This article takes a look at 30 college towns perfect for retirees.

Affordable Retirement: College Towns vs. University-Based Communities

According to data from the National Center for Education Statistics (NCES), there are 5,999 colleges throughout the US. Moreover, there are over 100 university-based retirement communities (UBRCs). UBRCs are communities that combine senior care with learning opportunities from local colleges and state universities. They are a useful way for seniors to engage in lifelong learning, all while enjoying the company of similar aging individuals. According to Assisted Living, most URCs require a one-time entrance fee estimating around $200,000. Moreover, monthly fees range between $2,000 to $5,000 on average which covers for areas such as dining, housekeeping, and additional amenities.

Some of the best university retirement communities include those created by Duke University, Stanford University, Dartmouth College, and several other top American colleges. These are some of the best colleges for retirees, offering seniors a chance to engage in continuous learning. While URCs can be an effective way to engage in learning, college towns are another option seniors can explore for retirement. Besides lifelong learning, college towns help seniors enjoy abundant arts and culture, vibrant cultural diversity, endless opportunities for dining and shopping, and even great healthcare. Choosing to live in such towns is a better option for seniors who cant afford the fees associated with living in a university community. After all, the median retirement savings for Americans is a mere $87,000, not even enough to cover for the entrance fees for most URCs.

Since many retirees don’t have enough saved, many of them are on the move in search of cheaper pastures. According to a report from marketplace Hire a Helper, more than 338,000 US residents moved to a new home in 2023. The top states retirees are moving to are Florida, South Carolina, New Jersey, Texas, and Washington. Many of these states are also home to popular college towns. Seniors can choose to live in residential homes in a college town or retire in a senior living community in the area.

One such leading builder of active adult communities is Del Webb, a subsidiary of PulteGroup, Inc. (NYSE:PHM). Since their founding in 1950, PulteGroup, Inc. (NYSE:PHM) has developed over 750,000 homes in the US. It is one of the largest home builders in the country operating in 40 major cities. The firm’s market cap is $24.47B and has a forward P/E ratio of 9.61. The company’s management has effectively maintained operational stability despite the fluctuations in the home building market. While the industry faces ongoing uncertainties, PulteGroup Inc has successfully managed to keep its backlog steady while also increasing new orders. Since 2021, the company’s operational teams have directed around $14 billion toward land acquisition and development initiatives, with plans to invest an additional $5 billion through 2024.

Notably, Sam Reid from Wells Fargo and Barclays analyst Matthew Bouley maintain a Buy rating on the stock. By the end of the first quarter, 39 hedge fund managers held long positions in PulteGroup, Inc. (NYSE), with total stakes valued at $1.67 billion, according to Insider Monkey’s database. The most dominant shareholder in the company is Greenhaven Associates with a position worth $684.014 million. Its Q1 2024 results reveal that the company reported net income of $663 million, or $3.10 per share.

“PulteGroup reported outstanding financial results that included first quarter records for home sale revenues of $3.8 billion, gross margins of 29.6% and earnings per share of $3.10, all of which helped to drive a return on equity* of 27.3. Our strong financial performance reflects both favorable demand conditions and our balanced operating model that allows us to more effectively meet the individual needs of first-time, move-up and active-adult consumers”.

-PulteGroup President and CEO Ryan Marshall.

While we acknowledge the potential of PulteGroup Inc (NYSE:PHM), our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than PulteGroup Inc (NYSE:PHM) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Methodology

To compile the list of College Towns That Are Perfect for Retirees, we began by identifying the top college towns in each state through a consensus-based approach. We then ranked these towns based on their cost of living, livability scores, and distinctive amenities. The towns are listed in ascending order, from the lowest to the highest scores. It is important to note that some of the towns may host more than one college.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see the details here).

30. Flagstaff, Arizona

Insider Monkey Score: 10

Home to: Northern Arizona University

IM Cost of Living: 122.6

Livability Score: 62

Best known for its stunning mountain scenery and abundant recreational opportunities, Flagstaff is a fun college town worth exploring for your golden years, albeit at a higher cost of living.

29. Claremont, California

Insider Monkey Score: 12

Home to: The Claremont Colleges

IM Cost of Living: 146.9

Livability Score: 67

Home to year-round sunshine and cultural diversity, Claremont is another college town best for retirees. Careful though, this town is only ideal for those who can afford it. The cost of living here is 47% higher than the national average.

