If you are looking for a top-ranked city to spend your retirement years, look no further than the state of Pennsylvania. Six of the state’s cities made the 2024 U.S. News & World Report list of best places to retire.
Harrisburg ranked No. 1 based on the overall happiness of its residents, retiree taxes, housing costs and proximity to healthcare options, the report noted. The others, Reading (No. 2), Lancaster (No. 3), Scranton (4), Allentown (5), York (7) and Pittsburgh (10), also typically have quality healthcare and residents who report liking where they live.
But if your primary desire is affordability, those cities may not be the best for you. U.S. News has separate ranking criteria for that. And based on that ranking, most of the top cities are situated in Southern and Midwestern states.
U.S. News specifically looked at aspects such as housing affordability and price parity and the ability to afford everyday goods and services in 150 metropolitan areas. Using data from the U.S. Census Bureau, the report analyzed the median annual housing costs for homeowners with a mortgage and the median annual gross rent and then it created a blended annual housing cost for each metro area using the ratio of renters to homeowners with a mortgage.
To determine the differences in price levels across metropolitan areas, the report used data from the Bureau of Economic Analysis on the regional price parity for all items (goods, housing, utilities and other items) to establish the overall affordability of a metro area compared with the national average.
These are the 10 best affordable places to retire in 2024, according to the latest rankings by U.S. News & World Report.
10. South Bend, Ind.
The cost of living in South Bend is lower than in most cities. Home of the University of Notre Dame, the city has an average annual salary of $49,240 (the national average is $59,428, according to Forbes). The median home price is $207,442 (the national average is $383,883) and the median monthly rent is $874.
9. Toledo, Ohio
The cost of living in Toledo, also known as the Glass City, is lower than it is in other metro areas. With an annual average salary of $50,710, residents live comfortably. The state has a median home price of $157,983 and its median monthly rent cost is $809.
8. Mobile, Ala.
The cost of living in Mobile is well below the national average and that is especially true for its housing costs, even in restored historic neighborhoods. The average salary is $47,800. The median home price is $214,910, and the median monthly rent is $914.
7. Winston-Salem, N.C.
The annual average salary in Winston-Salem is $51,070, and its cost of living is well below the national average. The median housing cost is $327,063, and the median monthly rent is $834.
6. Fort Wayne, Ind.
Fort Wayne is a midsize metropolitan area with a low cost of living. Its average salary is $50,330. The median home price is $216,538, and the median monthly rent is $839.
5. Huntington, W.V., and Ashland, Kentucky-Ohio
The Huntington-Ashland metro area (spanning counties in West Virginia, Kentucky and Ohio) is located along the Ohio River and is referred to as the Tri-State area. It has several downtowns. Property taxes are low in the area, but residents navigate municipal taxes that vary in the three states. The median home price in the area is $165,496, and the median rent is $764.
4. Brownsville, Texas
Brownville is much more affordable than other Texas cities such as Austin and Houston. Homes in certain parts of the city, such as waterfront communities like Port Isabel and South Padre Island, are more expensive than the metro area average. But everyday expenses such as groceries are still less. The city’s median home price is $276,671, and the median rent is $785. The annual salary in Brownsville is $39,240.
3. Springfield, Mo.
Living in the Springfield metro area is more affordable than in many other cities, with everyday expenses such as groceries, utilities, transportation and healthcare all costing less than the national average. The average annual salary is $45,550. The median home price is $290,875 and the median monthly rent is $809.
2. Hickory, N.C.
Hickory, which is an hour's drive south of Charlotte and an hour west of Asheville, is more affordable, with lower home prices and rental costs. The median home price is $219,950, and the median rent is $743. The average annual salary is $44,470. U.S. News also noted that property taxes beyond the county rate vary by municipality, and North Carolina has a state income tax as well.
1. Youngstown, Ohio
Located halfway between Pittsburgh and Cleveland, Youngstown has a cost of living that is much lower than that of other metro areas of similar size. Home costs, utilities, food expenses and medical costs all fall well below the national average. The median home price is $137,546, and the median monthly rent is $706. Residents make an average salary of $45,090.
