Living in New York City sounds attractive for people in their 20s who can land a high-paying job in one of the boroughs. However, that dream doesn't look as charming when people are approaching retirement and have to live off their nest eggs.
That's why some retirees get flexible with their retirement locations and search for cities that offer great amenities at affordable prices. This mix still offers a city life for retirees while giving their portfolios more mileage, making them some of the best places to retire.
Some of these cities are located in the middle of the country, where you can find some of the best cost-of-living standards. However, other picks on this list are near the water for people who prefer a coastal lifestyle.
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1. Des Moines, Iowa
Des Moines is one of the most affordable cities in the Midwest. Iowa's capital is the largest city in the state and has a median home price of $229,900. If you want to rent, you're looking at a median rent payment of $1,200 per month, according to Realtor.com.
Those two prices show how much mileage you can get from your money in the city. The Motley Fool's Best States to Retire Index ranked affordability as a key factor in determining where retirees go, so it is no surprise to see that the Des Moines population is growing.
The Des Moines Area Regional Transit Authority (DART) bus system makes it easy to access various parts of downtown if you don't want to drive or take an Uber to access your favorite parts of the city.
There are plenty of things to do in the area, too. The city features more than 800 miles of trails, the Principal Riverwalk, art centers, zoos, and other attractions. Gray's Lake Park even offers beach life across 166.6 acres.
2. Sioux Falls, South Dakota
Sioux Falls is a great city for people who enjoy the outdoors and aren't afraid of cold winters. Falls Park features stunning waterfalls and plenty of walkway across 128 acres. It also has an observation tower that lets you see the entire site.
It features many popular city amenities, such as a theater, zoo, aquarium, and museums. Walkers, runners, and bikers will find almost 20 miles of paved trails throughout the city. It's also near several destination parks, like the Palisades State Park and the Good Earth State Park.
The city is quite affordable for what it provides. The median home price is $284,000, according to Realtor.com. You can also find rent below $1,000 per month, with the median currently at $837 per month. That figure is up by 9.8% over the past year but down by 7% over the past three years, so long-term trends don't suggest soaring prices. Sioux Falls' affordable rent makes it much easier to stretch your nest egg.
3. Norfolk, Virginia
Norfolk features the Chrysler Museum of Art, Norfolk Botanical Gardens, Waterside District, and other things to do. It's a walkable city that has a median home price of $325,000, according to Realtor.com.
The median rent is a bit higher than other cities on the list, coming in at $1,600 per month. However, Norfolk is surrounded by water from the Chesapeake Bay and Elizabeth River and very close to Virginia Beach.
The city has an array of transportation options to go from place to place while getting different views of the area. The Tide light rail is a 7.4-mile line that covers most parts of the city, and you can also take the Elizabeth River Ferry to get from Norfolk to Portsmouth. It also has many bus routes, and ride-sharing apps are quite accessible in the city.
4. Corpus Christi, Texas
Corpus Christi is a beach city in Texas that's two hours away from San Antonio. Southern vibes and year-round warm weather are an attractive mix for retirees, and there's a lot to do in the area. The USS Lexington Museum, Texas State Aquarium, and Oso Bay Wetlands Preserve are some options.
The median home price is $289,825, according to Realtor.com, with the median rent coming in at $1,750 per month. The city has 33 fixed bus routes and approximately 1,400 bus stops.
5. Greenville, South Carolina
Greenville is a walkable city that features Falls Park on the Reedy, the Prisma Health Swamp Rabbit Trail, and other outdoor attractions. It also has a vibrant arts and culture scene with several active senior programs that provide a sense of community.
The median home price is $389,000, according to Realtor.com. It also has a median rent of $1,800 per month, which is down by 4.5% year over year.
The downtown area features free trolleys, and you can ride a bus that's a part of the Greenlink public bus system. This bus system operates 12 fixed bus routes that connect downtown with shopping centers and residential areas.
