New Mexico: Albuquerque

Home values have increased by 4% in Albuquerque, and that’s really surprising considering that it’s the most populous city in the state of New Mexico. Rent prices have increased by a meagre 1%, which should give retirees more options when looking to settle down.

Our favourite part about this city is the Albuquerque International Balloon Fiesta which takes place at Balloon Fiesta Park in the first week of October. You’ll see hundreds of hot air balloons taking flight while enjoying good food, music and plenty of arts and crafts activities while you’re at it.

New York: Corning

When you think about the state of New York, I’m sure you imagine skyrocketing prices? Not for Corning, though! Here, median home values are as low as $89,500, making it one of the cheapest cities on our list.

Even if you’re interested in renting you could get away with a place that’s fairly inexpensive, seeing as prices have decreased by 3% over the last year.

One great attraction here is the Corning Museum of Glass where you’ll find history, art, science and the craft of, you guessed it, glass! We definitely recommend paying a visit to these unique exhibits.

North Carolina: Fayetteville

Known as the home of  Fort Bragg, a major U.S. Army installation northwest of the city, Fayetteville is a great place for retirees on a tight budget, especially in terms of housing. Rents have seen a steady decline of 3% lately. Right now, you could rent a place for as little as $883, making it another one of the cheapest cities on our list.

If you’re interested in the housing market, home values have also decreased by 1% so finding a place to settle down while on a fixed income won’t be too difficult.

North Dakota: Fargo

Fargo, the most populous city in North Dakota, has a relatively stable housing market you can easily depend on if you want to make your move here as inexpensive as possible. Home values have only increased by 2% lately, while rents have seen a 1% increase.

With that said, you can expect to pay $1,349 per month if you want to move here!

Ohio: Port Clinton

Port Clinton, also known as the Walleye Capital of the World, is a super retirement place for seniors who want to get away from the big city. Here, the 6,056 residents (according to the 2010 census) definitely make for a tight-knit, welcoming community.

Rent here is a little bit higher on the scale at $1,168 per month, but prices are on a slow and steady decline. If you’re close to retirement, you might want to take that into consideration.