In this article, we are going to explore the 15 most affordable places to retire on the East Coast. If you want to skip our detailed analysis, you may jump directly to the 5 Most Affordable Places to Retire on the East Coast.
Why Affordability Matters
According to research from Goldman Sachs Asset Management, 75% of retirees are falling short of their retirement income goals. The study implies that falling short of these goals is causing retirees to cut down their chances of upholding their current living standards after retirement. While potential retirees should be able to replace at least 70% of their incomes throughout their careers, only 25% of them are able to do so.
Often, a financial vortex gets in the way of individuals trying to save up for their golden years. Juggling life goals with financial priorities, coupled with the looming inflation and potential recession on the way, means lesser amounts going into 401(k) plans.
CNBC further notes that retirees are the ones bearing the brunt of inflation the most. Prices of consumer goods and services rose to 8.6% in May 2022, the highest recorded since 1981. Stocks and bonds have plunged for the worse, too, and overall, 2022 has simply been a bad year to retire. Furthermore, Bank of America Corporation (NYSE:BAC) notes that bond sell-off has been the worst since 1949.
As such, retirees are seeking more affordable neighborhoods to retire. Anywhere that has good weather, efficient and affordable healthcare, and good quality of living sounds like a decent place to live. Moreover, places that can help retirees stretch their dollar incomes matter the most. On the other hand, many retirees wish to retire near the beach in their golden years, and affordability strongly impacts their decisions.
Retiring on the East Coast
There are many affordable places to retire on the East Coast, such as Erie, Altoona, Greensburg, New Castle, Williamsport, and Butler in Pennsylvania. Since retirees have fixed incomes, many of them prefer places that can help them retire on a budget. Places like Gainesville, St. Petersburg, Lake Wales, and Milton are a few examples that help retirees stretch their dollar incomes further.
Individuals can also live in affordable coastal towns such as the famous Vero Beach, Daytona Beach, and even Venice in Florida. Within these places on the East Coast, retirement communities can be safe living spaces for seniors. Brookdale Senior Living Inc. (NYSE:BKD) and Sonida Senior Living, Inc. (NYSE:SNDA) are two such companies that offer excellent senior living and retirement communities.
In particular, Brookdale Senior Living Inc. (NYSE:BKD) has a large concentration of communities along the East Coast. Many retirement communities on Florida’s East Coast include Lake Park at Tradition in Port Lucie, Florida, Viera in Viera, Florida, and Indian River Colony Club in Melbourne, Florida.
How to Save for Retirement
According to Merrill Edge, a subsidiary of Bank of America Corporation (NYSE:BAC), individuals should start saving for retirement as soon as possible. Many employers, such as Fidelity National Financial, Inc. (NYSE:FNF), Bank of America Corporation (NYSE:BAC), Amazon, and Apple, have 401(k) plans that allow individuals to save up for their retirement years.
Individual Retirement Accounts (IRAs) help individuals to build nest eggs through a traditional IRA or a Roth IRA. Moreover, individuals aged 50 and older can also make use of catch-up contributions to their IRAs which allow limited contributions before a certain age of seniority. Companies such as Fidelity National Financial, Inc. (NYSE:FNF) also offer their customers retirement annuities and life insurance products to protect their future.
Other retirement plans offered by Fidelity National Financial, Inc. (NYSE:FNF) include profit group profit-sharing plans, and employee stock ownership plans, amongst others. Also individuals should also remember to keep increasing their contribution percentage as they begin to earn more. Doing so will ensure that they live comfortably throughout their retirement years.
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Methodology
In order to compile the list of the most affordable places for retirement on the East Coast, we have used the best places compiled from NASDAQ, WorldAtlas, and Stacker. These sources listed out the best East Coast places with good livability scores and an affordable cost of living.
Next, we ranked them based on the latest cost of living index based on Sperling’s Best Places and their livability scores sourced from Area Vibes. We also checked out the average rent for one-bedroom apartments at RentData.org and Rent Cafe. The rankings were then averaged out to come up with our final list. The most affordable places are listed in descending order based on their Insider Monkey rank.
Here are the most affordable and budget-friendly places to retire on the East Coast:
15. Wilmington, Vermont
Cost of Living: 99.4
Rental Expense: $876
Livability Score: 67
Low cost of living and access to quality healthcare are two prominent factors that attract retirees to this part of the East Coast. The cost of living is 0.6% cheaper than the state average, while the livability score is 67, which is acceptable. Wilmington, Vermont, doesn’t only offer a peaceful rural vibe but is also a tightly-knit small town filled with leisure activities. The pristine Lake Whitingham, expansive golf courses, and luxurious ski resorts keep retirees busy all year round. ThinkVermont ranks the city high in terms of healthcare affordability, and many retirement communities can be considered when moving here. Brookdale Wilmington is one such retirement community offered by Brookdale Senior Living Inc. (NYSE:BKD) in the city.
