25 college towns perfect for retirees

0

River North Photography/Getty Images

despite of Retirees Decades after graduating from college, many of them choose to live in college towns. According to MarketWatch, older Americans are flocking to college towns for a number of reasons, including affordability, walkability, and cultural, educational, and recreational opportunities. In addition, college towns often have diverse populations, and as students and university staff move in and out, there are always new people to meet. There are also often a large number of part-time work opportunities for retirees who may want some extra income to cover their savings.

These five cities are becoming popular with baby boomers: Should you consider them for your retirement years?
Barbara Corcoran: Housing prices “will go through the roof”: this is the time

To find the best college towns for retirees, GOBankingRates examined a number of factors, including livability scores, percentage of residents 65 and older, monthly costs of living (groceries, health care, utilities, transportation and other miscellaneous expenses) and housing costs. Based on this analysis, these are the 25 best college towns for retirees.

Dennis Tangney Jr. / iStock.com

Dennis Tangney Jr. / iStock.com

1. Huntington, West Virginia

  • Degree of livability: 81

  • Proportion of population aged 65 years and over: 17.2%

  • Monthly spending costs: $1,951

  • Average mortgage: $707

I am a real estate agent: 6 places I would retire if I had $500,000
Grant Cardone: These will be the best places to buy property over the next decade

Alexey/Getty Images/iStockPhoto

Alexey/Getty Images/iStockPhoto

2. Lexington, Kentucky

  • Degree of livability: 86

  • Proportion of population aged 65 years and over: 13.5%

  • Monthly spending costs: $1,775

  • Average mortgage: $1,783

Growing up poor: 13 ways to learn so you never waste money

Youngriand/Getty Images

Youngriand/Getty Images

3. Stevens Point, Wisconsin

  • Degree of livability: 85

  • Proportion of population aged 65 years and over: 12.7%

  • Monthly spending costs: $1,691

  • Average mortgage: $1,491

Pictured: University of Wisconsin-Madison

E. Qiorui / Shutterstock.com

E. Qiorui / Shutterstock.com

4. Ames, Iowa

  • Degree of livability: 90

  • Proportion of population aged 65 years and over: 10.5%

  • Monthly spending costs: $1,863

  • Average mortgage: $1,886

Ian Ballinger / Wikimedia Commons

Ian Ballinger / Wikimedia Commons

5. Lawrence, Kansas

  • Degree of livability: 88

  • Proportion of population aged 65 years and over: 11.6%

  • Monthly spending costs: $1,882

  • Average mortgage: $1,829

BD Images/Getty Images

BD Images/Getty Images

6. Normal, Illinois

  • Degree of livability: 87

  • Proportion of population aged 65 years and over: 11%

  • Monthly spending costs: $1,816

  • Average mortgage: $1,424

Retired but want to work? Try these 8 jobs for seniors that require little or no experience

