The quest for a serene retirement destination has turned many American dreamers to small town charm. To help make this dream a reality, a data-driven study by Investopedia and conducted in collaboration with Travel + Leisure identified six small towns, each with a population of under 5,000, where retirees can savor affordability, quality healthcare, and a strong sense of community.
Gregory, in Gregory County, is the smallest town on our list, boasting a population of just 1,200. Known for its affordable lifestyle, Gregory holds a top-10 national ranking for lowest median home values and the third-lowest median housing costs. The major affordability point to note is South Dakota’s exemption of Social Security benefits and withdrawals from 401(k)s, IRAs, and pensions from taxation.
Corning, Iowa, is defined by its rich history, scenic landscapes, and community-centered amenities, offering retirees a reminder of unhurried days and strong community ties. Comfortably affordable, Adams County, where Corning lies, boasts some of the lowest median home values and monthly food costs. Iowa also exempts Social Security benefits and retirement withdrawals from state taxes, enabling retirees to stretch their budgets a bit further.
Known as “The Friendliest Town in the South,” Tryon offers several activities and events around its unique love of horses. However, the town’s amenities come at a cost, as median home values in Polk County are high, and monthly taxes are among the 50 highest on the overall retirement cities list.
Santa Rosa, New Mexico offers a unique blend of culture, outdoorsy activities, and affordability combined with mostly taxable retirement benefits - Guadalupe County offers the most affordable housing in this roundup.
Although the largest town on the list, Parker, Arizona, boasts community-catering amenities, affordable housing, and a decent number of healthcare facilities. However, the weather is more susceptible to climate risks than the other towns reviewed.
Finally, Pomeroy in Southeastern Washington offers retirees a haven of calm, although travel may be a challenge with the nearest airport 204 miles away.
While they may lack the allure of bustling cities, each of these towns offers ample charm, rich culture, and true camaraderie, delivering proof-positive that small-town life can be fulfilling and affordable for retirees. Trying to choose? Remember, each of the towns offers its own unique connection and comfort, making them ideal to spend your golden years.