly named the Horse Capital of the World, equestrian fans will be pleased to find a number of racetracks and horse-themed venues in town. Stables and horseshoes aside, this city has a lot to offer as far as affordability goes. The average monthly rent is $1,154 and the average mortgage payment is $1,610.Not far from Louisville or Cincinnati, the city offers plenty of options for day trips. Lexington is ranked No. 45 on the Federal Emergency Management Agency risk index, making this a safe option from the elements. Best Places to Retire rank: 16
9. Oklahoma City
The Big Friendly has much to offer people of all ages and backgrounds, from cultural hubs to sporting events. Oklahoma City ranks in the top 10 for cities with the best value, and retirees can get in on the affordable fun. Explore the National Cowboy & Western Heritage Museum or take continuing-education classes at Oklahoma City Community College, where some fees are waived for seniors auditing courses. With rent payments at $1,116 and mortgage payments at $1,537, these monthly averages are hard to beat. In addition, Oklahoma City ranks in No. 29 for quality health care. Calling itself “the Modern Frontier,” this town boasts much of the western culture locals have come to love while embracing perks of a modern metropolis like scenic riverwalks and local craft breweries. Best Places to Retire rank: 23
8. Omaha, Nebraska
Nebraska’s capital city has long been a fixture in transcontinental travel and a beacon for the prairie lifestyle. A riverfront walking path is just one piece of the exciting culture Omaha has to offer its residents. Other destinations include the Henry Doorly Zoo and Aquarium, Lauritzen Gardens and Lewis & Clark Landing, where the 19th century explorers landed for their trek of Nebraska. With the average rent at $1,244 and the average mortgage payment at $1,757, it’s no wonder Omaha ranks No. 8 on the value list, and No. 6 for housing affordability. The low cost of housing pairs with the affordable prices of Midwest living for retirees looking to stick to a budget. Best Places to Retire rank: 25
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7. Montgomery, Alabama
Alabama’s state capital is located not just in the heart of the state but in the heart of the south. This is evident through its wide variety of southern eateries and important historical sites of the Civil Rights Movement. History abounds in Montgomery, but the lively city offers residents a fun downtown and cultural centers steeped in modern tradition as well. Retirees can enjoy day trips in and around the city, exploring Alabama’s rich history. Montgomery’s average monthly rent payment is $1,034 and the city’s average mortgage payment is $1,247. These prices, combined with the warm southern climate, makes Alabama’s capital an affordable and desirable destination for retirees. Best Places to Retire rank: 36
6. Davenport, Iowa
Davenport, the third-largest city in Iowa, is home to a vibrant arts and culture scene, where you’ll find casinos, bustling breweries and live music. When it comes to price parity for goods and services across the U.S., Davenport ranks No. 7 out of 150 top U.S. cities. The average rent is $1,006 and the average mortgage payment is $1,385. This affordable housing, combined with an appreciation for local arts, gives Davenport its shine. Outside of town, Interstate route 80 offers residents the chance to explore the Great Lakes just to the east and the hundreds of adventures across the American West. Best Places to Retire rank: 63
5. Green Bay, Wisconsin
With its history in railroads and meatpacking, Green Bay is known for a lot more than just football. The city offers natural wonders worth exploring, like the Bay Beach Wildlife Sanctuary, and charming cultural hubs like the Mulva Cultural Center. The abundance of delicious cheeses thanks to the state’s dairy industry spawned the nickname “Cheeseheads” for fervent Packers fans. But retirees can expect more than just a great community vibe: There is plenty to enjoy when it comes to real estate prices. The average home mortgage payment sits at $1,308 and the average monthly rent is $947. It’s no wonder why Green Bay ranks No. 5 for housing affordability rankings scale. Additionally, Green Bay has a reliable civil sector and local government. This gives way to a trusty public bus system and plenty of resources for residents to enjoy. Best Places to Retire rank: 11
[Read: 10 Tips for Finding the Right Place to Retire]
4. Hickory, North Carolina
Named for the Hickory Tavern, an 1850s establishment built under a massive hickory tree, this North Carolina city combines the rural pleasantries of the Blue Ridge Mountains and the lively energy of an East Coast metropolis. Located between Asheville and Charlotte, Hickory offers residents lots of options for day trips and travels while remaining a destination in its own right. The city at the foot of the Blue Ridge Mountains also has year-round moderate temperatures. Nearly half of its population is over the age of 45, so retirees can expect to be in good company to enjoy the city’s many options for fun and leisure. Between the parks, music venues and delicious BBQ restaurants, retirees have their choice of how to spend their free time when they aren’t saving money on housing. Hickory’s average monthly rent is $846, the lowest on this list, and the average mortgage payment is $1,319. Hickory ranks No. 4 for housing affordability and No. 15 for price parity. Best Places to Retire rank: 39
3. Wichita, Kansas
Kansas’s largest city by population, Wichita blends the perks of a sprawling metropolis with affordable Midwest living. Named for the native people who originally inhabited the land, Wichita’s culture basks in this identity with public art like the “Keeper of the Plains” and the Mid-America All-Indian Museum. Those looking for an adventure off the beaten trail can check out the The Original Pizza Hut Museum by Wichita State University. Potential residents will be pleased to find the average rent price of $1,079 and the average mortgage payment of $1,426. Housing affordability aside, Wichita has a tight-knit community feel featuring a strong local government and a penchant for hyperlocal sports teams like the Wichita Wind Surge minor league baseball team. Best Places to Retire rank: 99
2. Huntsville, Alabama
Tucked away in the hills of northern Alabama, Huntsville is a frequent flyer on these lists for its competitive housing costs and high quality of life. Rocket City, nicknamed for the city’s thriving aerospace industry, ranks No. 2 for value. With engaging museums and outdoor getaways nearby — like Monte Sano State Park with its scenic overlook — retirees will find a lot of ways to stay busy. Homeowners can expect to pay $1,501 in average monthly mortgage payments, while renters pay an average of $1,237. Huntsville’s healthy economy offers residents ample employment opportunities. When retirees are not saving money in town, they can be out enjoying the cities and parks of nearby states like Tennessee, Georgia and Alabama. Best Places to Retire rank: 8
1. Fort Wayne, Indiana
Fort Wayne tops this list as the most affordable city to retire in. Home to parks, unique neighborhoods and a fun riverfront trail, this Indiana city has a lot to offer residents of all ages. Retirees have easy access to hospitals and colleges like Purdue University on the city’s congestion-free highways. You can research your family history at the Allen County Public Library’s extensive Genealogy Center or visit the Fort Wayne Museum of Art free on Thursday evenings or with a senior discount any other day. With Chicago, Detroit and Columbus all within a day’s drive, this is a prime location for the grandchildren to visit from out of town. Retirees on a tight budget will like the average rent price of $1,017 and the median mortgage payment of $1,212. Best Places to Retire rank: 10
More from U.S. News
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10 Tips for Finding the Right Place to Retire
2025 Most Affordable Places to Retire originally appeared on usnews.com
Update 11/25/24: This story was published at an earlier date and has been updated with new information.