Jeffrer/Getty Images/iStockPhoto

Jeffrer/Getty Images/iStockPhoto

7. Winona, Minnesota

  • Degree of livability: 77

  • Proportion of population aged 65 years and over: 16.9%

  • Monthly spending costs: $1,618

  • Average mortgage: $1,357

Scharvik/Getty Images

Scharvik/Getty Images

8. Lewisburg, Pennsylvania

  • Degree of livability: 79

  • Proportion of population aged 65 years and over: 17%

  • Monthly spending costs: $1,926

  • Average mortgage: $1,796

Dennis Tangney Jr./Getty Images

Dennis Tangney Jr./Getty Images

9. Norman, Oklahoma

  • Degree of livability: 84

  • Proportion of population aged 65 years and over: 12.7%

  • Monthly spending costs: $1,876

  • Average mortgage: $1,521

Croc20/Getty Images/iStockPhoto

Croc20/Getty Images/iStockPhoto

10. Greensboro, North Carolina

  • Degree of livability: 82

  • Proportion of population aged 65 years and over: 13.3%

  • Monthly spending costs: $1,702

  • Average mortgage: $1,571

Retired but want to work? 5 jobs for retirees that feel like a vacation

Baseballard/iStock.com

Baseballard/iStock.com

11. Evanston, Illinois

  • Degree of livability: 83

  • Proportion of population aged 65 years and over: 16.4%

  • Monthly spending costs: $1,931

  • Average mortgage: $3,319

Truong Nguyen / Shutterstock.com

Truong Nguyen / Shutterstock.com

12. Richardson, Texas

  • Degree of livability: 85

  • Proportion of population aged 65 years and over: 13.5%

  • Monthly spending costs: $1,927

  • Average mortgage: $2,767

dhughes9/Getty Images/iStockphoto

dhughes9/Getty Images/iStockphoto

13. Denton, Texas

  • Degree of livability: 86

  • Proportion of population aged 65 years and over: 11.2%

  • Monthly spending costs: $1,826

  • Average mortgage: $2210

Dennis Tangney Jr./Getty Images/iStockPhoto

Dennis Tangney Jr./Getty Images/iStockPhoto

14. Ann Arbor, Michigan

  • Degree of livability: 88

  • Proportion of population aged 65 years and over: 12%

  • Monthly spending costs: $1,784

  • Average mortgage: $3200

Sean Pavone/Shutterstock.com

Sean Pavone/Shutterstock.com

15. Greenville, South Carolina

  • Degree of livability: 79

  • Proportion of population aged 65 years and over: 14.4%

  • Monthly spending costs: $1,740

  • Average mortgage: $1,789

Dave Ramsey: 6 biggest myths about retirement you should stop believing

Laetrile/Getty Images

Laetrile/Getty Images

16. Champaign, Illinois

  • Degree of livability: 83

  • Proportion of population aged 65 years and over: 10.6%

  • Monthly spending costs: $1,808

  • Average mortgage: $1,245

JamesPatrick.pro / Shutterstock.com

JamesPatrick.pro / Shutterstock.com

17. Iowa City, Iowa

  • Degree of livability: 84

  • Proportion of population aged 65 years and over: 11%

  • Monthly spending costs: $1,758

  • Average mortgage: $1,935

© Shutterstock.com

© Shutterstock.com

18. Chattanooga, Tennessee

  • Degree of livability: 75

  • Proportion of population aged 65 years and over: 16.8%

  • Monthly spending costs: $1,766

  • Average mortgage: $1,791

Dennis Tangney Jr./Getty Images/iStockPhoto

Dennis Tangney Jr./Getty Images/iStockPhoto

19. Syracuse, New York

  • Degree of livability: 79

  • Proportion of population aged 65 years and over: 12.6%

  • Monthly spending costs: $1,966

  • Average mortgage: $1,069

also: 5 Places to Retire That’s Just Like North Carolina But Much Cheaper

Ibex/Shutterstock.com

Ibex/Shutterstock.com

20. West Lafayette, Indiana

  • Degree of livability: 90

  • Proportion of population aged 65 years and over: 6.7%

  • Monthly spending costs: $1,699

  • Average mortgage: $2055

gregopagel/Getty Images/iStockPhoto

gregopagel/Getty Images/iStockPhoto

21. Newark, Delaware

  • Degree of livability: 83

  • Proportion of population aged 65 years and over: 12.1%

  • Monthly spending costs: 2000 dollars

  • Average mortgage: $2,071

Sean Pavone/Getty Images/iStockPhoto

Sean Pavone/Getty Images/iStockPhoto

22. Eugene, Oregon

  • Degree of livability: 78

  • Proportion of population aged 65 years and over: 16.5%

  • Monthly spending costs: $1,755

  • Average mortgage: $2907

Benedek/Getty Images

Benedek/Getty Images

23. Buffalo, New York

  • Degree of livability: 78

  • Proportion of population aged 65 years and over: 12.9%

  • Monthly spending costs: $1,957

  • Average mortgage: $1,333

learns: How big was Bill Clinton’s Social Security check?

Sean Pavone/Shutterstock.com

Sean Pavone/Shutterstock.com

24. Tallahassee, Florida

  • Degree of livability: 82

  • Proportion of population aged 65 years and over: 10.8%

  • Monthly spending costs: $1,863

  • Average mortgage: $1,782

ron_thomas/Getty Images/iStockPhoto

ron_thomas/Getty Images/iStockPhoto

25. Lubbock, Texas

  • Degree of livability: 78

  • Proportion of population aged 65 years and over: 12%

  • Monthly spending costs: $1,809

  • Average mortgage: $1,268

Methodology: To find the perfect college towns for retirees, GOBankingRates analyzed several college towns in the United States sourced from ListWithClever’s Best College Towns. Through a list of college towns, I found GOBankingRates [1] Total population and [2] Population aged 65 or older Sourced from the US Census American Consumer Survey. Using these factors, the percentage of the population aged 65 years and older was calculated. For each city on the list, the cost of living has been calculated based on it [3] cost of living index for groceries, [4] health care cost of living index, [5] cost of living index for public facilities, [6] Cost of living and transportation index [7] Various cost of living index, all sourced from Sperlings BestPlaces. The cost of living indexes were multiplied by the national average spending costs for people ages 65 and older, obtained from the Bureau of Labor Statistics’ Consumer Expenditure Survey, to find the cost of living across all spending categories for each city. The livability index was obtained from AreaVibes, scored and weighted as 1.25. Using the Zillow Home Value Index, the average home value in August 2023 was determined, and using the national average of the Federal Economic Research Institute’s 30-year fixed-rate mortgage, the average mortgage cost was calculated. The average mortgage combined with the cost of monthly spending gives the total monthly cost for each city. The percentage of population aged 65 years and older is scored and weighted as 1.00, the total monthly cost is scored and weighted as 1.50, and the livability index is scored and weighted as 1.25. All scores have been collected and sorted to show the ideal college towns for retirees. All data is current as of September 25, 2023.

This article originally appeared on GOBankingRates.com: 25 college towns perfect for retirees

Leave A Reply

Your email address will not be published.