Locations in the state of Florida dominate the list when it comes to most affordable cities for retirement, but the top spot emerges out of South Dakota, according to senior active adult community site 55places.com. They have compiled a list of the top 20 most affordable cities to live in retirement, based on a survey of its readers.
The purpose of the list is to focus for seniors on, “the towns, cities, and regions that foster that balance between affordability and good living,” 55places notes. “We looked at a series of factors and scores from reputable sources to create our rankings, all of which were weighted differently depending on their value.”
Seniors often have to face the reality in retirement of living on a fixed income of some kind, whether through investments or by tapping the benefits of a reverse mortgage product. According to 55places readers, responsibly facing that reality does not necessarily need to equal a sacrifice between affordability and staying active.
The top affordable cities ranking includes:
- Sioux Falls, South Dakota
- Ocala, Florida
- Lakeland, Florida
- Jacksonville, Florida
- Daytona Beach, Florida
- Gainesville, Florida
- New Castle County, Delaware
- South Bend, Indiana
- Tampa-St. Petersburg, Florida
- Waco, Texas
- Birmingham, Alabama
- Memphis, Tennessee
- San Antonio, Texas
- Ft. Myers/Cape Coral, Florida
- Phoenix, Arizona
- Melbourne, Florida
- Grand Rapids, Michigan
- Orlando-Kissimmee, Florida
- Wichita Falls, Texas
- Indianapolis, Indiana
Cities in the state of Florida make up nearly half the list, at a total of nine. However, Sioux Falls South Dakota had the edge over every Florida locale and all the others listed because of its affordability, along with a wealth of activities that are friendly for those in retirement, according to 55places.
“The city was at the top of our list in terms of resident well-being and scored extremely high in terms of affordable home prices and low cost of living, which is seven percent lower than the national average,” 55places notes. “The health care options here are also ideal, as Avera Health and Sanford Health are among the 25 largest nonprofit hospital systems in the country.”
Sioux Falls also has favorable ratings in its crime rates and tax levels, particularly because there is no estate tax nor state income tax to be found in South Dakota.
Ocala, Florida stands above the pack in comparison with the other Florida cities primarily because of its affordable home prices, low cost of living and multitude of options in terms of its available active adult living locations.
“Couple that with the good weather and Florida’s very favorable tax laws and you’re going to find plenty of opportunities here for a healthy and enjoyable retirement,” 55places says.
While these two cities lead the pack, read the full breakdown of information for every choice at 55places.