Are you considering retiring in another state?
So, what are the cheapest states to retire in the USA? This is a trend that has emerged in the past few years as retirees look to minimize their cost of living. It has also become fashionable as retirees also look to continue working in retirement. Many are forced to continue in the work force after suffering during the recent decline in the economy over the last five years.
So which states can be considered the cheapest states to retire in the US?
A report at cheapest-places-to-retire.com suggests Oklahoma is very high on the list of cheap states to retire? Now, when we say cheap we are not talking about cheapening one’s lifestyle; it’s more to do with cost of living and affordability related to retirement income. Which states in the US are retiree friendly?
Florida has always been regarded as the ultimate retirement destination for Americans and Canadians but this seems to be changing although we will tell you about a real “jewel in the crown” you need to consider regarding the sunshine state.
Cheapest states are being looked into by a huge number of retirees due to the current unstable economic climate, many seniors are opting for cheaper retirement options than the luxurious custom-built retirement communities that were once so popular.
To make their savings go further, retirees should consider the cheap states in the US in order to lower their living costs. When determining the affordable states to live in, it is not only house prices and rental rates that are compared.
Other important factors are taxes, utility bills and living expenses such as gas and groceries, which can vary in price from state to state more than you might think.
Cheapest States on Real Estate Purchase or Renting
In general, the cheapest states to live in, whether you are a college student, a young family or a retired couple, are the Midwest and Southern states, such as Oklahoma, Texas, Tennessee and Arkansas.
Oklahoma offers many inexpensive cities that also offer a great quality of life. Either Oklahoma City or Tulsa could be considered as one of the cheapest states or city in Oklahoma; they both have high pay rates and low costs of living.
If you are renting in Oklahoma City, expect to pay under $500 per month for a 900 square foot home. You could rent a new 600 square foot apartment in Tulsa for the same amount, which may include your utilities…..
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Have you made the move to another state? Did you do your homework on the cheapest states to retire in the USA? What did you find? Can you share with us?
Pananma City and Destin are two cities in Northern Florida which are well worth exploring. Like the rest of the country, the ailing economy has been a real drain especially on real estate prices and property now is extremely affordable. Properties that were premium prices on or near the beach are at prices considered pre-2000. Panama City beach real estate is well worth exploring right now if you have retirement in a sunshine climate on your mind right now.
Meanwhile, did you find the information above useful in your search? Were you surprised that Oklahoma rated so highly as one of the cheapest states to retire in? If your current location is biting away at your savings then moving to another state makes sense. Here’s a video version of the above to help you in your search.