14. Timber Pines, Florida
Cost of Living: 97.1
Livability Score: 88
Rental Expense: $1,333
Timber Pines in Florida is a relatively undiscovered retirement destination that retirees looking for a low-key vibe can consider. The relaxed lifestyle, pleasant climate, and numerous outdoor activities will make the living experience worthwhile for its residents. Retirees can golf, fish, and boat in the nearby lakes, enjoy the natural beauty and wildlife around, and even explore the numerous shopping and dining options in the city. The cost of living in Timber Pines is 3% lower than the state average, whereas the livability score is exceptionally good at 88 out of 100. There is a retirement community that goes by the same name in the city, offering various amenities for its residents.
13. Villas, Florida
Cost of Living: 96.2
Livability Score: 82
Rental Expenses: $1,985
Those who wish to live in an urban-suburban mixed feel, explore various parks and restaurants, and live a low-key life can choose to retire in Villas, Florida. The Villas is a census-designated place (CDP) in Lee County, Florida. The cost of living in the Villas is 3.8% cheaper than the state average. The most pleasant months are December, March, and February, while August and July can be uncomfortable. The livability score is 82, which also resonates with what people have to say about living in this place. Overall, the community is really friendly, and everyone is helpful.
12. Cape Canaveral, Florida
Cost of Living: 96.1
Livability Score: 85
Rental Expenses: $1,146
A low crime rate, good quality of life, and affordable cost of living make Cape Canaveral, Florida, a good choice to consider for retirement. One of the best and most affordable places to live in Florida, Cape Canaveral offers its residents lots of restaurants, parks, coffee shops, and even bars to explore. Overall, The city is safe, the people are friendly, and the place gives a homely feel. The cost of living is 4% cheaper than the state average, while the livability score stands at 85, an overall good score.
11. Concord, North Carolina
Cost of Living: 95.1
Livability Score: 78
Rental Expense: $1,531
Retirees wishing for affordable living in North Carolina can settle in Concord. With a cost of living that is 5% cheaper than the state average, the city is an ideal choice for those on a budget. The town’s main highlight is Cabarrus County Senior Center Charlotte, which offers plenty of activities for seniors throughout the year. The Carolina Thread Trail is an exciting trail offering breathtaking views of nearby areas. Meanwhile, the town is also home to the Carolina HealthCare system, its main healthcare provider.
10. Melbourne, Florida
Cost of Living: 94.4
Rental Expense: $1,531
Livability Score: 75
The low cost of living, pleasant weather, and abundant activities make Melbourne a top choice for retirees. Offering 33 miles of beach along the ocean, this city is one of the top choices for those looking for the best places to retire near the beach. Retirees can enjoy lots of water sports such as fishing, sailing, or even surfing, explore the many parks, or indulge in the many community activities in the area. The cost of living is 5.6% cheaper than the state average, while livability is 75, a good score.
9. Palm Bay, Florida
Cost of Living: 90.4
Rental Expense: $1,537
Livability Score: 77
Palm Bay, Florida is a wonderful and affordable place to retire with a laid-back feel. Those looking for a quiet town close to urban amenities choose this place because of its proximity to Orlando and Melbourne. Retirees can enjoy the many beaches, parks, and cultural events happening all year round. Moreover, the neighborhoods are safe and friendly, and it’s overall a good place to retire. According to LivingCost, one-person cost of living is $1,623, and overall living is 10% cheaper than the state average, making it one of the most affordable places to retire on the East Coast.
8. High Point, Florida
Cost of Living: 89.8
Rental Expense: $1,169
Livability Score: 76
High Point, Florida, can be the perfect spot for retirees looking for the right mix between affordability and privacy. Home to a few hundred people, the area is complete with all sorts of amenities an individual would need to live comfortably. There are medical facilities, stores, and banks with easy access. Urban amenities can be easily accessed, thanks to its proximity to Gainesville and Tampa.
7. Lakeland, Florida
Cost of Living: 88.3
Rental Expense: $1,241
Livability Score: 79
Lakeland, Florida, is one of the best Southern cities to retire to, and with good reason. The city is full of lakes, as evidenced by its name, there are lots of golf courses, and overall the climate is moderate. Retirees will also find casual, exotic, world-class restaurants throughout the city. Many shopping options are also available, including Publix Supermarkets, the biggest supermarket chain in the South East. The cost of living is 11.3% cheaper than the state average at $1,725, while median home prices stand around $300,000.
6. Mauldin, South Carolina
Cost of Living: 87.3
Rental Expense: $1,392
Livability Score: 84
Mauldin, South Carolina, provides senior living like no other. Residents who live here describe that the city emulates a dense suburban feel and plenty of activities to do throughout the day. There are lots of parks, coffee shops, and restaurants to explore. Not only is the place affordable, but the area is safe and generally friendly to live in. The average cost of living is $2,015 and 12.7% cheaper than the national average. Median home costs in Mauldin hover around $349,000. Two popular retirement communities in the area are Sunset Heights and the Grove.
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Disclosure: none. 15 Most Affordable Places to Retire on the East Coast is originally published on Insider Monkey.