3 Retirement Destinations Attracting Budget-Savvy Homebuyers
If you're thinking about relocating to retire, you're not alone. A good percentage of homebuyers over 55 are packing up and looking for a new spot to enjoy their golden years.
However, not everyone is putting their nest egg in one basket. Retirees are searching for a variety of options that include "affordability, quality of life and tax perks," according to Yawar Charlie, the director of the estates division at Aaron Kirman Group.
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While there are plenty of reasons to downsize and move for retirement, Charlie said one of the leading choices is a change of scenery. "As a Realtor who's helped countless clients find their dream homes, I know that for many, retirement is the ultimate chapter where location really matters," he noted.
Here are the top five cities retirees are flocking to, per Charlie, and why they're worth the move.
Allentown, Pennsylvania
Known for its rich historical roots, love of sports and Philly cheesesteaks, Pennsylvania is deeply embedded in American culture. Now, it's becoming a popular choice for retirement.
"Pennsylvania might not be the first place that comes to mind for retirees, but Allentown is turning heads," said Charlie. "Thanks to a revitalized downtown and Pennsylvania's policy of not taxing retirement income, it's a practical and attractive option.
"The city has big-city perks with small-town prices, which is a combo that's hard to beat. Retire here, and you'll have more in your pocket for those Eagles tickets -- or maybe just a nice weekend in the Poconos."
Fredericksburg, Texas
With a population of less than 12,000, Fredericksburg might be small in size, but it's filled with reasons retirees are moving there.
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"Wine, culture and no state income tax -- Fredericksburg is where retirement dreams get a little fancy," Charlie explained. "The median monthly housing cost is $1,254, making it affordable for those who want a bit of flair without breaking the bank."
He explaining that, "Texas Hill Country is the new 'it' spot for retirees, with Fredericksburg at the top of the list. Bonus: it's the only place where you can tour vineyards and buy cowboy boots in the same afternoon."
Scottsdale, Arizona
With year-round sunny weather, stunning desert landscapes and high-quality living, Scottsdale consistently ranks among top retirement destinations.
It's not the cheapest option, with an average home value of around $858,307 (according to Zillow), but, as Charlie pointed out, "Retirees with the means to splurge love it for the endless golf courses, resort-style amenities and outdoor lifestyle."
He added, "Arizona's low state tax rates help soften the financial blow, and with [over] 300 days of sunshine a year, you might even forget about the cost."
Final Take
For retirees who want to pick up and live somewhere else while stretching their income without compromising their lifestyle -- it can be done.
"These cities show that retirement is no longer just about settling down, it's about leveling up," said Charlie. "Whether my clients are looking for low taxes, a lower cost of living or just a place to enjoy their hobbies, there's something here for everyone."
Caitlyn Moorhead contributed to the reporting of this article.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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