Top Priorities for Retirees When Choosing a New Home
When it comes to choosing where to live in retirement, affordability is one of the most important factors for Americans. It ranks just behind proximity to family and friends, according to recent research. Additionally, low crime rates are also high on the list of priorities for retirees looking for a safe and comfortable place to settle down.
Cities That Offer Affordability and Safety
A recent analysis identified eight cities that meet these criteria. The selection was based on FBI crime data, Zillow affordability data, and a retirement income tax analysis from Fidelity. Each city also has at least one hospital, which is another key consideration for retirees.
Here are some of the top cities that may be ideal for those planning their retirement:
1. Columbus, Indiana
- Income needed for affordable home: $68,948
- Violent crime per 100,000 population: 7
Columbus is known for being one of America’s safest cities, with just seven violent crimes per 100,000 people. The city is also vibrant, with fairs and festivals happening nearly every month. Art and architecture enthusiasts will find plenty to enjoy, as well as history buffs who can explore its seven national historic landmarks.
2. Dalton, Georgia
- Income needed for affordable home: $62,455
- Violent crime per 100,000 population: 84
Known as the “Carpet Capital of the World,” Dalton offers a variety of art and theater venues, along with year-round events and sports facilities that cater to activities like golf, pickleball, biking, and disc golf.
3. Eagle Pass, Texas
- Income needed for affordable home: $60,397
- Violent crime per 100,000 population: 43
Eagle Pass is a riverfront border city that features Texas’ only casino, a mall, and a municipal golf course. Retirees can easily cross the International Bridge to the sister city of Piedras Negras to experience the charm and culture of old Mexico.
4. Hattiesburg, Mississippi
- Income needed for affordable home: $55,773
- Violent crime per 100,000 population: 107
Hattiesburg, nicknamed “The Hub City,” offers easy access to destinations such as New Orleans and the Mississippi Gulf Coast beaches. The city also provides arts venues, a zoo, and outdoor recreation opportunities centered around the Leaf and Bouie rivers.
5. Springfield, Ohio
- Income needed for affordable home: $52,782
- Violent crime per 100,000 population: 58
Springfield is a college town home to Wittenberg University. It boasts cultural attractions such as the Clark State Performing Arts Center, the Springfield Symphony Orchestra, and the Springfield Museum of Art. With a variety of festivals and year-round entertainment options, there’s always something to do.
6. Paducah, Kentucky
- Income needed for affordable home: $48,612
- Violent crime per 100,000 population: 72
Located on the Ohio River, Paducah has been recognized by UNESCO as a Creative City for its many fine and performing arts venues. The city also features a vibrant downtown with excellent shopping and dining options, as well as numerous outdoor recreational opportunities.
7. Saginaw, Michigan
- Income needed for affordable home: $47,225
- Violent crime per 100,000 population: 66
Saginaw is not only safe and affordable but also has four hospitals, including a Veterans Affairs medical facility. The city offers a mix of urban and natural attractions, including the Shiawassee National Wildlife Refuge and Japanese gardens.
8. Altoona, Pennsylvania
- Income needed for affordable home: $44,666
- Violent crime per 100,000 population: 142
Altoona has a rich history tied to the Pennsylvania Railroad. The city offers historical sites such as the Horseshoe Curve National Historic Landmark, the Railroaders National Museum, and the Southern Alleghenies Museum of Art. It also has indoor and outdoor sports venues, two theaters, and many parks to keep retirees active and engaged.
How the Selection Was Made
The cities were selected based on an analysis that included crime data from the FBI, housing affordability data from Zillow, and tax-friendly retirement analysis from Fidelity. Each city had to have a violent crime rate below the national average and at least one hospital within 10 miles.
Additional Tips for Retirees
Retirees looking to manage their finances effectively can benefit from tools like the MoneyLion app, which helps track, manage, and move money in one place. This can be especially useful during Financial Literacy Month and beyond.
