Last September, the cheapest U.S. housing market offered homes at $229,000, while the priciest market asked $787,000. That’s why retirees looking to move somewhere more affordable can rest assured there are communities that likely offer homes for less than their area — much less.
Of course, choosing an affordable place to retire is about much more than home prices. Some will choose to rent rather than buy. There is also the matter of local income tax laws and the general cost of living for a community. That’s why U.S. News and World Report has ranked the best places to retire in 2024 based only on their affordability.
Here are the top four.
Youngstown, Ohio
Youngstown, Ohio, is the most affordable. Homes average $137,546, while rentals have mean monthly costs of $706.
Youngstown ranked ninth overall as one of the best places to retire, making it a perfect choice for retirees living on a tight budget.
Hickory, North Carolina
Ranked second, Hickory, North Carolina, boasts a median home price of $219,950 and an average monthly rent of $743. It’s the 36th best place to retire, overall, according to U.S. News and World Report.
Hickory is full of local artistry, including major influences from nearby Asheville.
Springfield, Missouri
Known as the “Queen City of the Ozarks,” Springfield, Missouri, is the birthplace of Route 66 and offers a bevy of opportunities to enjoy fine dining, art and theater. The town, which ranks third as one of the best places to retire on a budget, earned high praise from U.S. News and World Report for its communal residents.
“Springfield residents have a strong sense of social responsibility and don’t ignore the area’s problems, including homelessness and poverty,” the news outlet reported. “The community’s many nonprofit, volunteer and social service organizations work hard to help those in need while developing proactive long-term solutions.”
Homes there cost roughly $290,875, and renters pay about $809 a month.
Brownsville, Texas
A cultural hub of lively activity, Brownsville, Texas, rests at the southern most part of the state near the border — offering quick access to the Gulf of Mexico. Retirees looking to enjoy beautiful beaches, fresh seafood and rich Mexican culture can’t do much better than Brownsville — the fourth most affordable place to retire this year.
Homes there average $276,671, while rent costs roughly $785 a month.
