Affordable Places to Retire in the Northeast
Find low-cost places to retire and open a new bank account with Citizens Bank once you move
The kids have flown the coop, you've entered retirement and you're ready to spend your Golden Years rediscovering the world around you. If you're like many other recent retirees, you may be considering relocating to a different city to enjoy your newfound freedom. Whether you're in search of seaside views, a different pace of life or more affordable living, it's a good idea to keep your budget in mind to help protect your nest egg as you choose a new location. Use our guide below for a list of inexpensive retirement locations and open a new bank account online with Citizens Bank to help manage your moving expenses.
Top four inexpensive retirement locations in the Northeast
From the rocky Atlantic coast to the lakes of Upstate New York, we've compiled a list of our top four northeastern locations for retirees. Discover why these locations made our list of affordable places to retire:
- Portland, Maine - For a taste of New England, consider retiring in Portland, Maine. Located on Casco Bay, Portland offers an active waterfront, stunning views and reasonable living costs with the median home price being $127,000. While the winters are notoriously cold and state taxes are on the higher side, the crime rate is low and there is plenty to do for retirees relocating to this area.
- Pittsburgh, Pennsylvania - If you're looking for an urban feel without the cost of a big city like the Big Apple, consider Pittsburgh. In research published by the Milken Institute, Pittsburgh ranked number 10 out of 100 for the top cities for successful aging. With housing costs averaging $149,450, taxes are lower than larger cities and there is no estate tax. From the Carnegie Museums to major sporting events, concert halls and large city parks, Pittsburgh is ideal for retirees looking for a faster pace of life.
- Ithaca, New York - An attractive location for adults age 55 and older looking to retire in a quaint college town, Ithaca is home of Cornell University. Situated on the shores of Cayuga Lake, this town offers attractions for the outdoor adventurer and foodie alike, with natural gorges and waterfalls, local vineyards, fine dining and more. The median home price in Ithaca is $176,500.
Worcester, Massachusetts - This vibrant town is the second largest in New England and boasts a number of museums and theaters, including the Worcester Art Museum and the Hanover Theatre of the Performing Arts. It's located near the center of Massachusetts, just 40 miles from Boston, so it's a great starting point for exploring the rest of the Northeast. The median home price in Worcester is $200,000.
Other considerations for choosing an affordable place to retire
When you retire, you'll likely be living on a fixed income, so it's important that your budget is able to support your new lifestyle. While a quaint beach house, condo in a big city or cabin in the mountains may be one of your retirement dreams, the cost of living in the area you choose can impact the size of home you are able to buy or the types of activities you can take part in. As you search for affordable places to retire, review median home prices and average property tax rates, as well as lifestyle factors such as entertainment and restaurant costs. If you're moving to an area that's not close to family, you may also want to account for travel time and expenses if you want to visit kids or grandkids.
After retiring to your new community, you'll still want to travel to see family and friends in other parts of the country. During these trips, use Citizens Bank's online and mobile banking to keep track of your finances. You may also want to consider a Value Checking account that permits a non-Citizens Bank ATM withdrawal once a month with no fees, perfect for out-of-town visits.
Open a new bank account to manage your moving and retirement expenses
From purchasing a new home and paying for moving costs to managing a joint checking account to cover daily retirement expenses, you need a bank you can trust to help you through every stage of relocation and retirement. Open a new bank account, like our One Deposit or Value Checking, which make managing your money easier and more affordable. And if you're looking to get more out of your bank accounts, speak with a Citizens Bank representative about scheduling automatic bill pay and setting up 401(k) or IRA distributions directly to your checking account for simplified money management.