You can enjoy an Affordable and higher quality retirement when housing
costs less.
Downsizing into a smaller and more affordable home can give a quick
yet significantboost to your nest egg. Your retirement savings will
stretch further if you relocate to a place with less expensive
housing. Consider these 50 places with low homeownership costs for
retirees.
1. Wheeling, West Virginia
Northern West Virginia town is among the mostaffordable metro areasin
the country. Homeowners ages 65 and older pay a median of just $779
per month for housing costswith a mortgage, according to Census Bureau
data, and $305 monthly if they have paid off their mortgage.
2. Muncie, Indiana
The home of Ball State University provides low-cost housing to
retirees. Older homeowners pay a median of$781 per month with a
mortgage and$347 per month if they own their homemortgage-free.
3. Weirton-Steubenville, West Virginia-Ohio
This metro area includes the cities of Weirton, West Virginia, and
Steubenville, Ohio. The median home costs for retirees total $799 per
month for people making mortgage payments. Older homeowners who
havepaid off their mortgagespay a median of $324 for monthly housing
expenses.
4. Beckley, West Virginia
Beckley is best known for its artisan shopping center, Tamarack, as
well as the Exhibition Coal Mine. Retirees might want to stay in town
for the lowhousing prices. Retirees pay a median of $805 per month
with a mortgage and just $275 monthly without one.
5. Dothan, Alabama.
This southern Alabama city is famous for its peanut crop and hosts the
annual National Peanut Festival each fall. Housing prices are among
the lowest in the country, costing retires amedian of $836 with a
mortgage, and that further drops to $296 among seniors who have paid
off their home.
6. Terre Haute, Indiana
Terre Haute is a college town with over 13,000 students at Indiana
State University. The area's low costs will also appeal to retirees,
who pay a median of $339 per month in housing costs if they own a
paid-off home and$836 monthly if they are continuing to make mortgage
payments at age 65 orolder.
7. Charleston, West Virginia
West Virginia's state capital and largest city has many benefits for
retirees. Housing costs a median of$837 per month for homeowners age
65 and older with a mortgage. Retireeswho have paid off their
mortgages have median housing costs of only$300 per month.
8. Owensboro, Kentucky
Owensboro is located along the Ohio River and offers retirees scenic
beauty along with low-cost housing. Homeowners ages 65 and older have
median housing costs of $839 per month if they have a mortgage.
Monthly housing expenses drop to a median of $315 among retirees who
have paid off their home.
9. Huntington, West Virginia
The Huntington metro area, which alsoincludes Ashland, Kentucky, is
the home of Marshall University, a municipal rose garden and the
Huntington Museum of Art. Yet, housing near these amenities
remainsaffordable, costing retirees a median of$851 with a mortgage
and $297 without one.
10. Kokomo, Indiana
Named after Chief Kokomo of the Miami tribe, the city of Kokomo is
located 50 miles north of Indianapolis in central Indiana. Housing
costs people age 65 and older a median of$853 per month with a
mortgage but declines to $319 for seniors who are mortgage-free.
11. Parkersburg-Vienna, West Virginia
This metro area includes the West Virginia cities of Parkersburg and
Vienna, as well as Marietta, Ohio. Retirees with a paid-off house have
a median of just $276 in monthly housing costs. Housing expenses for
people age 65 and older with a mortgage are a median of $857 per
month.
12. Cape Girardeau, Missouri
Missouri residents age 65 and older are eligible to take classes at a
significantlydiscounted tuition rateat Southeast Missouri State
University in Cape Girardeau. And that isn't the only bargain in town.
Retirees pay a median of $861 in monthly housing costs with a mortgage
and $350 per month without one.
13. Fort Smith, Arkansas
Retirees age 65 and older who have a mortgage pay a median of $863 in
monthly housing costs in Fort Smith. Older residents who have paid off
theirmortgages have a median of $315 in monthly housing costs
14. Lake Charles, Louisiana
Living up to its name, Lake Charles haslakes, rivers, marshes and is a
short drive from the Gulf of Mexico. The scenic beauty is nicely
paired with affordable housing costs. Retirees age 65 and older pay a
median of $867 monthly with a mortgage, which dropsto just $287 among
seniors without a mortgage.
