Real Estate Agents Reveal 11 Places to Retire on a Single Income
According to the Bureau of Labor Statistics (BLS), the average American retiree — 65 years and older — spends $52,141 a year, or $4,345 a month. However, the cost of living depends on many factors, such as housing costs, healthcare needs and lifestyle choices.
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If you’re living on a dual income during your retirement years, chances are you’ll have more money for essentials and nonessentials alike. But if you’re planning to retire on a single income, finances could be tight — especially if your retirement savings or income aren’t as high as you’d hoped.
Harrisburg, Pennsylvania
“I often help clients find the ideal spot to call home in retirement,” said Chenise Hinds, a licensed realtor based in Washington D.C. “When planning for this major life transition, crucial factors like cost of living, access to quality healthcare, and recreation opportunities should be weighed.”
One location that hits the mark, according to Hinds, is Harrisburg, Pennsylvania. The typical home value is $230,169. Plus, the city offers a lot in terms of natural scenery, affordable healthcare and convenient access to modern amenities retirees need.
The state of Pennsylvania also ranks right in the middle when it comes to overall affordability with an overall cost of living index of 94.8.
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York, Pennsylvania
“York, Pennsylvania, gives retirees a quieter lifestyle than the big city,” Hinds said. “It shines for affordable housing and medical care access.”
The typical home value in York is $241,386 and rising, making it a top place for retirees looking to downsize their current home and buy a new, less expensive one.
Daytona Beach, Florida
Florida has long been a popular retirement destination, but even though the cost of living has risen over the years, those retiring on a single income can still find affordable housing and healthcare in places like Daytona Beach.
“Daytona Beach, Florida, lets retirees enjoy sunshine and sand,” Hinds said. “Beachside living comes with decent housing prices and healthcare options.”
The typical home value in Daytona Beach is $254,480. Florida’s overall cost of living index is 101, slightly higher than the national average.
Sarasota, Florida
For those living on a higher income, Sarasota could be worth checking out. Although the typical home value is $454,620, groceries, utilities, transportation and healthcare costs are all lower than the national average.
Plus, as Hinds mentioned, Sarasota excels when it comes to its beaches, cultural institutions, arts scene and overall community.
Las Vegas
“Las Vegas has a lot to offer retirees by way of entertainment and 55+ communities,” said Ty Fischer, a licensed realtor and founder of RetireBetterNow.com. “It has a relatively affordable cost of living and no state income tax.”
The typical home value in Las Vegas is $400,354. However, single-income retirees could find cheaper properties on the city outskirts.
Nevada also has one of the lowest healthcare costs in the country with an index of just 89.2.
Phoenix
For retirees looking forward to year-round sunshine, Phoenix is worth checking out. The typical home value is $414,076 but has dipped slightly in the past 12 months. Utilities and healthcare costs are also lower than the national average.
“Phoenix offers the sought-after warm climate for snowbirds, with a lower cost of living and is home to Sun City, the first retirement community of its kind,” Fischer said.
Sun City itself has no city sales tax and an overall lower cost of living than nearby areas. Housing costs range from $35,000 to $350,000. Annual property taxes range from $300 to $1,300.
Tampa, Florida
Tampa is home to many 55+ communities that offer resort-style amenities and an ease of living. Housing in the city is also reasonably affordable with a typical home value at $377,792.
“This city offers close proximity to beautiful beaches, major sports teams and entertainment and a warm climate,” Fischer said. “Retirees also benefit from the no state income tax.”
Asheville, North Carolina
For those looking to retire near the mountains, Asheville, North Carolina, is worth considering.
“There are many factors that come into play for what makes a great place to retire such as cost of living, access to healthcare, overall quality of life, and things to do that fit one’s lifestyle,” Fischer said. “[Asheville] has a moderate cost of living and a mild climate, making it an attractive choice for retirees. It also boasts plenty of outdoor activities.”
North Carolina is also ranked 27th in terms of overall cost of living. Most things, including groceries, transportation and utilities are also cheaper in the state.
The average home value in Asheville is on the higher side at $453,631, however.
Iroquois County, Illinois
With an average home value of just $122,797, Iroquois County could be a great choice for retirees living on a single or lower income.
“One of the best kept secrets for retiring to nice seasonal weather, low housing prices and proximity to many midwestern cities, is Iroquois County in Illinois,” said Jerry Grodesky, an experienced real estate broker at Farm and Lake Houses Real Estate Inc.
Iroquois County is close enough to larger cities, like Bloomington and Indianapolis, for retirees to still benefit from the amenities and accessible healthcare there. But it’s far enough from more urban living to enjoy plenty of nature and peace and quiet away from the hustle and bustle.
Plus, the overall cost of living in Illinois is 91.8. The state as a whole also ranks high in terms of affordable housing, groceries, healthcare and utilities.
Fort Myers, Florida
“Affordability is usually top of mind for those living on a single income,” said Adrian Pedraza, licensed real estate broker and the owner of The California Home Buyer. “Cities like Fort Myers offer a strong support system for fellow retirees and all the cultural activities you’d expect from a metropolitan area at a much lower cost than other regions.”
Plus, Fort Myers benefits from tax-friendly laws. The average home value is $366,621, lower than the national average.
Grand Junction, Colorado
Many parts of Colorado are reasonably priced for single-income retirees. One such place is Grand Junction, which has an average home value of $376,395 and has affordable healthcare.
“Grand Junction, situated on the Western Slope, provides not only affordability but also access to scenic landscapes,” said Brett Johnson, licensed realtor and real estate investor at New Era Home Buyers. “The lower cost of living serves as a foundation for a lifestyle focused on exploration, wine tasting, and the peaceful ambiance of the Colorado River.”
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