This article takes a look at the 15 best places to retire in Ohio. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Best Places to Retire in Ohio.
Adieu, Baby Boomers
The last of America’s Baby Boomers will soon be entering retirement. The segment known as ‘Peak Baby Boomers’ – which consists of those in the Baby Boomer category who will reach the age of 65 between 2024 and 2030 – is the last of the generation. While these somewhat 30.4 million individuals are all set to leave the workforce behind and start their days of leisure, there is one looming factor that poses trouble – finances. A recent study by the Alliance for Lifetime Income found that Peak Baby Boomers were not on the path to a financially secure retirement, with the worst of the lot going to Hispanic Americans, Black Americans, and those without a college education.
“Those without a college degree are by and large not prepared for retirement. They have not saved enough.”
-Robert Shapiro, Chairman of Sonecon (an Economic Advisory Firm)
Of Peak Baby Boomers, a sizeable 36% hold a high school graduation as their highest level of education and have median retirement savings of $75,000. Worse yet is the fate of soon-to-be senior citizens without a completed high school education. Numbering 9% of all Peak Baby Boomers, this group has accumulated a mere median retirement savings of just $7,000 – making the road ahead seem tough. Race disparities within retirement savings were also massive. For instance, white Americans held median retirement savings of $299,000 – a huge sum next to the $49,000 that black Americans have accumulated in median retirement savings.
As such, what should otherwise be a time of great excitement and happiness is often marred by more pessimistic shades. A survey conducted by CNBC titled ‘International Your Money Financial Security Survey’ found that 53% of Americans believed that they were lagging when it came to retirement savings and planning. This attitude, while concerning, is not unbecoming, notes Teresa Ghilarducci, an economist at The New School for Social Research in New York.
“There’s nothing irrational about being nervous that you won’t have enough money to live on to last your whole life, because most people do not have enough money to last their whole life and maintain their standard of living in retirement.”
-Teresa Ghilarducci, Economist at The New School for Social Research
The problem of not having enough money saved for retirement is more a thing of the present rather than a pattern carrying on from the past, and it is a problem partially born out of defined contribution retirement plans. The defined contribution plan – such as an IRA and 401(k) – places the weight of retirement savings on the individual, as opposed to defined benefit plans such as pensions. With defined contribution plans being the norm post-1980, people have found it more difficult to build up sizeable retirement savings – a fact that has been made more fraught due to rising costs of living.
Of course, some notable companies continue to offer defined benefit plans. Some of the biggest companies that offer pensions include Shell plc (NYSE:SHEL), Bank of America Corporation (NYSE:BAC), and The Procter & Gamble Company (NYSE:PG). While companies such as Shell plc (NYSE:SHEL), The Procter & Gamble Company (NYSE:PG), and Bank of America Corporation (NYSE:BAC) still honor the defined benefit plan tradition, it is important to remember that is the exception and not the norm.
Such financial circumstances have pushed many senior citizens to relocate for retirement, often in search of more affordable destinations. One such state that offers retirees a lower cost of living without skimping on the amenities is the state of Ohio. Not only does the state offer cheaper living, but it is also favorable for retirees living on Social Security as benefits are not taxed in the state. Public and private pensions, on the other hand, are partially taxed.
To facilitate present and potential retirees in navigating the move to Ohio state, we have compiled a list of the 15 best places to retire in Ohio.
A closeup of a couple, highlighting the companies pension and life insurance solutions.
Methodology
To compile this list of the 15 best places to retire in Ohio, we consulted several sources including our lists of 51 Best Cities to Retire on $3,500 a Month, 25 Cheap and Beautiful Places to Retire in the US, 15 Best Cities to Retire in the Midwest, 29 US Cities Where You Can Retire on $2000 a Month, 30 Cheapest Places Across America Where You Will Want to Retire, 15 Best Places in Ohio for a Couple to Live on Only Social Security, 20 Best Cities to Retire for 2024, Niche, NewHomeSource, U.S. News & World Report, and Movoto.
Once a list of places was compiled, we ranked them across multiple factors, namely, cost of living, livability scores, and median house price. For this article, livability scores were taken from Area Vibes, median house prices were taken from Redfin Corporation (NASDAQ:RDFN), and the cost of living index was our own. A cumulative score was then assigned – livability scores were given a double weightage – with the 15 highest-scoring places making our list of the 15 best places to retire in Ohio. For places that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the 15 best places to retire in Ohio:
15. Ashtabula
Insider Monkey Score: 60
Livability: 68
Cost of Living Index: 81.3
Median House Price: $115,000
Located on the Ashtabula River’s mouth, the namesake city is the biggest in its county – that too of the same name. Home to the sandy Walnut Beach, Ashtabula is the perfect retirement spot for retirees who plan to spend time outdoors. The city also boasts the Lake Shore Park, the Hubbard House Underground Railroad Museum, and Cloven Hoof Brewing Brewery.