15. Pine Bluff, Arkansas
Pine Bluff is located along the Arkansas River, about 44 miles south
of Little Rock. Older homeowners spend a median of $872 per month
onmortgage payments and other housing costs. Retirees who have paidoff
their mortgages have just $328 in median monthly housing costs.
16. Fort Wayne, Indiana
The Fort Wayne Museum of Art, Science Central, History Center and
FortWayne Children's Zoo all provide discounted admission to retirees.
Retirees aren't overcharged for housing either. People age 65 and
older who own their home without a mortgage have a median of $334 in
monthly housing expenses. Retirees who are still making mortgage
payments have a median of $878 in monthly housing costs.
17. McAllen, Texas
The McAllen, Texas, metro area also includes the cities of Edinburg
and Mission and is located at the southern tip of Texas. Retirees pay
a median of$885 per month for housing, including their mortgage
payments. People age 65 and older without a mortgage pay a median of
just $319 per month for housing.
18. Altoona, Pennsylvania
The Altoona Area School District's Mansion Park Stadium attracts many
sporting and musical events to the area. Retirees who have paid off
their mortgages pay a median $395 in monthly housing costs. Older
homeowners with mortgages pay median of $886 per month to live in
Altoona.
19. Hickory, North Carolina
The Hickory metro area also includes the cities of Lenoir and
Morganton. Housing costs retirees a median of$886 per month, including
their mortgage payments. People age 65 and older without a mortgage
have other housing costs that total a median of $303 per month.
20. Morgantown, West Virginia
Morgantown is the home of West Virginia University and an affordable
electric Personal Rapid Transit system that costs just 50 cents per
trip. Peopleage 65 and older have a median of$895 in monthly housing
costs. Once retirees pay off their mortgage, their housing costs drop
to a median of just $295 per month.
costs less.
Downsizing into a smaller and more affordable home can give a quick
yet significantboost to your nest egg. Your retirement savings will
stretch further if you relocate to a place with less expensive
housing. Consider these 50 places with low homeownership costs for
retirees.
1. Wheeling, West Virginia
Northern West Virginia town is among the mostaffordable metro areasin
the country. Homeowners ages 65 and older pay a median of just $779
per month for housing costswith a mortgage, according to Census Bureau
data, and $305 monthly if they have paid off their mortgage.
2. Muncie, Indiana
The home of Ball State University provides low-cost housing to
retirees. Older homeowners pay a median of$781 per month with a
mortgage and$347 per month if they own their homemortgage-free.
3. Weirton-Steubenville, West Virginia-Ohio
This metro area includes the cities of Weirton, West Virginia, and
Steubenville, Ohio. The median home costs for retirees total $799 per
month for people making mortgage payments. Older homeowners who
havepaid off their mortgagespay a median of $324 for monthly housing
expenses.
4. Beckley, West Virginia
Beckley is best known for its artisan shopping center, Tamarack, as
well as the Exhibition Coal Mine. Retirees might want to stay in town
for the lowhousing prices. Retirees pay a median of $805 per month
with a mortgage and just $275 monthly without one.
5. Dothan, Alabama.
This southern Alabama city is famous for its peanut crop and hosts the
annual National Peanut Festival each fall. Housing prices are among
the lowest in the country, costing retires amedian of $836 with a
mortgage, and that further drops to $296 among seniors who have paid
off their home.
6. Terre Haute, Indiana
Terre Haute is a college town with over 13,000 students at Indiana
State University. The area's low costs will also appeal to retirees,
who pay a median of $339 per month in housing costs if they own a
paid-off home and$836 monthly if they are continuing to make mortgage
payments at age 65 orolder.
