For some, frugality isn’t a lark. It’s a lifestyle.
If you’re one of these people, you may approach retirement a little differently than the rest. Instead of retiring to a place marked by lush beaches or a sparkling nightlife, you may instead choose a city that allows you to stretch your savings as far as possible -- and maybe even leave something extra to a spendthrift heir or two.
These rankings emerged by taking the U.S. metropolitan areas with the lowest costs of living (according to 2012 data from C2ER) and removing the cities that also appear on NeighborhoodScout’s list of the 100 Most Dangerous Cities in America. After all, even frugal retirees may be willing to spend a little extra to avoid those places. (Sorry, Memphis, Tenn., and Springfield, Ill.)
This cost of living data doesn’t reflect every expense retirees may face, so data on property, sales and state income taxes from Tax-Rates.org are also listed. And while home prices are included in the cost of living data, the area’s median home prices from NeighborhoodScout appear for additional clarity.
10: Youngstown-Warren, Ohio
- Cost of living: 88.2 percent of the national average
- Median home value (Youngstown): $44,813
- Average state income tax rate in Ohio: 3.42 percent
- Average property tax rate in Ohio: 1.36 percent
- State sales tax rate in Ohio: 5.5 percent
Youngstown-Warren hit hard times after the U.S. steel industry collapsed in the 1970s, shrinking the city’s population by more than 60 percent over several decades. But the city is trying to revive its economy today through projects such as the Youngstown Business Incubator, a downtown space that aims to foster growth and collaboration among technology start-ups. On the cultural side, art enthusiasts may appreciate the Butler Institute of American Art and the McDonough Museum of Art, which stand across the street from each other on the Youngstown State University campus.
9: Idaho Falls, Idaho
- Cost of living: 88 percent of the national average
- Median home value: $127,626
- Average state income tax rate in Idaho: 5.38 percent
- Average property tax rate in Idaho: 0.69 percent
- State sales tax rate in Idaho: 6 percent
As the state’s second-largest city behind Boise, Idaho Falls is a hub for both eastern Idaho and western Wyoming. The low cost of living and relatively low crime rates in Idaho Falls have earned it appearances on several other “best of” lists, and its recreational and cultural attractions include the Museum of Idaho, the Tautphaus Park Zoo and the Colonial Theater. The city’s Greenbelt offers joggers, cyclists and pedestrians a six-mile paved path along the Snake River
8: Conway, Ark.
- Cost of living: 87.9 percent of the national average
- Median home value: $141,170
- Average state income tax rate in Arkansas: 4.08 percent
- Average property tax rate in Arkansas: 0.52 percent
- State sales tax rate in Arkansas: 6 percent
Nicknamed “The City of Colleges,” Conway hosts three post-secondary schools: Central Baptist College, Hendrix College and the University of Central Arkansas. For culture, Conway boasts the Conway Symphony Orchestra and the Arkansas Shakespeare Theatre, the latter of which holds an annual festival each June. On the downside, Conway’s violent and property crime rates are above the national medians.
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