4 of the 5 Most Affordable Retirement Spots Are in This State


 

 

4 of the 5 Most Affordable Retirement Spots Are in This State

When 55places.com, an online resource for active adult communities in the U.S., identified the most affordable places to retire in 2019, one sun-drenched state — Florida — stood out by landing four of the top five spots.

But not the No. 1 perch, which went to the most populous city in a much chillier Midwestern state: Sioux Falls, South Dakota.

To craft its list, 55places considered the cost of living, median home prices, state tax laws, local health-care options, the availability of 55-plus communities and public transit options. According to the site, “the cities named not only offer reasonable housing costs, but also provide exciting amenities and healthy living options.”

Sources: 55places.com, Zillow.com, Avalara.com

 

5. Daytona Beach, Florida

Buildings By Sea Against Cloudy Sky
Andras Szada / EyeEm | EyeEm | Getty Images

Median home price: $159,000
Sales tax rate: 6.5 percent
State income tax: 0 percent
Public transit: Votran (bus)

Spring breakers and speed demons might come to mind before retirees when you think of Daytona Beach, on northeast Florida’s coast, yet this sunny city of more than 61,000 is an affordable option for seniors. Leisure is king here, with beaches and golf courses galore. Craving history and culture? The resort town is also just an hour south of St. Augustine, oldest city in the U.S.

 

4. Jacksonville, Florida

USA, Florida, Jacksonville skyline
Henryk Sadura | Tetra images | Getty Images

Median home price: $210,900
Sales tax rate: 7 percent
State income tax: 0 percent
Public transit: Jacksonville Transportation Authority (bus, monorail, ferry, shuttle)

Florida’s most populous city is the hub of a 1.6 million-person metropolitan region. This is big-city living, albeit with a definite Southern flair and grace. Jacksonville probably comes out best among the top five for public transportation options, given the JTA’s extensive and varied commuting choices, including the futuristic Skyway monorail. As you’d imagine, the health care, entertainment, continuing education and dining landscapes are world class.

 

3. Lakeland, Florida

Lakeland Florida
Wikimedia

Median home price: $194,500
Sales tax rate: 7 percent
State income tax: 0 percent
Public transit: Citrus Connection (bus)

One hour’s drive southwest of Orlando, Lakeland is hot, humid and wet in the summer but mild and sunny the rest of the year. The city boasts seven historical districts packed with preserved homes and structures. And, as you might suspect given Lakeland’s name, it’s home to 38 named lakes, as well as many other unnamed bodies of water. The largest lake is 2,550-acre Lake Parker.

 

2. Ocala, Florida

Ocala Florida
Excel23/Wikimedia

Median home price: $184,990
Sales tax rate: 7 percent
State income tax: 0 percent
Public transit: Ocala SunTran (bus)

Just under 90 minutes by car north of Orlando, this one-time All America City Award title holder (1995) boasts a dry season each October through May that features mild temperatures and uninterrupted sunshine. The city’s historic district features many preserved homes. East Fort King Street has lots of classic Victorian architecture and many local sites, such as the Coca-Cola Building and Union Train Station, are listed on the National Register of Historic Places.

 

1. Sioux Falls, South Dakota

Premium: Top States 2014: South Dakota Sioux Falls
Sioux Falls, South Dakota.
Denis Jr. Tangney | E+ | Getty Images

Median home price: $224,900
Sales tax rate: 6.5 percent
State income tax: 0 percent
Public transit: Sioux Area Metro (bus)

We’re not in Florida anymore! Despite the colder weather, Sioux Falls — population 187,200 or so — keeps attracting new residents, posting a 22 percent population jump from 2000 to 2010. This full-fledged city is not only affordable, it’s also jam-packed with culture, sports, dining and events venues.

 


Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC. The advisory firm providing you this report is an independent financial services firm and is not an affiliate company of AE Wealth Management, LLC. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by AE Wealth Management. This information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. None of the information contained herein shall constitute an offer to sell or solicit any offer to buy a security or insurance product.
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