America's Most Affordable Retirement Town is in the South
Realtor.com reveals the least expensive locales to buy a retirement home and this Florida town is tops.
If you think buying a home in Florida for retirement is a recipe for blowing through all your savings, Realtor.com would beg to differ.
The popular real estate site shared its list of America's 10 least expensive retirement towns (they shared the most expensive top 10, as well) and three Florida cities make the list, including one in the first place slot. Securing the position as America's least expensive retirement town? Sebring, Florida. With 40.8% of the residents ages 60 and older, the median home list price clocks in at an affordable $180,100.
The other two Florida towns to make the top 10 were Ocala in third place with 34.9% of residents ages 60 and older and a median home list price of $202,000, and Homosassa Springs in fifth place with 43.4% of residents ages 60 and older and a median home list price of $221,500.
Besides the Sunshine State, New Bern, North Carolina also made the top 5, ranking in 4th place for least expensive retirement town, and Hickory, North Carolina, Hot Springs, Arkansas, Roanoke, Virginia, and Myrtle Beach, South Carolina all made their top 10 list.
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To come to their conclusions, "[Realtor.com] looked at the 500 largest metropolitan statistical areas [which encompasses the urban city and smaller towns and cities around it], focusing on those where at least a quarter of the population is aged 60 and up and where the most folks in this age group moved to between 2011 and 2015. We included only markets that had a high share of realtor.com listings with mentions of 'retirement,' 'aging in place,' 'ground-floor master bedrooms,' and similar phrases." They then ranked these areas based on the total cost to pay down a 15-year mortgage on a median-priced home there, assuming a 20% down payment and a 5% interest rate on their mortgages. Of course, it's worth noting that home price isn't everything and other factors contribute to cost of living like property taxes, transportation, food, and entertainment.
If you're contemplating a move for your golden years, check out the full article here.