(FinancialHealth.net) – The cost of living is on the rise this year in many places across the country. For instance, it’s 8% more expensive to live in Sarasota, FL, than the rest of the state, and housing is 2% higher than the US average.
Statistics like these make it much more difficult for people on fixed incomes — such as those in retirement — to live comfortably and affordably while staying well. But staying put isn’t necessarily the only option; relocating to a more affordable city may be best.
As for where one might move to in order to avoid the fixed income cash crunch, you have a few options. These top five cities offer some of the most affordable retirement living options available right now.
5. Palm Bay, FL
Palm Bay is close to the Atlantic Ocean and has a median home price of about $100,000 and one of the largest retirement communities in the country. The city is also located closely to Orlando, Miami and the Gulf Coast — all offering relaxation and fun.
4. Harlingen, TX
Called the “Tropical Playground of Texas,” it has a median home price of about $82,000, which is much more affordable than some other areas in Texas. The people are friendly, the music is great, and there are plenty of recreation opportunities.
3. Cheswold, DE
Chesworld is a medium-sized town quickly on its way to becoming a major metropolis. The average home price of $83,100, despite all the growth, so it’s affordable, too. It’s also only a short distance away from New York City, Philadelphia, Baltimore, Washington, DC and some of the country’s most gorgeous beaches.
2. Laughlin, NV
Love the desert, but don’t love the price of moving to Las Vegas? Try settling down in Laughlin instead. Sitting on the Colorado River, this location boasts an average home price of around $170,000 — not the lowest on the list, but not the highest, either. Given its closeness to Las Vegas, it’s a great way to be close to the action but not right in it.
1. Hot Springs, AR
Even the name brings on dreams of relaxation, doesn’t it? Hot Springs, Arkansas tops the list of affordable retirement cities for 2020 for multiple reasons. Not only does it have one of the fastest-growing retirement communities, but it is also extremely affordable with an average home price of just $130,000. Add in almost 50 hot springs, 11 major golf courses, and a 7.5 percent lower cost of living and it just can’t be beat.
You’ll also be close to the beautiful Hot Springs National Park — so close, in fact, that you need only hop in a taxi to get there.
Final Thoughts
Before you decide to move anywhere, make sure to sit down and create a budget. You want to make sure you’ll be better off in your new city than your current one. Decide what climate you’d like to live in and set off on your new adventure.
~Here’s to Your Financial Health!
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