7. Charleston, West Virginia
West Virginia's state capital and largest city has many benefits for
retirees. Housing costs a median of$837 per month for homeowners age
65 and older with a mortgage. Retireeswho have paid off their
mortgages have median housing costs of only$300 per month.
8. Owensboro, Kentucky
Owensboro is located along the Ohio River and offers retirees scenic
beauty along with low-cost housing. Homeowners ages 65 and older have
median housing costs of $839 per month if they have a mortgage.
Monthly housing expenses drop to a median of $315 among retirees who
have paid off their home.
9. Huntington, West Virginia
The Huntington metro area, which alsoincludes Ashland, Kentucky, is
the home of Marshall University, a municipal rose garden and the
Huntington Museum of Art. Yet, housing near these amenities
remainsaffordable, costing retirees a median of$851 with a mortgage
and $297 without one.
10. Kokomo, Indiana
Named after Chief Kokomo of the Miami tribe, the city of Kokomo is
located 50 miles north of Indianapolis in central Indiana. Housing
costs people age 65 and older a median of$853 per month with a
mortgage but declines to $319 for seniors who are mortgage-free.
11. Parkersburg-Vienna, West Virginia
This metro area includes the West Virginia cities of Parkersburg and
Vienna, as well as Marietta, Ohio. Retirees with a paid-off house have
a median of just $276 in monthly housing costs. Housing expenses for
people age 65 and older with a mortgage are a median of $857 per
month.
12. Cape Girardeau, Missouri
Missouri residents age 65 and older are eligible to take classes at a
significantlydiscounted tuition rateat Southeast Missouri State
University in Cape Girardeau. And that isn't the only bargain in town.
Retirees pay a median of $861 in monthly housing costs with a mortgage
and $350 per month without one.
13. Fort Smith, Arkansas
Retirees age 65 and older who have a mortgage pay a median of $863 in
monthly housing costs in Fort Smith. Older residents who have paid off
theirmortgages have a median of $315 in monthly housing costs
14. Lake Charles, Louisiana
Living up to its name, Lake Charles haslakes, rivers, marshes and is a
short drive from the Gulf of Mexico. The scenic beauty is nicely
paired with affordable housing costs. Retirees age 65 and older pay a
median of $867 monthly with a mortgage, which dropsto just $287 among
seniors without a mortgage.
15. Pine Bluff, Arkansas
Pine Bluff is located along the Arkansas River, about 44 miles south
of Little Rock. Older homeowners spend a median of $872 per month
onmortgage payments and other housing costs. Retirees who have paidoff
their mortgages have just $328 in median monthly housing costs.
16. Fort Wayne, Indiana
The Fort Wayne Museum of Art, Science Central, History Center and
FortWayne Children's Zoo all provide discounted admission to retirees.
Retirees aren't overcharged for housing either. People age 65 and
older who own their home without a mortgage have a median of $334 in
monthly housing expenses. Retirees who are still making mortgage
payments have a median of $878 in monthly housing costs.
17. McAllen, Texas
The McAllen, Texas, metro area also includes the cities of Edinburg
and Mission and is located at the southern tip of Texas. Retirees pay
a median of$885 per month for housing, including their mortgage
payments. People age 65 and older without a mortgage pay a median of
just $319 per month for housing.
18. Altoona, Pennsylvania
The Altoona Area School District's Mansion Park Stadium attracts many
sporting and musical events to the area. Retirees who have paid off
their mortgages pay a median $395 in monthly housing costs. Older
homeowners with mortgages pay median of $886 per month to live in
Altoona.
19. Hickory, North Carolina
The Hickory metro area also includes the cities of Lenoir and
Morganton. Housing costs retirees a median of$886 per month, including
their mortgage payments. People age 65 and older without a mortgage
have other housing costs that total a median of $303 per month.
20. Morgantown, West Virginia
Morgantown is the home of West Virginia University and an affordable
electric Personal Rapid Transit system that costs just 50 cents per
trip. Peopleage 65 and older have a median of$895 in monthly housing
costs. Once retirees pay off their mortgage, their housing costs drop
to a median of just $295 per month.
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