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Often charming, picturesque communities offering a mix of entertainment and relaxation, many lake towns are considered vacation destinations with prices being higher in season. Fortunately, there are generally many communities where retirees can live affordably year-round.
On average, household spending for people 65 and older – with an average household size of 1.7 people – is about $5,000 per month, according to the . As per Consumer Expenditure Survey (CE) program From the US Bureau of Labor Statistics.
Still, there are several Great Lakes cities where you can retire for less than $3,500 per month. According to owner Anita Burke, some of the best Lakes Escape TripInclude the following.
1. Hot Springs Village, Arkansas
Although technically not a city, Hot Springs Village in Arkansas is the largest gated community in the country with its own police and fire departments. Prices vary, but rent averages $1,500 per month, according to district. If you can bring that price down even further, such as by keeping a low mortgage instead of renting, it is certainly possible for a retired couple to live here for less than $3,500, especially since there is so much to do within the community.
“Home to 11 lakes and nine golf courses, the village has plenty of outdoor recreation, trails and any community club or activity you could possibly dream of,” Burke said. “Residents can choose from lakefront, golf-course and lakeside properties in this quiet, lesser-known area, which has mild winters and beautiful landscapes.”
Plus, it’s “a short drive from downtown Hot Springs, with access to history, culture and locally owned shops and restaurants. There are great healthcare services nearby and not too far from the big city of Little Rock, making it a great choice for retirees looking for both comfort and convenience,” she adds.
2. Lake of the Ozarks, Missouri
The Lake of the Ozarks may be famous thanks to Netflix, but it may also be a great place to retire.
“Lake of the Ozarks truly has a range of housing options for any retirement budget. The lake and its surrounding communities are a perfect fit for anyone looking for a relaxing, water-loving lifestyle,” Burke said.
There are several lakeside communities to choose from, but one option is the City of Lake of the Ozarks. according to best placeA single person only needs $2,100 per month to live in Lake Ozark. It could also mean that a retired couple could find a way to live a good life for less than $3,500, depending on factors such as the size of the residence. Plus, you can keep costs down with all the natural recreation in the area.
“From hiking trails and Missouri cave systems to golf courses and year-round recreational activities, Lake of the Ozarks is a great place for active retirees who seek nature, convenience and community,” Burke said.
3. Rogers, Arkansas (Beaver Lake)
Beaver Lake, located in Rogers City, Arkansas, is also a great choice for retirees because of its “low cost of living, mild seasonal weather, and access to both recreation and culture to enjoy,” Burke suggested.
Like many lake towns, housing prices can range a wide range, but you can find plenty of charming places to live for under $400,000. And grocery prices in Rogers are 5% lower than the national average, according to payscale. In the meantime, there’s plenty to do in the area.
“Beaver Lake is known for its excellent fishing, boating, hiking and nature scenery. It’s near downtown Bentonville which is booming with development and has great amenities,” such as health care and the arts, Burke said.
“Beaver Lake is also a short drive from Eureka Springs, which has its own charm of boutique shops, local art galleries and a fun, eclectic atmosphere. The area has a low cost of living, mild seasonal weather, and access to both entertainment and culture to enjoy.”
4. Grove, Oklahoma (Grand Lake)
Finally, retirees looking for an affordable lake town should consider places like Grove, Oklahoma, which is located along the Grand Lake o’ Cherokee, also known as Grand Lake.
Here, you can find many housing options for under $300,000, the average sales price in The Grove is $269,000, Per Redfin. There are also several other lakeside communities to consider to help you find something that suits your budget and lifestyle.
“Grand Lake O’ Cherokees is recognized as the best lake in Oklahoma for retirees. It has affordable living, a welcoming community, and plenty of shoreline with wide channels of water for all types of lake activities. There are tranquil creeks, great fishing, Shangri-La-like golf communities, and the towns of The Grove and Monkey Island have plenty of amenities so you can enjoy an active lake lifestyle year-round,” Burke said.
“There’s access to high-quality health care, mild weather and a strong retiree population, which is great for anyone looking for lakeside living without the high costs or crowds,” he said.
