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Best Places in Every State to Live On a Fixed Income

April 5, 2018 · Retirement Life

Kansas: Topeka

Here’s another one of the most affordable cities in the nation when it comes to home prices and rent. You can settle down in your own little place with just $105,600 or save money by renting- it costs just $943 per month.

It just goes to show that capital cities, while budding with opportunities of all kinds, especially for seniors, are not quite as expensive as we might initially think.

A senior woman painting outdoors in Danville, Kentucky.
A woman paints outdoors among the vibrant spring blossoms and historic brick buildings of charming Danville.

Kentucky: Danville

Danville, the principal city of the Danville Micropolitan Statistical Area, is yet another surprisingly affordable city for seniors. Here, the median rent comes to around $896 per month and has only increased by 1% lately.

The median home price of just $111,500 should be reason enough for you to settle down here during retirement.

Retirees enjoying music and culture in Lafayette, Louisiana.
Seniors enjoy live music and dancing under mossy oaks at a vibrant Lafayette community festival.

Louisiana: Lafayette

Lafayette is a great place for seniors not only in terms of prices but also due to active arts and sports communities. The  Acadiana Symphony Orchestra and Conservatory of Music, Chorale Acadienne, Lafayette Ballet Theatre and Dance Conservatory, The Lafayette Concert Band, and Performing Arts Society of Acadiana; as well as the Paul and Lulu Hilliard University Art Museum and the Acadiana Center for the Arts are just some of the cultural organizations you’ll find here.

But let’s talk about prices too. Home values have gone up by 2% lately, while rent has actually declined by 3%. That means you could live here and pay $1,186 per month!

A couple walking by the Kennebec River in Augusta, Maine.
A couple strolls across a bridge in Augusta, Maine, with the historic state house dome in view.

Maine: Augusta

If you want to buy property in Augusta you might be concerned over the 11% increase in the real estate market over the last couple of years. What if we told you you could still buy a home for $146,100, $80,700 less than the national average.

Rent is also a good option since prices have dropped by 3%. Augusta is the third least populous state in the U.S. so you might be able to avoid the hustle and bustle of big cities while living here while also reaping the benefits in terms of entertainment and recreation.

A senior man in a cozy bookstore in Hagerstown, Maryland.
A man browses a cozy Hagerstown bookstore, illustrating the charming and affordable lifestyle for those on fixed incomes.

Maryland: Hagerstown

If you’re looking for a charming, semi-rural Western Maryland setting that won’t ruin your retirement savings all in one go, then Hagerstown is the place to go. Home prices have risen by 5.5%, thus bringing the median home value to $172,300.

Rent is more reliable in this area, as prices haven’t changed all that much. For $1,194 a month you could live comfortably while enjoying everything Hagerstown has to offer: historical sites, parks, museums, theatres and more.

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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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