Key Takeaways
- Living comfortably in retirement often requires making cutbacks, and one way to do that is by moving somewhere cheaper.
- Several cities across the U.S. stand out for affordability while offering excellent amenities and livability, including Fort Wayne, Indiana; Lexington, Kentucky; Augusta, Georgia; Midland, Michigan; and Des Moines, Iowa.
If you’re looking to make your retirement dollars go further, a good option could be moving to a place that is more affordable. Several areas across the U.S. offer plenty of desirable qualities while costing significantly less to live than the national average. Here are five cities that are considered both extremely affordable and livable.
How These 5 Cities Were Chosen
Below, we explore five cities across the U.S. where your retirement savings can stretch further without sacrificing quality of life. Our selection criteria include the following:
- Affordability: Low cost of living and housing costs significantly below national averages
- Quality health care: Access to hospitals, specialists, and primary care physicians
- Things to do: Cultural amenities, outdoor recreation, and programs tailored to retirees
- Safety and livability: Low crime rates, walkable areas, and a welcoming community spirit
Fort Wayne, Indiana
- Why: Arts and culture, water activities, light traffic, miles of parks, hiking and biking trails, and close to several major cities.
- Median home price: $236,000 (compared with $360,000 nationally)
- Cost of living compared with the U.S. overall: -10%
Named after American Revolutionary War General “Mad” Anthony Wayne and the fort he helped build in 1794, this city, the second-largest in Indiana, is safe, friendly, easy to navigate, and has plenty for retirees to do.
Heavy investment in the downtown area has literally paved the way for new and revitalized museums, parks, gardens, restaurants, festivals, markets, and art events. Fort Wayne is also building a new hospital. The city sits at the confluence of three rivers, offering 100 miles of hiking and biking trails, and has dedicated programs tailored to older adults. It is known for its friendly community spirit and is relatively close to major cities like Chicago, Detroit, and Indianapolis.
Lexington, Kentucky
- Why: Horses, bourbon, golf, nature, music, theaters, and free university courses.
- Median home price: $320,000
- Cost of living compared with the U.S. overall: -3%
Life in Lexington is known for its horses, bourbon, and great music scene. Surrounded by rolling hills and rivers, there is plenty for outdoor enthusiasts to enjoy here, including exploring the nearby Red River Gorge and Appalachian Mountains.
Lexington is also appreciated for its galleries, theaters, opera house, ballets, musicals, and comedy shows. For just $50 a year, the University of Kentucky Osher Lifelong Learning Institute offers individuals over 50 access to various courses, trips, and events. Additionally, the Donovan Fellowship provides Kentucky residents aged 65 and older with the opportunity to take free university classes.
Augusta, GA
- Why: Southern charm, golf, tax-friendly, walkable downtown with plenty of amenities, excellent health care, close to the water and mountains.
- Median home price: $174,000
- Cost of living compared with the U.S. overall: -13%
Efforts to revitalize Augusta have yet to be reflected in its home prices. New restaurants, museums, galleries, and other venues continue to emerge in this city, which is perhaps best known for hosting the annual Masters golf tournament…