Nearing retirement and want to save? Then you may want to head to Sioux Falls, South Dakota. According to a new ranking, the city is the nation’s most affordable place to retire, offering low home prices and an even lower cost of living.Verify your new rate (Aug 11th, 2020)
The nation’s most affordable place to retire
According to a new ranking by 55 Places, Sioux Falls is the country’s most affordable city to retire in. The town’s cost of living clocks in 7 percent lower than the national average, and home prices and tax rates are also low in the area.
“What really put it over the top was the fact that South Dakota’s tax rates are among the lowest in the country,” 55 Places’ Sean Keeley said. “The lack of a state income tax and no taxation on Social Security benefits means retirees can live large in this small city.”
Sioux Falls also boasts abundant health care options and has below-average crime rates.Verify your new rate (Aug 11th, 2020)
Other top spots to retire in
Florida claims six of the nation’s 10 most affordable retirement cities, with Ocala, Lakeland, Jacksonville, Daytona Beach, Gainesville and Tampa-St. Petersburg all making the list.
Ocala even claims one of the country’s most popular 55-and-up communities, too. The “On Top of the World” neighborhood offers homes as low as $100K. Its close proximity to larger cities is also a perk.
“Ocala is all about small-town living and with that comes a lower cost of living and affordable housing,” 55 Places’ expert Russ Walker said. “Why pay for the hustle and grind—not to mention house prices—of a large city when Ocala is just a short drive from Orlando, Tampa, and some of the best beaches in the country? Add to that, the relatively low property tax, as well as low auto and homeowners insurance, and you have the trifecta of low-cost living.”
Other places to make the list were New Castle County, Delaware; South Bend, Indiana; and Waco, Texas.
Get today’s mortgage rates
Considering retiring in one of these affordable cities? Then shop around and see what mortgage rates you qualify for today.Verify your new rate (Aug 11th, 2020)