28. Ithaca, New York

Insider Monkey Score: 16

Home to: Cornell University and Ithaca College

IM Cost of Living: 119

Livability Score: 75

Ithaca can be the perfect choice for those who love intellectual lectures, diverse dining opportunities, and lots of art performances. Set amidst the picturesque Finger Lakes region, Ithaca is also home to abundant recreation and scenic beauty.

27. Asheville, North Carolina

Insider Monkey Score: 21

Home to: University of North Carolina- Asheville

IM Cost of Living: 110

Livability Score: 72

Recently featured on our list of best mountain towns to retire to, Asheville lies amidst the picturesque Blue Ridge Mountains. There’s a world-class symphony, an amazing restaurant scene, and a drum circle in Pritchard Park that specially attracts the seniors.

26. Charleston, South Carolina

Insider Monkey Score: 21

Home to: College of Charleston

IM Cost of Living: 111.5

Livability Score: 76

Another college town perfect for retirees is Charleston, South Carolina. Year-round great weather, abundant recreational activities, and beautiful beaches define this college town best.

25. Eugene, Oregon

Insider Monkey Score: 21

Home to: University of Oregon

IM Cost of Living: 111.8

Livability Score: 78

Home to the University of Oregon, Eugene is home to a lively arts and culture scene; brimming with theatres, museums, and music festivals. The green cityscape and rich academic vibe makes it perfect for seeking intellectual stimulation.

24. Northampton, Massachusetts

Insider Monkey Score: 22

Home to: Smith College

IM Cost of Living: 110.4

Livability Score: 77

Also known as Paradise City, the culturally, academically, and artistically rich city of Northampton is another college town choice to ponder on. Seniors love it the most for its downtown, bursting full of energy with its eclectic shops, restaurants, cafes, and more.

23. San Marcos, Texas

Insider Monkey Score: 27

Home to: Texas State University

IM Cost of Living: 105

Livability Score: 78

This Lone-Star city is famous for its riverfront locale, diverse culture, and friendly residents. For those looking to learn, Texas State University offers senior citizens free tuition for up to six credit hours per semester.

22. Fort Collins, Colorado

Insider Monkey Score: 29

Home to: Colorado State University

IM Cost of Living: 113.4

Livability Score: 81

Besides its scenic Rocky Mountains backdrop that’s hard to ignore, Fort Collins is also a stimulating blend of natural beauty, cultural vibrancy, and intellectual pursuits.

21. Evanston, Illinois

Insider Monkey Score: 35

Home to: Northwestern University

IM Cost of Living: 112.3

Livability Score: 83

Famously known as the “City of Churches”, Evanston is home to beautiful beaches, museums, and a diverse dining scene. There are lots of shops, restaurants, and entertainment options downtown, and retirees can enjoy a good quality of life overall.

20. South Bend, Indiana

Insider Monkey Score: 36

Home to: University of Notre Dame

IM Cost of Living: 82.5

Livability Score: 68

From its proximity to Notre Dame to opportunities for lifelong learning, South Bend can be the perfectly affordable college town to retire to.

19. Athens, Georgia

Insider Monkey Score: 37

Home to: University of Georgia

IM Cost of Living: 92.3

Livability Score: 78

The “Classic City” of Athens offers a blend of Southern charm, a lively music scene, and affordable living, making it attractive to retirees looking for a relaxed yet culturally vibrant lifestyle.

18. Madison, Wisconsin

Insider Monkey Score: 40

Home to: The University of Wisconsin-Madison

IM Cost of Living: 103.7

Livability Score: 82

The vibrant city of Madison boasts a vibrant arts and culture scene-being home to The University of Wisconsin. It is also known for its great healthcare, rich academic vibe, abundant festivals, and exquisite culinary offerings.

17. Syracuse, New York

Insider Monkey Score: 40

Home to: Syracuse University

IM Cost of Living: 83.7

Livability Score: 78

New York may be expensive on the whole, but one college town called Syracuse is a wonderful exception. In fact, the cost of living here is 16.3% lower than the national average. A unique blend of modern amenities and natural beauty, this one’s surely a great retirement-time pick.

