Best Places to Buy Land for Retirement
Whether retirement is on your radar now, a few years down the road, or a decade or more in the future, many people plan to (or dream of) finding a perfect plot of land for sale in the U.S. and hunkering down to enjoy some well-earned rest and relaxation.
But when it comes to a topic like “the best places for retirement” or “top spots to buy land for retirement,” the answer is extremely subjective and personal. The options are enormous and the variables like the price of land, cost of living, tax issues, amenities, and lifestyle desires will vary from person to person.
Obviously, there are plenty of spots to find cheap land for sale and locations where taxes are also well below normal. But, do you really want to live there?
Instead, we’ve scoured the web for data and suggestions from a variety of sources who have crunched the numbers and compiled recommendations for great spots to buy land for retirement.
The cost of living for retirees in Alabama is estimated to be 11% below the U.S. average, while the median purchase price for a house hovers around $122,500 or more than $50,000 below the U.S. average of $176,000.
The state, of course, is in the heart of Dixie and the Sunbelt, with the allure of the Gulf Coast to the south and plenty of lakes, rivers and forests throughout Alabama for nature-lovers. Taxes are appealing, with none levied on Social Security earnings or that of most pensions. Homeowners 65+ pay NO state property taxes and are exempt from local property taxes in most cities and counties.
Great Spot: Decatur
This state is a no-brainer for more than its warm weather and exotic locale. Retiree cost of living is 3.7% below the national average, and it boasts a low income tax rate and no tax at all on Social Security.
Great Spot: Prescott
Buying land for retirement in the heart of the Buckeye state is one of those little-known secrets that, well, now you know. The biggest city in the state – Columbus – is the 16th largest in the nation but is considered to easily be one of the most affordable cities in the country. If you want to live within the city, the median price for a house and land is only $130,000. Should you wish to live in a more rural setting, plenty of affordable, country land surrounds the city.
In central Ohio, it’s easy to live in the country, while the nearest suburb is only two or three minutes away and Columbus itself no more than 5 or 10. The cost of living for retirees is 9.4% below the national average, although the tax rating for retirees is a bit of a mixed bag.
Hot Spot: Columbus
In addition to mountain living, Colorado retirees enjoy a cost of living 4.4 below the national average and a retirement-income exclusion from state income taxes for those 55 and older. Yes, NOT 65, but 55+. That’s a great benefit for boomers. There’s also no inheritance or estate tax. Nice.
Hot Spot: Grand Junction