Best Places in Every State to Live On a Fixed Income

Alabama: Decatur

Many seniors in Alabama will tell you that living here on a fixed income isn’t too difficult. It’s the reason why so many chose this as their retirement destination, so that their savings can last for as long as possible.

The reason why Decatur is on the list is due to its housing market, which has not seen any major fluctuations. In fact, home values have only gone up by 5% recently, meaning that moving here is a risk free decision for most seniors. Rent values have gone down as well, meaning that if you chose not to buy a house, you could save even more money.

Ultimately, however, your nest egg could cost you as little as $116,900 here, which is a steal for most retirees!

Alaska: Palmer

Alaska seems to tick many boxes for seniors who are interested in relocating during retirement. Those who like being surrounded by nature, prefer colder climates and want to avoid income tax don’t need to look any further than Palmer, an ideal and affordable city with 5,937 residents.

The median home value is slightly more expensive than other cities on our list, landing in at $252,400. That’s because real estate has gone up by 2% in recent years. Still, there is no doubt that you’ll be able to save money overall by moving here if you’re clever with your budgeting and finances, meaning that while you’ll pay more for a home, you’ll be able to stretch your income further in other avenues.

Alternatively, you could opt for renting, which is an option not many seniors take into consideration. However, the 9% decrease in median rent should make you think twice.

Arizona: Sierra Vista

Arizona, other than offering retirees affordable living with stunning backdrops, is also a state in which you don’t have to pay taxes on your Social security or your estate.

A great place to settle down is Sierra Vista, particularly because home values have barely seen an increase in price of 1% over the last couple of years. Considering the fact that in the rest of the state these values have risen by 7%, it’s clear that Sierra Vista is in a league of its own.

Add to that the fact that it serves as the main recreational, cultural, and commercial hub of Cochise County and you’ve got yourself a perfect place to retire.

Arkansas: Little Rock

We bet you never thought you’d find a capital city on this list, right? But it’s true, you can live comfortably in Little Rock, especially due to the low cost of rent here, meaning that you can focus the rest of your retirement income on utilities, recreation and other costs that come with retirement.

The median rent in Little Rock is $1,003, making it one of the least expensive picks on our list. However, if you would rather buy a house, you’re also in luck since home values have only increased by 3% in recent years. This means that seniors don’t have to take big risky moves when they settle down here.

California: Hanford

The state of California is notorious for having a very high cost of living across the board. Buying a home or renting here could end up costing you a pretty penny, but it’s not impossible to settle down and live comfortably- you just need to find the right place.

The median home value in California is $535,100. In Hanford, however, that number goes down significantly to $191,200. If you wish to settle down here you should do it sooner rather than later, as home values have increased by 7.5% lately, and you’ll want to find yourself a cheap, cosy home before it’s too late!