This article takes a look at the 15 places to retire that are just like the West Coast but cheaper. If you wish to skip our detailed analysis on insights and perspectives amidst rising prices, you may go to 5 Places to Retire That Are Just Like the West Coast but Cheaper.
Insights and Perspectives Amidst Rising Prices and Opportunities for Retirees Seeking the West Coast Vibe
According to updates from Redfin Corporation (NASDAQ:RDFN), the housing market is witnessing a surge in available homes, just in time for the spring home-buying season. This increase in inventory is enticing prospective buyers to make their move. However, Forbes seems cynical that buying and selling activity in the market may not fully “bloom”. Due to factors such as mortgage rates and home prices that are still considered “high”, and a housing stock that has been “historically-low”, home-ownership still seems out of reach for a majority of home buyers. Nevertheless, it isn’t all bad news considering new listings have witnessed their highest uptick in three years.
During the four weeks ending March 24, US monthly housing payment hit an all-time high at $2,721. Median home has also increased 5% year-over-year, reaching $375,000. These rising prices have been in turn encouraging sellers to take advantage, notes Redfin Corporation (NASDAQ:RDFN). Moreover, the increase in supply is also helping to bring some of the demand back.
“High mortgage rates aren’t deterring buyers as much as they were last year; a lot of people want to get in now before prices go up more. All of my recent listings have gone under contract in under 10 days, and most of them have received multiple offers. Buyers are lessening the impact of elevated rates in a few ways: Some are making high down payments to lower their monthly payments, and some are willing to take on a high rate now in hopes of refinancing when and if rates come down.”
-Miami Redfin Corporation (NASDAQ:RDFN) agent Rachel Riva.
Regardless of the rising home prices, a recent Realtor report says that home-buyers are still likely to save some in housing markets, which includes the pricey West Coast. Here is what a Chief Economist from Realtor has to say,
“A lot of the [housing] inventory that’s coming onto the market is in a more affordable price tier. When you have more affordable listings coming onto the market, it’s also going to push down the overall price.”
– Realtor.com Chief Economist Danielle Hale.
Regardless of how much savings buying a home in these markets can bring one, it’s highly unlikely that those on fixed incomes will choose to buy a home in the West Coast. States like California, Washington, and Alaska all have a high cost of living and home prices, which usually steer individuals away from such areas. Zillow Group, Inc. (NASDAQ:Z) notes the average California home to be priced at $765,197, up 5.4% over the past year. Similarly, the average Washington home value is $575,894, up 2.6% over the past year, states Zillow Group, Inc. (NASDAQ:Z). Rents in these states are higher than what the average retiree is getting out of their Social Security check anyway, while the cost of living adds another layer of financial strain.
For those who love the West-Coast vibe but can’t afford its price tag, finding a replacement can help. In this case, one state that is like California but cheaper is Oregon. Oregon’s coastal charm is very similar to that of the Golden State, and many of its cities also come with a cheaper price tag. Yet many other states and cities are available in the USA that retirees can explore to remind them of the West-Coast vibe that they crave without breaking their bank. All they have to do is to look in the right places.
JASON TENCH/Shutterstock.com
Methodology
To compile the list of places to retire that are just like the West Coast but cheaper, we sifted through various online forums and reputable websites and crafted a comprehensive list of places that are reminiscent of the West-Coast vibe. Next, we ranked them on their cost of living, median home prices, rents, and livability scores. Scores were summed up to generate an Insider Monkey score, and places were ranked in an ascending order from the lowest to the highest scores. Please note that perceptions of what constitutes a “West Coast vibe” may vary, and individual preferences should be considered when selecting a retirement destination.
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 all the places to retire that are just like the West Coast but cheaper:
15. Hilton Head Island, South Carolina
Insider Monkey Score: 7
IM Cost of Living Index: 106.2
Average Rent (1-bedroom): $1,767
Median Home Price: $524,900
Livability Score: 62
Home to breathtaking coastal scenery, retirees will come to love Hilton Head Island for its unspoiled beaches, Spanish moss-draped live oak tree canopies, marshes and wetlands, and of course the Southern hospitality. Those who are searching for that West Coast vibe can find it comparatively cheaper here in Hilton Head Island’s beautiful beaches, scenic beauty, resort communities, and the many cultural events that keep the place lively throughout the year. For the golf aficionados, this coastal haven also boasts some world-class golf courses to keep busy. Zillow Group, Inc. (NASDAQ:Z) notes average rent to be around $1,767, cheaper than many West Coast destinations.
14. Charleston, South Carolina
Insider Monkey Score: 18
IM Cost of Living Index: 105
Average Rent (1-bedroom): $1,693
Median Home Price: $544,000
Livability Score: 76
Another one of the places to retire that are just like the West Coast but cheaper hails yet again from South Carolina. Charleston, despite being on the opposite side of the States, shares similarities with West Coast destinations such as Seattle and San Diego due to factors such as its coastal location and maritime heritage. South Carolina itself is one of the best states to retire for taxes and cost of living, making this pick a top choice for those who wish to enjoy a good quality of life without having to go all in with their savings.
