Where Is It Cheap To Retire In The US?
Retirement Is More Affordable In Some Places!
Tom Chorley is a CPA, Certified Financial Planner and tax strategist, who is often called upon to help his clients find cheap places to retire in the US. You can learn more about Tom Chorley, and also get his ebook on the cheapest US retirement places here.
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In my capacity as a CPA, Certified Financial Planner and tax strategist I am often called upon to assist my clients in making the transition from worker to retiree. The question I have been asked often during these engagements is:
“Where are the cheapest places to retire in the U.S.?”
The underlying reason for this question is a fear that all of my retirement clients share…can they retire with the assets or income they have or expect to have in retirement?
For most, the answer is yes they can retire, just not in their current home state. Many states have become unaffordable for retirees. The reasons for this are varied:
- In certain states the cost of housing is simply too high.
- In other states property taxes have become unaffordable.
- And in still other states sales tax or income tax takes too much of a bite out of a retiree’s retirement income.
So which states offer the best and most affordable retirement options?
To answer that question our team analyzed over 3,020 select cities, towns and communities across the United States for ten key factors and applied a proprietary scoring formula to each factor to determine which communities ranked highest as the best of the cheapest places to retire in the U.S. For each city, town or location we focused on the following ten key retirement factors:
1) Lowest Housing Costs
2) Lowest Property Tax
3) Lowest Sales Tax
4) Best Climate
5) Lowest Crime Rate
6) Lowest Income Tax
7) Closest to Major or Regional Metropolitan Areas
8) Closest to Hospitals
9) Closest to Airports
10) Closest to Beaches or Coastlines
While low housing costs and low taxes were a paramount consideration in our research, they were not the only important factors which weighted heavily in our scoring. Climate, safe living conditions (crime rate), proximity to beaches, coastlines, cities, hospitals, and airports were other important factors we analyzed in determining the best of the cheapest. Proximity to a major city or regional metropolitan area allows retirees to engage in the cultural, entertainment and recreational activities many desire in retirement. Because retirees like to travel, and because many have children and grandchildren, the distance to a major airport is an important consideration to retirees and their extended families.
Deciding where to retire may very well be one of the most important decisions you make as you approach retirement. Remaining in your current high cost community may be too great a price to pay for those with limited retirement assets or limited retirement income. No retiree wants to be dependent upon family assistance, which typically means relying on their children and no parent wants to disrupt the lives of their children. So making the right decision where to retire may be one of the most important decisions you make for you and your loved ones.
Following is a sampling of our “Top 100 Cheapest Places To Retire In The U.S. In 2012:
#24 GULFPORT, MISSISSIPPI
The Good
- Waterfront location
- Affordable housing for a coastal community
- Low property tax
- Close proximity to air transportation
The Bad
- Crime rate is 5.45%, slightly higher than our average of 3-4%
- Still rebuilding after Hurricane Katrina
When you think of Mississippi you don’t always think beaches. But there is a small slice of Mississippi heaven on the Gulf Coast that makes you re-think everything about the state. Situated just over 10 miles to the west of Biloxi is the town of Gulfport, just 3 miles from Gulfport-Biloxi International Airport and a short walk to many Gulf Coast beaches. In an hour’s drive east you can find yourself in the heart of Mobile, Alabama and Mobile Bay.
Here you’ll find 6.7 miles of picturesque, white-sandy beaches lining the Gulf of Mexico. There are exciting, fun-filled indoor and outdoor activities, championship golf courses, taste-tantalizing cuisine, plentiful shopping, gambling casinos and must-see cultural attractions.
From its simple, humble beginnings as a lumber and port city, Gulfport has evolved into a diversified, expanding community.
Approximately 55% of its citizens are white, 35% are black and the balance is a blend of Hispanic and other races. Religious diversity is evident in Gulfport with a good mix of Southern Baptists (36%), Catholics (33%), Methodists (14%), and other religious affiliations balancing out the mix.
Summary of Retirement Factors:
Mean Housing Values – $148,000
Mean Property Taxes – $888
Sales Tax Rate – 7.00%
Summer/Winter Temperature – 81 / 45
Crime Rate Percentage – 5.45%
Maximum Income Tax Rate Percentage – 5.00%
City Proximity in Miles – 1
Airport Proximity in Miles (within) -20
Hospital Proximity in Miles – 0
Beach Proximity in Miles – 0
Download the entire list of Cheap US Retirement Places Here!
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I an a CPA, Certified Financial Planner and tax strategist. I often help my clients make the transaction from working to retirement. Many clients want to know where the cheapest places to retire in the US are.
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