14. Marietta
Insider Monkey Score: 67
Livability: 80
Cost of Living Index: 84.1
Median House Price: $192,062
With a cost of living that is 15.9% lower than the national average, our second pick for the best places to retire in Ohio is none other than the Washington County city of Marietta. An ideal pick for retirees on a budget, the place has much to offer and is the state of Ohio’s oldest city. Residents can visit the Rinky Dink Flea Market, sneak a performance at the Peoples Bank Theatre, and catch a bite at the Riverfront Bar & Grill.
13. Solon
Insider Monkey Score: 69
Livability: 90
Cost of Living Index: 99.7
Median House Price: $375,010
A city set in Cuyahoga County, Solon held a population of just below 24,000 at the time of the last United States Census. The city is best known for being a business hub with over 500 firms being located in the area – including the likes of Nestle. Residents can benefit from easy access to healthcare in the city along with plenty of nature that is perfect for a healthy dose of the outdoors.
12. Rocky River
Insider Monkey Score: 71
Livability: 88
Cost of Living Index: 95.3
Median House Price: $356,500
The twelfth spot on our list of the best places to retire in Ohio goes to the Cuyahoga County city of Rocky River. The place gets its name from the river of the same name that makes up the city’s eastern border and is also in close proximity to another water body known as Lake Erie. Apart from exploring nature, Rocky River residents can also visit the Rocky River Public Library, the AMC Westwood Town Center 6 cinema, and the Beachcliff Market Square.
11. Centerville
Insider Monkey Score: 73
Livability: 84
Cost of Living Index: 87.4
Median House Price: $340,000
Next up on our list of best places to retire in Ohio for retirees – the Montgomery County city of Centerville. Retirees can live on a budget – the city’s cost of living is 12.6% lower than the national average – all while enjoying a peaceful retirement. Residents can visit Bill Yeck Park, play a game at The Golf Club at Yankee Trace, or dive into history at the Asahel Wright Museum.
10. Akron
Insider Monkey Score: 77
Livability: 81
Cost of Living Index: 86.7
Median House Price: $126,500
One of the largest cities on our list, Akron is known as the ‘rubber capital of the world’. The city is home to the headquarters of prominent players in the rubber industry, such as The Goodyear Tire & Rubber Company (NASDAQ:GT) and Firestone. Residents will find lots to do in the city, with some of the most famous spots including the Akron Zoo, the Stan Hywet Hall & Gardens, and the Akron Civic Theatre.
9. Cuyahoga Falls
Insider Monkey Score: 78
Livability: 83
Cost of Living Index: 87.6
Median House Price: $205,000
The next pick on our list is one of the best places to live in Ohio – the city of Cuyahoga Falls located in Summit County. The city is home to a waterfall known as ‘The Little Falls’ and also holds a variety of other nature offerings such as the George Metro Park and the High Bridge Glens. Residents can also access quality healthcare at the Western Reserve Hospital.
8. Sylvania
Insider Monkey Score: 87
Livability: 87
Cost of Living Index: 84.2
Median House Price: $247,500
The city of Sylvania is next up on our list, and it is one of the best places to retire in Ohio on a budget. The city carries a cost of living that is 15.8% lower than the national average – great for retirees who are living on Social Security or an otherwise limited budget. A city with a population of under 20,000 at the time of the last United States Census, Sylvania offers residents a range of activity outlets such as golfing, shopping, and even watching a performance at the local concert hall.
7. Canfield
Insider Monkey Score: 90
Livability: 87
Cost of Living Index: 76.7
Median House Price: $345,000
Next up is another affordable pick – the city of Canfield in Mahoning County. With a cost of living that is 23.3% lower than the national average, Canfield is one of the cheapest places to retire in Ohio. A small city with a population of under 8,000 – as per the last United States Census – Canfield is the perfect pick for retirees who are on the search for a slower, peaceful retirement period.
6. Youngstown
Insider Monkey Score: 93
Livability: 81
Cost of Living Index: 77.9
Median House Price: $95,500
If you’re looking to retire in a big city, then Youngstown is one of your best choices in Ohio. The city – which is best known for its steel production – is also the hometown of several celebrities including Mission Impossible film producer Paula Wagner and the four brothers behind the Warner Bros. Discovery, Inc. (NASDAQ:WBD) studio. Located in the Appalachian Mountains’ foothills, the city offers retirees a range of indoor and outdoor activities to spend their time. Youngstown has also made it to our list of most affordable places to retire in the US in 2024.
Click to continue reading and see the 5 Best Places to Retire in Ohio.
Suggested Articles:
- 15 Best Places to Retire in New Jersey
- 20 Worst Places to Retire in Canada
- 15 Best Places to Retire in Nevada
Disclosure: none. 15 Best Places to Retire in Ohio is originally published on Insider Monkey.