For years, North Dakota has been one of the most affordable states to live in. In fact,
MarketWatch reported that the cost of living in North Dakota in 2012 was about 7.5 percent below the national average. However, thanks to the oil boom in the state, the cost of living is steadily increasing. There is good news for retirees, however, Several North Dakota towns have maintained reasonable costs of living while simultaneously benefiting from the boost to the state economy. Here are just a few of these affordable places to retire in North Dakota.
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- Thompson - According to Business Insider, this small town is the most affordable in terms of housing in the state of North Dakota. After considering the prices of owned homes with mortgages, owned homes without mortgages, and rented homes, Business Insider determined that 92 percent of homes in Thompson are affordable. This town is full of old-fashioned charm and fun traditions, so it is a great place to settle down into a tight-knit community.
- Fargo - For those who want a larger, more vibrant community in retirement, Fargo is a great option. According to Forbes, the city of 114,000 people has a cost of living about 2 percent lower than the national average. With normal home prices around $176,000 and an economy that is quickly growing, the financial situation in Fargo is already good and continuing to improve. Retirees will additionally enjoy that the town boasts a "high number of doctors per capita" and has ranked high on a list of towns that promote successful aging.
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- Lisbon - Lisbon is one of the most affordable towns in terms of overall cost of living in North Dakota. Sperling's Best Places gives the town an 86 on overall cost of living. This is quite significant given that the national average, used as the site's benchmark, is set at 100. This evaluation is affected most by the low costs of housing and utilities in Lisbon, scoring a 56 and 81 respectively. For those whose retirement choices are driven completely or largely by finances, Lisbon is definitely a great place to consider.
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