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If you’re thinking about relocating to retire, you’re not alone. A good percentage of homebuyers over the age of 55 are packing up and looking for a new place to enjoy their golden years.
However, not everyone is putting their nest egg in one basket. Retirees are exploring a variety of options that include “affordability, quality of life and tax benefits.” yavar charlieDirector of the Property Division at Aaron Kirman Group.
While there are many reasons to downsize and move on to retirement, Charlie said one of the major choices is a change of scenery. “As a Realtor who has helped countless clients find their dream home, I know that for many people, retirement is the final chapter where location really matters,” he said.
According to Charlie, here are the top five cities where retirees are moving, and why they’re worth the move.
Allentown, Pennsylvania
Known for its rich historical roots, love of sports, Philly cheesesteaks and, of course, the timeless “Rocky” film series, Pennsylvania is deeply embedded in American culture. Now, it is becoming a popular option for retirement.
“Pennsylvania may not be the first place that comes to mind for retirees, but Allentown is catching people’s attention,” Charlie said. “Thanks to the revitalized city and Pennsylvania’s policy of not taxing retirement income, this is a practical and attractive option.
“The city combines big-city amenities with small-town prices, which is a combo that’s hard to beat. Retire here, and you’ll have a lot more in your pocket for those Eagles tickets — or maybe a nice weekend in the Poconos.”
Charleston, West Virginia
Located on the Kanawha River, Charleston has a charming quaintness, a vibrant music scene and a revamped downtown area with spectacular art galleries, chic boutiques and exciting new restaurants and breweries.
According to Charlie, the city also offers affordable housing and low property taxes, which are some of the reasons why retirees are moving to the city.
“Charleston is all about providing small-town atmosphere and access to outdoor adventures while still staying within your budget,” he explains.
With a median sales price of $184,333 reported by Zillow, and with taxes on Social Security benefits being phased out, the city is a financial win for retirees, according to Charlie.
“This is the kind of place where your dollar goes further – so, you can spend the money on a new fishing rod or that RV you’ve been eyeing.”
Fredericksburg, Texas
With a population of less than 12,000, Fredericksburg may be small in size, but it’s full of reasons retirees are moving there.
Charlie explained, “Wine, culture and no state income taxes – Fredericksburg is where retirement dreams get a little tempting.” “The average monthly housing cost is $1,254, making it affordable for those who want a little comfort without breaking the bank.”
He adds, “The Texas Hill Country is the new ‘it’ spot for retirees, with Fredericksburg topping the list. Bonus: It’s the only place where you can tour vineyards and buy cowboy boots in the same afternoon.”
Maryville, Tennessee
Nestled between Knoxville and the western edge of the Great Smoky Mountains National Park, Maryville, Tennessee, is luring retirees with its great benefits.
“Maryville is where Southern charm meets smart financial planning,” Charlie said. “With no state income tax and a property tax rate of only 0.62%, this is no easy task for retirees who want to grow their savings.”
Maryville also has affordable housing, with the median home price being $374,000, which is significantly lower than the national average.
“It’s perfect for retirees who want peace, quiet and a backyard that doubles as a postcard,” Charlie said.
Scottsdale, Arizona
With year-round sunny weather, stunning desert landscapes and a high quality of life, Scottsdale was named the best city to retire in in 2024, according to Niche.
It’s not the cheapest option with a median home price of about $833,333, but, as Charlie points out, “Retirees who have the means to spend love it for the endless golf courses, resort-style amenities and outdoor lifestyle.”
He adds, “Arizona’s low state tax rates help cushion the financial blow, and with over 300 days of sunshine a year, you can even forget about the cost.”
last attempt to go
For retirees who want to move and live somewhere else while increasing their income without compromising their lifestyle – it can be done.
“These cities show that retirement is no longer about settling, but about moving on,” Charlie said. “Whether my clients are looking for low taxes, a low cost of living or just a place to enjoy their hobbies, there is something for everyone here.”
Kaitlyn Moorehead Contributed to the reporting of this article.