When looking for affordable retirement places, considerations include property and sales tax rates, housing prices, tax rates on retirement benefits, and the cost of living. While people want to find a retirement spot with beauty and comfort, they can also find these qualities along with affordability.
Here are seven bargain spots that make retirement all the more enjoyable.
1. Tulsa, Oklahoma
, has a relatively low sales tax and no taxes on Social Security. The median housing price is $125,000, according to AARP
. The city has a reputation for warmth and charm. Biking and walking trails, art, sculptures, and playgrounds add to the pleasant atmosphere.
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2. Cheyenne, Wyoming
, is among America’s affordable retirement places, AARP said. It has no tax on pensions or Social Security. The median housing price is $141,000. Cheyenne has the wide open spaces of a frontier location and the spirit of the Old West is in the air. Its historic spots and tourist attractions make it entertaining for local residents as well. Cheyenne even has an AARP National Spelling Bee for the best spellers over age 50 from around the country.
3. Grand Junction, Colorado
, offers seniors exclusion from state taxes for retirement income, and no inheritance or estate taxes. The cost of living for retirees is 4.6 percent lower than the national average, according to Kiplinger
. The scenic area includes fishing, hiking, and biking as well as the national parks and forests that are nearby.
has lower costs of living than the national average, making it ideal for many retirees. There are no taxes on Social Security benefits and partial tax benefits on other retirement plans. The state has no inheritance or estate taxes. Prescott has become one of the most affordable retirement places, evident by seniors older than age 65 who make up nearly 25 percent of its population, Kiplinger reported.
5. Owensboro, Kentucky
, offers the splendor of the Ohio River as well as affordable housing costs. According to U.S. News and World Report
, seniors pay a median of $775 a month for a house with a mortgage and only a $301 average price a month if they paid off their home.
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6. Housing costs are also ideal in Fort Smith, Arkansas
, another one of the affordable places to retire, U.S. News noted. The average monthly cost for seniors is $831 when a mortgage is included and only $310 a month when the home is paid off.
7. For people looking to retire abroad, Valencia, Spain
, offers homes for less than $200,000, according to Bankrate
. A one-bedroom apartment will cost about $65,000 with rentals for two-bedroom apartments at $780 a month. The beautiful location along the Mediterranean has the added attraction of low property taxes and cost of living.
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