16. Winona, Minnesota

Insider Monkey Score: 40

Home to: Winona State University

IM Cost of Living: 82.9

Livability Score: 78

Set on the Mississippi river, Winona is a picturesque college town brimming with scenic trails and rolling bluffs. The affordable cost of living is another plus of retiring to this intellectual city, while the peaceful ambience makes it all the more charming.

15. Durham, North Carolina

Insider Monkey Score: 42

Home to: Duke University

IM Cost of Living: 99.1

Livability Score: 81

Home to a vibrant cultural scene, excellent healthcare, and rich history, Durham is another college town perfect for retirees. The Osher Lifelong Learning Institute at Duke offers stimulating educational opportunities for seniors, as well as additional social activities such as book clubs and volunteer projects.

14. Orlando, Florida

Insider Monkey Score: 42

Home to: University of Central Florida

IM Cost of Living: 102

Livability Score: 82

Grandparents might love the thought of Orlando for Walt Disney World Resort, Sea World, and even Universal Orlando Resort, but there’s more to this city than that. Orlando is also a wonderful college town, home to the University of Central Florida. There are abundant amenities, senior living facilities, great healthcare, and also a very friendly community.

13. Hattiesburg, Mississippi

Insider Monkey Score: 43

Home to: University of Southern Mississippi

IM Cost of Living: 82.2

Livability Score: 78

Located in the heart of Mississippi, Hattiesburg is a Certified Retirement Community, with distinct amenities for the 50-and-over demographic. Championship golf courses, state parks and lakes, good hospitals, and a laid-back Southern vibe make it one of the best college towns for retirees. Seniors can engage in lifelong learning at the University of Southern Mississippi. Mississippi itself is one of the most affordable states to live in for seniors.

12. Greenville, South Carolina

Insider Monkey Score: 44

Home to: Furman University and Bob Jones University

IM Cost of Living: 92.3

Livability Score: 80

Seniors who wish to mentor students, volunteer at events, or simply engage in lifelong learning can do so by retiring in the affordable yet magnificent college town of Greenville.

11. Lubbock, Texas

Insider Monkey Score: 44

Home to: Texas Tech University

IM Cost of Living: 81

Livability Score: 78

The affordable college town of Lubbock in Texas offers the perfect balance of modern amenities and healthcare facilities. The cost of living here is 9% lower than the national average, making it affordable for retirees.

10. Charlottesville, Virginia

Insider Monkey Score: 44

Home to: University of Virginia

IM Cost of Living: 103.6

Livability Score: 83

Charlottesville combines a historic backdrop with a thriving arts community and scenic beauty, providing retirees with a rich cultural environment, making it one of the best college towns to retire to.

9. Boone, North Carolina

Insider Monkey Score: 45

Home to: Appalachian State University

IM Cost of Living: 100.9

Livability Score: 83

The Appalachian State University is the heart of Boone, providing it youthful energy and a college town vibe that’s hard to ignore. Add to it the vibrant mountain scenery of the Blue Ridge Mountains and an affordable cost of living, Boone can be the perfect college town for retirees.

8. Chapel Hill, North Carolina

Insider Monkey Score: 45

Home to: University of North Carolina at Chapel Hill

IM Cost of Living: 107.9

Livability Score: 87

Southern charm, cultural richness, and scenic beauty make Chapel Hill one of the best college towns to retire to. The downtown is lively, medical facilities are good, and the weather is also quite pleasant.

7. Gainesville, Florida

Insider Monkey Score: 47

Home to: University of Florida

IM Cost of Living: 94.1

Livability Score: 82

Next on our list of best college towns for retirees is Gainesville, Florida. Retirees and college students equally love this place for its educational opportunities, welcoming community, cultural diversity, and restaurants that offer everything from Southern comfort food to international cuisines.

6. Huntington, West Virginia

Insider Monkey Score: 48

Home to: Marshall University

IM Cost of Living: 82.5

Livability Score: 80

The presence of Marshall University in Huntington has given it a cosmopolitan ambience, while the city itself is a blend of Appalachian charm and cultural richness.

5. Ann Arbor, Michigan

Insider Monkey Score: 49

Home to: University of Michigan

IM Cost of Living: 107.4

Livability Score: 89

For seniors who can afford to live here, Ann Arbor is a beautiful college town to pick for one’s golden years. Its diverse cultural scene, enriched by the University of Michigan, makes it ideal for retirees seeking intellectual stimulation.