El Paso, Texas Is The Cheapest Place To Retire
Looking to retire in Texas? This small town is the cheapest place to hang your cowboy hat. El Paso, Texas, is the cheapest place to retire in Texas, with a cost of living of 15.8% under the national average. This is due to the state's 7% lower living cost, meaning retirees can afford to live comfortably even if on a budget. The housing cost, average home price of $215,671 and rental prices can be achieved at a reasonable cost. Additionally, the city is home to a robust employment market, activities, and outdoor activities. With a low crime rate, El Paso is considered an attractive option for retirees due to its low income tax and mild weather. The state's retirement is not taxed in the state, so retiree contributions are not taxed.
ที่ตีพิมพ์ : 2 เดือนที่แล้ว โดย Jessica Tucker ใน Travel
Over the past decade or more, Texas has been a place that retirees have been moving to, to call home be it in the big cities or small towns that are perfect for retirement. From the cost of houses to the quality of life, fairly mild weather, and abundant outdoor activities, there are many benefits of moving to the Lone Star State. The population of Texas continues to grow yearly, with the state leading the US in population growth in 2023.
Part of what makes retiring to Texas so attractive is the cost of living. This is because the cost of living in Texas is 7% less than the national average. Because of this, retirement dollars stretch further, meaning that there is less chance of those who retire needing to return to work if they do not want to.
What is even better still is that there are areas of Texas that are further below the national average when it comes to the cost of living. While some may think that the cheapest city to retire in Texas would be desolate and lacking in amenities, this could not be further from the truth. Instead, the city is home to a robust employment market, is full of activities, and has great outdoor adventures — all of which contribute to the attractiveness of the city to retirees.
El Paso Is The Cheapest City To Retire In Texas
The cost of living in El Paso is 15.8% under the national average
El Paso is the cheapest city to retire in Texas. With a cost of living that is 15.8% under the national average, retirees are able to live comfortably, even if on a budget. But if they can afford $2,500.00 per month for that budget, retirees will have no problems with making ends meet from month to month.
One of the biggest factors that helps to keep the cost of living down is the cost of housing. With an average home price of $215,671 and rental prices averaging from $798.00 for a studio and $1,195.00 for a two-bedroom, it is much easier to live in a nice area of El Paso for a price that will not break the bank.
Another reason that El Paso is the cheapest city to retire in Texas has to do with a great public transportation system. While most still own a car in El Paso, it is not necessary to own one if you live in the heart of the city. There are buses and streetcars to get people to and from their destinations in the city with ease, as there is rarely any major traffic.
There is also an airport in the area, the El Paso International Airport, so it's easy to get from Point A to Point B.
The sales tax in El Paso is even slightly lower than what other areas in Texas pay. It currently sits at 7.25%, while in El Paso County, some other cities and towns are paying as high as 8.25%. Just another reason why El Paso is the least expensive town in Texas.
With a lack of income tax, a low crime rate, great hospitals, and mild weather, El Paso is an attractive option for retirees
As if the lower cost of most things was not enough to make retirees want to move to El Paso, there are some other attractive reasons retirees want to move to the area. A big one is that retirement is not taxed.
Because Texas does not have an income tax, retirement is not taxed in the state. As such, regardless of whether the money was earned in Texas or another state, once an IRA, pension, 401(k), or Social Security are tapped into, they are not taxed.
All the money earned, put away, and interest earned, goes directly to the retiree versus having to pay taxes on it like in other states. This is a huge benefit for those on fixed incomes as they receive more money monthly simply because the state does not take a portion of it for themselves.
El Paso also has a low crime rate. There are 1,692 crimes per 100,000 people. To put this in perspective, there are only nine other large cities in the US that have lower crime rates. With a population of over 675,000 people, El Paso is relatively safe to live in.
Like most big cities, the healthcare options are varied. Some hospitals in the area are top-notch, while others may be lacking. Because of this, retirees will have to do their research to see what healthcare options are in their best interest and what hospitals accept their health insurance and whether any tweaks need to be done to ensure the best possible care.
The other reason that retirees choose El Paso to live in is because the weather is mild. While the summer months can be in the mid-90s and the winter months can be near freezing, there generally is not any snow. This means activities can still be participated in regardless of the season.
While spring and fall are the most comfortable times in El Paso, there is no time of year when the weather causes residents to have to stay in their homes for long stretches, unlike other parts of the country.
What Retirees Can Do Living In El Paso
Outdoor activities, museums, scenic drives, and great restaurants can all be enjoyed in El Paso by retirees
El Paso is a border city. As such, there is a great deal of Spanish influence in the city. This makes for fun activities, great food, and outdoor adventures for retirees to explore.
For the active retirees, El Paso offers plenty of outdoor activities to enjoy. Some of those places to enjoy hikes in and near the Franklin Mountains State Park, see pictographs, and more include:
For those who do not want to explore the great outdoors but still want to experience some of El Paso, other activities include:
There are a variety of restaurants in El Paso to enjoy. The biggest problem that retirees will have is choosing which restaurant to eat at. Some of those great restaurants include:
With all that there is to do and see, it is easy to understand why El Paso has become a go-to place to retire for many. Between the low cost of living, the lack of income tax, and house prices being fairly inexpensive, El Paso may just have it all for those transitioning into their golden years.