13. Asheville, North Carolina
Insider Monkey Score: 25
IM Cost of Living Index: 102.9
Average Rent (1-bedroom): $1,424
Median Home Price: $438,000
Livability Score: 72
Previously crowned as one of the best places to retire in the South, this mountain town may not have a beach to remind you of the West coast but certainly has a vibrant arts scene, a solid reputation as a crafts beer mecca, and the luxury of being host to numerous music and festivals throughout the year. The cost of living is a tad bit higher than the national average, but rents are affordable for the average retiree. The livability score is also a solid 72, implying that residents get to enjoy a good quality of life here.
12. Beaufort, South Carolina
Insider Monkey Score: 27
IM Cost of Living Index: 95.7
Average Rent (1-bedroom): $1,651
Median Home Price: $385,000
Livability Score: 70
Hailed “Queen of the Carolina Sea Islands”, Beaufort is another one of the places to retire that are just like the West Coast but cheaper. Similar to many West Coast cities, this charmer features picturesque waterways, marshlands, and scenic vistas; making it an ideal haven for retirees who appreciate natural beauty. Other features that make this destination a hit amongst retirees is its comfortable climate, good air quality, and adequate doctors per capita. The cost of living is lower than the national average, houses are affordable, and the livability score is also commendable.
11. Wilmington, North Carolina
Insider Monkey Score: 28
IM Cost of Living Index: 97.1
Average Rent (1-bedroom): $1,359
Median Home Price: $404,000
Livability Score: 70
This river town has been hailed one of the best places to retire in North Carolina with good reason. Home to a vibrant cultural scene, diverse dining options, and great weather, Wilmington retirees have lots to do to keep busy. The cost of living in this city is 2.9% lower than the national average, while rents and home prices are much lower than what one will find in the West Coast.
10. Panama City Beach, Florida
Insider Monkey Score: 28
IM Cost of Living Index: 95.7
Average Rent (1-bedroom): $1,301
Median Home Price: $449,000
Livability Score: 69
Our first pick from Florida, Panama City Beach can remind seniors of the West-Coast vibe without draining their nest eggs. That’s right, Panama City Beach is one of the most affordable places to retire on our list. The Sunshine state doesn’t tax retirement income, which is why it’s already a favorite amongst budget-conscious retirees. Add to this the charm of coastal cities such as this one, and you’ll understand why this destination can be an absolute charmer. Magnificent beaches, amazing nightlife, and abundant theme parks and arcades rightly makes it the “Spring Capital of the World”.
9. Port Aransas, Texas
Insider Monkey Score: 28
IM Cost of Living Index: 94.2
Average Rent (1-bedroom): $1,090
Median Home Price: $569,000
Livability Score: 68
Undoubtedly one of the most beautiful towns to retire in Texas, Port Aransas is another one of the places to retire that are just like the West Coast but cheaper. Affordable rents, low cost of living, and a commendable livability score make it an ideal place to retire for the budget-conscious seniors.
8. St. Augustine, Florida
Insider Monkey Score: 28
IM Cost of Living Index: 110.5
Average Rent (1-bedroom): $1,495
Median Home Price: $425,000
Livability Score: 85
Affordable costs of living, excellent medical facilities, and abundant activities to keep busy make St. Augustine another ideal place to retire. This city in Florida boasts scenic beaches and waterfront views, a plethora of cultural attractions, and an exceptional culinary scene. The cost of living is a bit higher than the national average, but affordable when you compare to places in the West Coast. The livability score is a solid 85, implying a good quality of life.
7. Gulf Shores, Alabama
Insider Monkey Score: 30
IM Cost of Living Index: 91
Average Rent (1-bedroom): $1,178
Median Home Price: $483,000
Livability Score: 64
This upscale coastal city cum retirement community is another place to retire that is like the West Coast but cheaper. Retirees will find the cost of living here to be cheaper than the national average, rents and housing affordable, and the livability score to be above average. Coastal lifestyle, natural beauty, and cultural activities make it a star destination.
6. Myrtle Beach, South Carolina
Insider Monkey Score: 34
IM Cost of Living Index: 91.2
Average Rent (1-bedroom): $1,417
Median Home Price: $299,900
Livability Score: 65
Myrtle Beach, although getting quite popular, is still affordable for those who wish to retire to a place that can offer them a West-Coast vibe. Seniors love this destination for its warm coastal lifestyle, affordable cost of living, and amazing golf courses. Low cost of living, affordable rents and housing, and a good livability score make it a well-rounded retirement destination.
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Disclosure: none. 15 Places to Retire That Are Just Like the West Coast but Cheaper is originally published on Insider Monkey