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Most Affordable Places for Retirees in Kentucky

By    |   Monday, 21 December 2015 05:00 PM

The generally low cost of living in Kentucky is a major perk for anyone considering retirement in the Bluegrass State.

According to data from the Missouri Economic Research and Information Center, Kentucky was the seventh cheapest state to live in as of the third quarter of 2015.

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Here are some of the least expensive cities in Kentucky that might be good options for retirees:

1. Covington
Situated just across the Ohio River from Cincinnati, this city is the largest in Northern Kentucky. If you're looking for things to do, check out the Carnegie Visual & Performing Arts Center, Kentucky Symphony Orchestra, Madison Theater, Railway Museum, or Behringer-Crawford Museum of Northern Kentucky. This lively community is also the home of a number of annual festivals and other events, such as Maifest, the Original Goetta Festival, Maistrausse Oktoberfest, Fresh Art, and First Friday Gallery Hop.

2. Lexington
Located in Kentucky's beautiful horse country, Lexington features world-class golf courses at reasonable prices, gift shops specializing in horse-themed items, tons of restaurants, and nightlife ranging from live music and dance clubs to old-fashioned "bourbon bars." The rolling bluegrass hills are a marvelous place for walking, hiking, horseback riding, or taking a horse-drawn carriage ride.

3. Paducah
This city's location at the junction of the Tennessee and Ohio rivers is a little isolated, but Paducah has long been a mecca for international quilters and it's fast becoming a center for the arts in general. Each year, the city hosts the annual four-day show of the American Quilter's Society. In 2000, Paducah launched an Artist Relocation Program, offering artists financial incentives and marketing support to move into the LowerTown neighborhood. Now, LowerTown is a 26-square-block area lined with galleries for paintings, photography, and jewelry. Paducah has its own symphony orchestra, and it recently opened a $44 million performing arts center.

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4. Louisville
Surprisingly enough, the state's capital city is also a reasonably priced dwelling place for retirees in Kentucky. Retirees paid housing costs of $1,068 if they were still paying off mortgages — and $373 if not — during 2012. Renters age 60 and older paid a median of $573 per month in 2011, according to U.S. News & World Report. As of May, 2015, median costs in Louisville are $148,100 for buying a house and $600 for renting a one-bedroom home or apartment, according to Sperling's Best Places.

Internationally famous as the host of the Kentucky Derby, Louisville is dotted with more than 120 parks covering more than 14,000 acres. A key spot on Kentucky's cultural map, as well, Louisville is a center for museums, dance, and theatrical productions.

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The generally low cost of living in Kentucky is a major perk for anyone considering retirement in the Bluegrass State.
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Monday, 21 December 2015 05:00 PM
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