Retirement is something that almost everyone looks forward to. Unfortunately, the economic downturn in the U.S. has been so severe that it has put a serious dent in many people’s retirement plans. Add a prolonged housing decline and the nest egg many thought they had years ago is only a fraction of what it once was. That doesn’t mean that all hope is lost. U.S News, together with Onboard Informatics, found ten bargain cities for people to retire to in the U.S. The study is the result of a formula determining cost of living plus the real estate value decline in these cities.
Here are the Top Ten Best Bargains for retirees:
1. Portland, Oregon
Home prices have taken a beating in this Pacific Northwest city, but that’s good news for retirees. Free things to do in Portland include hiking in the 5,000-acre Forest Park, strolling among the 7,000 rose bushes at the International Rose Test Garden, and perusing plants from all seven continents at the Hoyt Arboretum. Oregon also has great wineries and boutique coffee shops and the climate is moderate. The NBA Trail Blazers play here as well, for all you basketball fans.
2. Tallahassee, Florida
Florida’s capital city has a lot more going on than just state politics. Affordable entertainment abounds in this state capital. For $5 or less, seniors can stargaze at the Challenger Learning Center Planetarium, explore the 68,000-acre St. Marks National Wildlife Refuge, or visit the reconstructed Spanish colonial Mission San Luis. If you love college football, there’s nothing like watching a Florida State Seminoles game live in this great city. It’s a huge draw in the fall.
3. Tucson, Arizona
The average home sale price fell 88 percent between 2009 and 2010 in this southwestern city surrounded by five mountain ranges and state and national parks. In 2010, newcomers to the area bought access to big-city amenities for an average home price of $147,731. This city is south of the much larger Phoenix metro area, but the weather seems to be more manageable year-round. It’s a relaxing town with the amenities of any big city, including a major college. The University of Arizona calls Tucson home.
4. Wake Forest, North Carolina
This small town of 17,000 has the Falls Lake State Recreation Area, which includes a 12,000-acre lake and 26,000 acres of woodlands. It’s one of the areas most popular activities for retirees. Home prices have plummeted 88 percent since 2009 in this suburb of Raleigh. This Tobacco Road hotspot offers a lot for seniors at a great value.
5. Cathedral City, California
Have you dreamed of desert living in a nice area with great golf? This is the place. Average home prices have fallen 85 percent since 2009 to $182,076 in this city named for its majestic canyons. Located just 15 minutes from Palm Springs, Cathedral City is surrounded by golf courses and boasts year-round warm weather.
6. Wahiawa, Hawaii
I know what you’re thinking. How can Hawaii be affordable? Well check this out. Located in the center of the island of Oahu and near Wheeler Army Air Field, Wahiawa is about a half-hour drive from Honolulu. While the average home sale price was an expensive $331,498 in 2010, that’s 82 percent less than area homes sold for in 2009. For retirees with a little more money, they can live on this island paradise locale.
7. Weatherford, Texas
Texas is one of the most retirement friendly states to begin with. This makes it that much better. The median home sale price in this suburb of Fort Worth was just $107,899 in 2010. Seniors age 65 or older can take up to six credit hours per semester tuition-free at Weatherford College.
8. Dover, Delaware
The capital city of Delaware, Dover offers a lot more than just colonial-era charm. It sits on the St. Jones River and offers residents access to Silver Lake, the Delaware Bay, and the 15,978-acre Bombay Hook National Wildlife Refuge. Home prices have fallen 66 percent since 2009, to an average price of $168,805 in 2010. There’s also the Dover Downs racetrack and casino for entertainment. Dover Downs hosts an annual NASCAR race plus others throughout the racing season.
9. Sycamore, Illinois
City buses are free for senior citizens age 60 and older in this small city that’s 60 miles west of Chicago. Other affordable activities include a stroll through the historic district, a visit to the Midwest Museum of Natural History, and picking your own apples and pumpkins at local farms. This city is close enough to Chicago to visit for fun activities, but far enough to enjoy a quiet retirement in the country.
10. St. Charles, Maryland
In 2010, home prices fell 46 percent, to an average of $245,191 in this planned community. Residents can enjoy an 18-hole public golf course and miles of hiking and biking paths. For history buff retirees, Washington, D.C. is only about 30 miles away. St. Charles is a suburb.
Retiring is an opportunity for many Americans to move to a place where they can enjoy their Golden Years. The housing crisis and economic downturn have put a damper on many retirement plans, but that doesn’t mean that retirees have to stay put. There are great cities that are loaded with inexpensive activities and all the amenities retirees need all across the country.
Homes.com National Speaker / Blogger/ Digital Media Executive
I've been passionate about real estate all my life. In 2000, I got my real estate license and for the next three years sold millions in real estate representing investment buyers. This was great, but I wanted more.
In 2003, I Co-Founded the CARE Group, a real estate investment company that specialized in buying and selling distressed single family homes. Over the next five years my company bought and sold more than $10 million in real estate. It was during this time that I authored a book entitled The Foreclosure Revolution. This book would go on to win a Silver Medal at the 2009 Axiom Business Book Awards and help take my career to the next level - the national level.
In 2008, I was hired as Realtor.com's National Speaker. Over the next three years, I traveled the country speaking to more than 25,000 real estate professionals about the latest in real estate marketing, technology, and social media. Realtor.com sold digital media advertising to Realtors and it was my job to show these Realtors how they can get more business by purchasing our digital media products. I left Realtor.com at the end of 2010.
In 2011, I was hired by Homes.com to become a Regional Account Executive and National Speaker, selling digital media solutions to real estate professionals. Homes.com is a competitor to Realtor.com and offers many of the same type of digital media solutions. In addition to sales and speaking, I also am a contributor to the Homes.com B2B and B2C blogs.
I have a Bachelors Degree in General Studies from Indiana University and am currently pursuing my MBA at the Indiana University Kelley School of Business. I am also pursuing my Masters in Global Management at Thunderbird School of Global Management as part of a dual degree program I'm enrolled in between the two schools.
