At first glance, a college or university town might not seem the best fit for the average American retiree. After all, these cities are often associated with a far younger demographic, most of whom are just starting to determine their career paths. But retirees are finding that some college towns offer an idyllic place to settle down.
For retired Americans living on a fixed income, affordability is key. According to the Social Security Administration, the average retiree should expect to receive monthly benefits of approximately $1,976. Meanwhile, the recommended post-retirement income for Americans is reportedly $50,000 for individuals and $80,000 for couples. For seniors whose post-retirement income will be low, especially if they lack savings, it makes sense to aim for a region of the country where their dollar will stretch and housing and groceries are still relatively affordable. In the Midwest, housing and rental prices are likely to be lower than the national average. As for cost of living, U.S. News & World Report ranked four Midwestern states among the 10 most affordable. Though budget-friendly living is important, that might not be enough for all retired Americans. College towns have a reputation for being made up of highly educated, diverse, and progressive populations.
As there are many pros to moving to a Midwestern college city, there will also be unique challenges, such as weather and immediate access to healthcare resources. With these considerations in mind, here are the college towns in the Midwest that American retirees might find themselves more than happy to call home.
Ann Arbor, Michigan
Ann Arbor, Michigan and its surrounding region is home to nearly a dozen different colleges and universities, including the University of Michigan and, just up the road in Ypsilanti, Eastern Michigan University. While there is a strong youthful undercurrent thanks to so many schools within the area, Ann Arbor also has a thriving retiree population. As Forbes notes, some retirees have come to see the city as a retirement mecca. In an interview with the magazine, one retired professional, Gary Graves, shared that he and his wife, Heather, moved 260 miles to a Michigan college town because he had fond memories of living there. Overall, retirees appreciate it as a place for golfing, intellectual amenities, and access to great healthcare…