If you’re retired or about to retire, you likely want to ensure your savings will support a high quality of life in your golden years.
Forty-eight percent of American employees believe they’ll need at least $1 million in the bank to retire comfortably, according to the Retirement Readiness Report released by Betterment at Work. The report also revealed financial anxiety has reached a peak, with 90% of full-time workers admitting to being stressed about their financial situation. This is why GOBankingRates consulted real estate experts to identify the least expensive Arizona retirement towns.
“Since 2019, I have observed that retirement migrants have been able to stretch their retirement in Arizona, compared with alternatives in California or Nevada,” said Sain Rhodes, a real estate expert and customer success manager at Clever Offers. “The state has no Social Security tax, unlike neighboring states, and healthcare costs are lower than the national average, resulting in more disposable income for retirees each month.”
What are the cheapest towns in Arizona for retirement? We will explore what makes these towns ideal for retirement, beyond the average cost of living and average rent/house prices.
1. Bullhead City
- Average rent: $1,324
- Average home price: $296,117
Rhodes recommended Bullhead City to retirees for its lower cost of living and lower housing costs. “It’s right on the Colorado River, which allows my clients to relax and take in the beautiful desert views while avoiding the more expensive areas of Phoenix and Tucson,” she explained. This town may be ideal for seniors who are fed up with harsh winters and a high cost of living.
“The cost of living is exceptionally low here, though the trade-off is intense summer heat,” remarked Greg Field, a real estate expert and a solar home realtor with HomeSmart. “It’s perfect for snowbirds who head north from June to September.” If you enjoy a winter escape and don’t want to break the bank, you’ll want to start by looking here.
Learn More: How Long $2 Million in Retirement Will Last in Every State
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2. Casa Grande
- Average rent: $1,465
- Average home price: $318,086
Rhodes noted Casa Grande is another viable alternative, with living costs about 10% lower than the national average. She stressed that retirees appreciate Casa Grande’s proximity to Phoenix and Tucson, which provides easier access to primary medical facilities and commercial airports. Casa Grande also has well-developed parks and sports facilities for seniors.
3. Green Valley
- Average rent: $1,200 to $1,600
- Average home price: $279,758
Field believes this is arguably the gold standard for affordable retirement in Arizona because it isn’t just a town, but essentially a single, extensive collection of 55+ communities. The unique selling point is the “GVR” (Green Valley Recreation). Residents pay a modest annual fee for access to more than a dozen recreation centers, pools and golf courses, ensuring they always have something to look forward to. Located just 25 minutes south of Tucson, retirees can access quality healthcare without the higher property taxes.
4. Kingman
- Average rent: around $1,400
- Average home price: $268,733
Kingman serves as the hub for northwestern Arizona, according to Field. He added, “You’re roughly 1.5 hours from Las Vegas and close to the Grand Canyon.” Retirees who don’t want to travel to Phoenix for care can check out the Kingman Regional Medical Center. With decent single-family homes on larger lots for under $250,000, seniors can still find affordable housing options.
5. Prescott Valley
- Average rent: $1,450
- Average home price: $453,803
“My clients appreciate the area’s 5,100-foot elevation, which results in summer temperatures 15 to 20 degrees cooler than in Phoenix and a milder climate throughout the four seasons compared to nearby places, so there are no harsh winters,” remarked Rhodes. “The location is perfect for outdoor lovers.” While the town isn’t as affordable as some on the list, the community has well-established senior centers, low crime rates and a developing healthcare system.
6. Sierra Vista
- Average rent: $1,308
- Average home price: $296,787
Rhodes emphasized this town is ideal for retirees on a tight budget who want a small-town atmosphere without sacrificing the amenities of a larger city. It’s only 75 miles from Tucson and close to Fort Huachuca, a military base, ensuring access to good healthcare facilities.
Field added, “It’s significantly cooler than Phoenix or Tucson (10 to 15 degrees on average), meaning lower AC bills.” The experts also agreed the military base ensures a stable economy and surprisingly good shopping/dining infrastructure for a rural town.”
7. Yuma
- Average rent: $1,350
- Average home price: $294,125
Field acknowledged Yuma is a polarizing market because people either love the community spirit or struggle with the summer heat, but stressed that, mathematically, it’s hard to beat. He found that the population nearly doubles in the winter, creating a significant social scene for seniors. He also noted many retirees will take advantage of “medical tourism” in Los Algodones (across the border) for affordable dentistry and prescriptions, which significantly lowers their effective cost of living as a senior.
Editor’s note: The average monthly rent cost was sourced from RentCafe and/or internal data, and the average home value from Zillow.
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This article originally appeared on GOBankingRates.com: 7 Cheapest Places To Retire in Arizona, According to Real Estate Experts
