Key Points
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Housing costs in some of the most attractive retirement locations can top $1 million.
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If you don’t have the kind of money to drop $1 million on a house, you still have attractive options.
The No. 1 best place to retire is Naples, Florida, according to a recent survey. There’s just one small problem: The average cost of a home is over $1.2 million. And the average income is a lofty $141,000 or so. If that’s too rich for your blood, don’t fret; few retirees could afford it. Good thing there are more cost-effective options lower down on the list. Here are three you’ll want to consider if you have a more realistic retirement budget.
1. South Bend, IN
The average home price in South Bend, Indiana is about $151,000, and the average income is around $53,000, according to the latest Best Places to Retire from U.S. News and World Report. It’s a bit small, with only around 105,000 residents, but if you like a small town feel and are on a budget, it could be a great place to start your retirement life.
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2. Fort Wayne, IN
The average home price in Fort Wayne, Indiana is around $184,000 and the average income is roughly $62,000. And with over 270,000 residents, it’s not as small as you might expect. That could offer you the mix of amenities and value you are looking for in your retirement home.
3. Green Bay, WI
Finally, Green Bay, Wisconsin offers an average house price of about $206,000, while the average income is nearly $62,000. Like South Bend, the population is on the small side at 107,000 or so. However, it’s hard to argue with the affordability angle here if you live on a less generous budget backstopped by Social Security.
Less well known doesn’t mean less well off
People are often drawn to big-name cities, which is OK but often very costly. But you don’t need to spend lavishly to live a good life. If you take some time to visit South Bend, Fort Wayne, and Green Bay, you might just find that you’ll be better off emotionally and financially in retirement if you live somewhere that doesn’t stretch your housing budget to the breaking point.
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