Top 10 Cities to Retire on a Budget
Boomers are reaching the retirement age and looking for cities that are easy on their nest egg. The three top criteria are a place with affordable housing, low cost of living and decent job prospects. Even when boomers "retire" they are looking for part-time to full-time employment.
Forbes.com has a great series of articles about retirement and making the most of your budget.
Forbes top 5 picks:
1. Columbus, Ohio - it attracts retirees because the community is walkable and has a low cost of living. More than 1/5 of people over 65 are employed.
2. Dallas, TX - Warm climate, growing economies and senior-friendly employers. 20% of people over 65 hold jobs here as well. Businesses have been locating in Dallas because of the low taxes for years, making it the second-largest corporate headquarters after New York.
3. Minneapolis, MN - placed third for its low cost of living, even though the winters are cold.
4. Houston, TX - Again for its warm climate and low cost of living. Texas in general is experiencing a strong economy, unlike much of the United States. They have not experienced the housing correction that we have, because they really never participated in the bubble like much of the country. (More evidence that real estate is local!)
5. Salt Lake City, UT - This city has the highest number of doctors per capita, affordable housing, and a growing economy.
For those of you who like to see the numbers, according to CNN Money, the top 5 places based on income to cost of living ratios are:
1. Fort Smith, AR - Median home price: $87,000, Median family income: $51,939
2. Des Moines, IA - Median home price: $105,000, Median family income: $59,724
3. Janesville, WI - Median home price: $124,700, Median family income: $69,706
4. Pearl, MS - Median home price: $100,000, Median family income: $54,471
5. Westerville, OH - Median home price: $184,950, Median family income: $100,385
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