According to a recent study, only 1 in 3 Americans has saved money for their retirement. It is not a financial strength for most, yet over 90 percent of respondents consider buying a home for retirement as an important goal to achieve. Luckily, there are many inexpensive places where you can buy a home for retirement today and make that dream a reality. Here’s the complete list.
- Bloomington, Indiana: Although the winters may be cold, Bloomington has become quite the retirement hot spot. It is 9.8 percent below the national average cost of living for retirees and falls significantly lower than the nation’s average closing cost on a home. Not to mention, it has some of the most affordable real estate in the country!
- New Orleans, Louisiana: Culture-seeking retirees would find a lot to satisfy them in the Big Easy. Not only is the cost of living for retirees over 4 percent lower than the national average, but the city is also ranked in the top 10 most tax-friendly areas for those in retirement. No matter which NOLA neighborhood you decide to reside in, you’ll certainly find yourself with real estate prices below the nation’s average, as well as homeowner-friendly tax policies like Louisiana’s homestead exemption.
- Sherman, Texas: This small Texas city offers retirees a wide variety of savings. The overall cost of living is exceptionally inexpensive, as it falls 13 percent below the national average for those in retirement. Housing-related costs are even lower—nearly 25 percent below the rest of the country!
- Chattanooga, Tennessee: If the exquisite music and art of this southern city don’t entice you, then the list of retirement savings just might. Apart from being a tax-friendly area for retirees, Chattanooga has below-average living costs all across the board for those in retirement. The city’s housing-related costs remain nearly 13 percent below the nation’s average, and Tennessee closing costs hover well below the nation’s standard.
No matter which beautiful city you decide to retire in, you’re sure to enjoy the pay-cuts of retirement—especially with the help of a local Eustis Mortgage lender. For more information about home financing, please contact one of our mortgage specialists today.