Rosalind Evans
A surprising contender has emerged as the search for the ideal retirement haven continues. Youngstown, Ohio, has been named the most affordable place to retire in the United States in 2024, surpassing traditional favourites like Florida. According to a comprehensive study by U.S. News and World Report, this Ohio city offers a unique combination of affordability, quality healthcare, and a rejuvenated cultural and economic environment, making it an attractive option for retirees.
Here are the ten most affordable places to retire, according to U.S. News and World Report.
Youngstown, Ohio
Hickory, North Carolina
Springfield, Missouri
Brownsville, Texas
Huntington, West Virginia and Ashland, Kentucky-Ohio
Fort Wayne, Indiana
Winston-Salem, North Carolina
Mobile, Alabama
Toledo, Ohio
South Bend, Indiana
Affordability and Quality of Life
At the core of Youngstown’s appeal is its affordability. The city boasts a median home price of $137,546, significantly lower than the national average, with median mortgage costs at just $653 per month. This contrasts with places like San Jose, California, where median home prices soar to $1,522,574. Stephanie Gilchrist, Youngstown’s director of economic development, highlights the city’s evolving landscape: “We are looking at national chains that are interested in coming to cities like ours and how they can come downtown with a mixture of our mom-and-pop stores.” This balance of growth and tradition is a testament to Youngstown’s commitment to providing a fulfilling living experience for its residents.
Cultural and Economic Renaissance
Once impacted by the steel industry’s collapse, Youngstown is now amidst a significant revival. An investment of around $26 million in the downtown area has been instrumental in making the city safer and more business-friendly. The city ranks as the most affordable retirement spot the 9th best place to retire in the U.S., and the 2nd best place to live in Ohio, trailing only behind Cincinnati.
Tax Benefits and Other Considerations
Ohio offers a retiree-friendly tax environment, with Social Security earnings exempt from state taxes. However, income from retirement accounts is taxed as regular income. Retirees also have access to various tax credits. These financial incentives are crucial for those looking to maximize their retirement savings.
While affordability remains a vital factor in choosing a retirement destination, it’s essential to consider other aspects such as proximity to family, lifestyle preferences, and cultural interests. With its unique blend of affordability, cultural richness, and economic growth, Youngstown challenges the conventional retirement paradigms, inviting retirees to rethink their options. As the landscape of retirement destinations evolves, Youngstown stands out as a beacon of affordability and quality of life, making it an ideal choice for retirees in 2024.
