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Best Places in Every State to Live On a Fixed Income

April 5, 2018 · Retirement Life

Hawaii: Hilo

Home values in Hawaii have always been exceptionally high, so those who wish to retire to this tropical paradise might need to rethink their budgeting strategies. That being said, there is at least one place in the island state where prices are lowest.

In Hilo, the median home prices have only increased by 1% lately, though you’re still expected to dish out $336,900. Even so, it’s only the second-highest city in terms of home prices on our list. In Hawaii overall, the median home price is $628,600, so you’re looking at a fraction of the cost either way.

Rent will cost you around $1,685, unsurprisingly considering the 12% increase over the last couple of years.

A couple looking over the Snake River Canyon in Twin Falls, Idaho.
Active seniors enjoy the stunning canyon and waterfall views at the scenic Perrine Coulee Overlook.

Idaho: Twin Falls

Percentage wise, you might think Twin Falls might be too expensive for retirees with a limited income. That’s because while home values increased by 6% within one year, rent has also gone up by 4.5%.

That being said, you’ll still find a home $49,400 cheaper than the national average. In this city, you can purchase one for $158,200.

Seniors shopping at a local farmer's market in Illinois.
Seniors browse fresh produce and enjoy live music at the bustling Champaign-Urbana Farmer’s Market.

Illinois: Champaign-Urbana

Are you $76,500 short compared to the median home value nationwide? Then you should strongly consider Champaign-Urbana. On top of living in a metropolitan area with that name, you’ll also be a resident of one of the top greenest cities in the U.S., which is always a plus!

In terms of arts and culture, you’ll find plenty of theatres and art galleries for lovely evenings. In the last week of April you should definitely plan a visit to Roger Ebert’s Film Festival, hosted by the Historic Virginia Theatre in downtown Champaign.

A couple sitting on a dock by a lake in Angola, Indiana.
A retired couple enjoys a serene sunset from a dock, highlighting the affordable lakeside living in Angola, Indiana.

Indiana: Angola

The most stable housing market in Indiana is in the city of Angola. Seniors who are worried about their budget and fixed income but have always wished to move here, now’s your chance.

Both rent and home prices have been stable over the past couple of years, with the former only going up 1% and the latter just 2%. These numbers should give retirees a little more security during their golden years.

Retirees exploring an outdoor sculpture park in Des Moines, Iowa.
Seniors enjoy the free art and city views at the sculpture park in downtown Des Moines.

Iowa: Des Moines

Des Moines is yet another capital city on our list where home and rent prices won’t make you think twice about moving here. You can set up permanent residence for as little as $174,100 and rest assured, their prices have only gone up by 2% lately. Rent, on the other hand, has only risen by around 1%.

It’s also the cultural center of Iowa and home to several theatres and performing arts groups. Fans of sports rejoice. In 2017, Des Moines was known as the number 1 Minor League Sports city in the US by SportsBusiness Journal!

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4 responses to “Best Places in Every State to Live On a Fixed Income”

  1. Robert Jones says:
    January 28, 2019 at 2:43 pm

    Nothing is said about Medical facilities which are of importance to the elderly.

    Reply
  2. William Horn says:
    January 28, 2019 at 4:03 pm

    I’d like to see an article about the best places for people with incomes under $1,000

    Reply
  3. Ray says:
    January 29, 2019 at 2:59 pm

    What is with the “Median” values? A community could have 10,000 homes sold for $200,000 and if one home went for $100, 000 and another for $1,000,000 the median would be $450,000. Median is the half way value and is only used to mislead. It is not an average.

    Reply
  4. Red Winzer says:
    January 29, 2019 at 7:01 pm

    If the financial situation is dire enough that it is life or death, I suppose that these places would be preferable to death. If that is not the deciding factor, I would rather be dead than live in most of these places.

    Reply

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