Mankato, Minn.
Population: 41,241
Share of population 65+: 11.0%
Living costs for retirees: 4.4% below the national average
Average income for 65+: n/a
Community score: n/a
State’s tax rating for retirees: Least Tax-Friendly
Located approximately 90 miles southwest of the Twin Cities, Mankato is a small city with an economy on the rise. It’s true the winters are a bit colder and the taxes are a bit higher, but it is, nevertheless, a nice place to spend your retirement years.
The town has received a revitalization boost in recent years, with restaurants, entertainment venues, and shops emerging in the downtown area. The five-year strategic plan drafted by the local authorities aims to expand the development area all across the Minnesota River Valley. The plan includes providing housing within walking distance from the location of jobs and shops and constructing a bridge across the Minnesota River to North Mankato.
Fortunately, this development process has not yet affected the living costs. When it comes to living costs, particularly for retirees, Mankato is still below the national average. Sadly, the standard income in this town is also lower than in other parts of Minnesota, with an average annual income for residents with earnings at $62,776, compared with $64,626 in Minneapolis.
On the bright side, the poverty rate for population 65 and older is 7.8% in Mankato, much lower than in Minneapolis where the rate is 12.6% and compared to the entire U.S. where the rate is 9.3%.
