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Most Affordable Places for Retirees in Maryland

By    |   Monday, 01 Feb 2016 06:42 PM

Retirement in Maryland may not be the ideal choice for retirees seeking an affordable area, since the state on average has a 20 percent higher cost of living than the national average, but if your heart is set on the Old Line State, there are some small pockets that are more affordable than others.

Here are three places to consider for retirement in Maryland that may be more affordable:

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1. Oakland
This northwestern Maryland city is one of the few places where the cost of living is on par with the rest of the country. The median home price is around $130,000, MarketWatch notes, a perk since much of Maryland has a median home cost of more than $200,000, with even higher prices for coastal homes. Not only is Oakland a great deal, it's an outdoor lover's paradise, with five golf courses, white-water rafting on a mountain — one of the only one like it in the world — and sits next to skiing at Wisp Resort. In addition, Oakland is next to the largest lake in Maryland, Deep Creek Lake, which covers about 4,000 acres. The city itself is small, with only about 2,000 residents, so the number of restaurants, bars, and other amenities are few in number and helps ensure you won't be going above your fixed income.

2. Kettering
Kettering has a median home price of around $270,000, making it one of the more affordable places to live in Maryland. This city is centrally located in the state in Prince George's County and is still only 30 minutes from day trips to the coast to locations like Beverly Beach.

3. Easton
If you're looking for a retirement city on the water that is still fairly affordable, then Easton, on Maryland's Eastern Shore, might just be what you're looking for. Home prices have been climbing in the area, but the average median sales price for homes in the first half of 2015 averaged $258,500, plus the city is home to "several new communities designed to appeal to the retiree market and offering reasonably priced homes," according to Retirement Places Report. It's also adjacent to bustling, expensive Annapolis if you want to pop across the Chesapeake Bay Bridge to take advantage of all the amenities in Annapolis without paying the higher price to actually live there.

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Retirement in Maryland may not be the ideal choice for retirees seeking an affordable area, since the state on average has a 20 percent higher cost of living than the national average, but if your heart is set on the Old Line State, there are some small pockets that are more affordable than others.
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2016-42-01
Monday, 01 Feb 2016 06:42 PM
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