5 Best Cities for Retirement Savers
5. Arlington, Texas
If you feel your nest egg is getting wired to Uncle Sam every tax season, then we suggest a relocation to Arlington, Texas, where the state income tax rate is exactly 0%. On top of that, Arlington’s median home price of $310,195 is the lowest on our top five list, and the city boasts one of the nation’s highest year-over-year income growth rates of 17.61%, so the already wide margin between salary and housing costs should continue to grow as residents ride into their sunset years.
4. Gilbert, Arizona
While Gilbert’s clock tower may playfully suggest that newcomers are running behind schedule, stepping into Gilbert these days means you’re arriving right on time. Gilbert boasts a robust median household income of $111,393 per year, approximately 1.48 times the national average. Moreover, the city maintains a low poverty rate of 4.8%, a stark contrast to the national average of 12.6%. Additionally, only 17% of homeowners in Gilbert are considered “cost-burdened,” a significant departure from the nationwide figure of 27.8%. With such robust incomes and a reasonable cost of living, Gilbert residents have ample funds left for retirement investing.
3. Durham, North Carolina
As part of the Research Triangle, Durham attracts scientists, techies, and academics of all stripes, so it follows that the city’s median household income of $78,105 outpaces the national average of $74,755. These higher incomes carry more weight in Durham, where the median monthly housing cost is just $1,555, over $200 below the national average. With a low unemployment rate of 2.8% and an impressive income growth rate of 9.48%, Durham emerges as an ideal destination for long-term settlement and retirement nest egg accumulation.
2. Boise, Idaho
Boise, Idaho’s largest city by more than 100,000 residents, stands out as a top destination for those aiming to build their nest egg through increased earnings. Bolstered by robust tech and healthcare sectors, Boise boasts a relatively high median household income of $81,425. However, what truly distinguishes Boise is its remarkable year-over-year income growth rate of 15.96%, significantly surpassing the national average of 7.23%. Despite its economic growth, monthly housing costs in Boise remain just below the national average, with a median monthly housing cost of $1,700 compared to $1,775 nationally. This leaves ample room to allocate funds for the golden years.
1. Overland Park, Kansas
Part of the Kansas City metropolitan area, Overland Park tops the list due to the city’s low poverty rate (5%), low unemployment rate (just 2.5%), and high median household income ($96,694). Additionally, the median home price in Overland Park comes in at $413,250, resulting in an income-to-housing cost ratio of 4.27, which is below the recommended rule of no more than 5 times your household income. According to the U.S. Bureau of Economic Analysis, Overland Park’s cost of living index hovers below the national average, making essentials less expensive compared to the rest of the nation and leaving plenty of money to stash away for retirement.
SEE ALSO:
• Retiring on the Cheap: 5 Countries, 7 U.S. Cities Where You Can Retire on $2,000 a Month
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