Relaxed lifestyle and financial advantages make them attractive destinations for retirees.
Small town living appeals to many retirees for its slower pace of life, more affordable lifestyle, and safety. If you’re considering a move to a quieter community, Investopedia has recently identified the top small towns for retirement.
The company considered places with fewer than 20,000 residents from its general list of the 100 best places to retire in the United States. Affordability, health care access, community events, and other factors determined which towns made the list.
Florida—the country's most popular retirement state—dominated with nine communities: Cape Canaveral, Cocoa Beach, Cypress Lake, Englewood, Homosassa Springs, Indialantic, Sebring, South Beach, and Southgate. Part of Florida's continued appeal to retirees (aside from year-round sunshine, of course) is that it has no state income tax and imposes no estate or inheritance tax.
Similarly, Delaware is considered tax-friendly for retirees, and senior adults over 60 can exclude $12,500 of retirement income from state taxes. (Additionally, Delaware does not impose state or local sales taxes.) Investopedia highlighted two beach towns in the First State that are perfect for retirement living: Lewes and Rehoboth Beach. Both small towns are popular vacation destinations in the warmer months, but once the summer crowds dissolve, residents enjoy a quieter pace of living, empty boardwalks, and the area's many white-sand beaches.
Pennsylvania also had a strong showing on Investopedia's list with six small towns: Hellertown, Hermitage, Johnstown, Mechanicsburg, New Cumberland, and Wilson. Hermitage, located about 60 miles northwest of Pittsburgh, and Johnstown, a hub for outdoor recreation in the Alleghenies, are on the list for the second year in a row, thanks to affordable housing, among other factors.
Those looking to retire in the Midwest can choose among seven small towns in Iowa, Michigan, and South Dakota. History buffs will recognize Niles, Michigan, as the state's oldest community, dubbed "The City of Four Flags." The town's history goes back over 300 years, and as a result, Niles is home to plenty of museums, antique stores, and historic homes, full of character.
Although the West is often excluded from retirement lists due to the region's higher cost of living, Investopedia has highlighted Pomeroy, Washington, and Evanston, Wyoming, as two excellent small towns for retirees. Pomeroy, a small farming community, provides easy access to recreation in the Blue Mountains. Similarly, Evanston, a former railroad town, is ideal for adventure enthusiasts, offering year-round opportunities for camping, hiking, fishing, and hunting.
Small towns in tax-friendly states are generally more attractive to retirees, although taxes are just part of the picture. Housing costs are also a consideration, and limited housing inventory in some small towns might increase the financial burden. However, vehicle expenses are lower in walkable towns, and many retirees opt to forgo driving as they age.
You can see the full list on Investopedia.com.
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