Tags: Retirement | US State Facts | retirement | New Jersey | affordable places

Most Affordable Places for Retirees in New Jersey

By    |   Saturday, 21 Nov 2015 10:20 PM

Though many new retirees retain their New Jersey residency to remain near family members and within a home in which they are comfortable, others may seek relocation for a more affordable retirement and cost of living within the state. Money, news, and real estate analysts have identified certain counties, towns, and neighborhoods within the state where closing costs, mortgages and living expenses are more affordable than along its northern money rim.

Because the northernmost region of the state is nearest New York City and its high paying jobs, the south side of Jersey offers lower living expenses—especially as expenses relate to moving and housing. But, there are towns in mid-Jersey that offer retirees a good life with modest means.

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Clayton, situated in the mid-southern region of state in Gloucester County, is the state’s top city for sensibly priced living, according to financial think tank SmartAsset. The list named Clayton the state’s most affordable city, measuring factors such as closing costs, property taxes, insurance and mortgage payment. An average annual mortgage payment in Clayton is $9,700, reported AJ Smith, SmartAsset’s managing editor. Part of Gloucester County, where more than 20,000 acres of farmland, Clayton is slightly less than an hour commute to Atlantic City and the state’s beaches.

SmartAsset’s report ranks the top 10 towns in the state for affordability. A second Gloucester County town named to the coveted “Golden Agers” list was Pitman, just 15 miles north of Clayton.

Other towns that made the top 10 list are Beachwood, in Ocean County, and Gloucester City, in Camden County. Beachwood is in a central northern part of the state; Gloucester City is just across the Delaware River from Philadelphia.

Most analysts say New Jersey’s most affordable areas for new retirees are in the state’s southernmost region. In particular, Vineland was recognized recently in a feature by CNN Money, ranking No. 4 among the nation’s “Top 10 most affordable cities.” Areas in the town hold designations as Urban Enterprise Zones, in an effort to improve its local economy. The designation offers tax breaks to firms seeking to relocate, which will likely attract more jobs and businesses the town leaders would like to have as neighbors.

In CNN’s report, the town was noted for its median home price at $131,000. Director of community development Alex Curio said available housing in the area is well maintained, with many great bargains for prospective homebuyers. Vineland is only about an hour from Cape May.

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New Jersey boasts excellent health care, four seasons, winter ski resorts, summer beaches, and proximity to world-class entertainment, arts and cultural events. Retirees on a budget can have it all during their golden years in the Garden State.

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Though many new retirees retain their New Jersey residency to remain near family members and within a home in which they are comfortable, others may seek relocation for a more affordable retirement and cost of living within the state.
retirement, New Jersey, affordable places
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2015-20-21
Saturday, 21 Nov 2015 10:20 PM
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