While $1,000,000 may not be enough to retire in cities with high costs of living, like Los Angeles or San Francisco, it’s entirely possible to live a comfortable retirement lifestyle with this amount in other, more affordable places in the United States.
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Here are seven places that real estate agents Alex Capozzolo, real estate agent and co-founder at Brotherly Love Real Estate and SD House Guys, and Shannon Feick from ASAP Properties, a real estate investor and licensed real estate agent in Ohio, would move to if they had a $1,000,000 nest egg in retirement.
Tucson, Arizona
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Median monthly mortgage cost: $1,373
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Median monthly rent: $991
Tucson, located in southern Arizona, is a popular retirement destination for its warm and sunny climate.
“With the cost of living well below the national average, retirees can stretch their $1 million budget further. The city also has a variety of housing options, including affordable senior communities and 55 [plus] neighborhoods,” said Capozzolo.
Plus, Tucson offers plenty of outdoor activities, such as hiking, golfing and biking for an active retirement lifestyle.
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Greenville, South Carolina
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Median monthly mortgage cost: $1,460
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Median monthly rent: $1,122
Greenville is a city nestled in the foothills of the Blue Ridge Mountains. “With a low cost of living and affordable housing options, retirees can live comfortably on a $1 million budget. The city also has a thriving downtown area with plenty of restaurants, shops and cultural events,” Capozzolo explained.
And if you suffer from chronic health conditions, Greenville can be an excellent place to settle down after retiring, since it boasts top-notch healthcare facilities. Prisma Health and Bon Secours St. Francis Health System — South Carolina’s most comprehensive healthcare providers — are both located in Greenville.
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Colorado Springs, Colorado
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Median monthly mortgage cost: $1,860
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Median monthly rent: $1,464
If you love spending time in nature, the picturesque city of Colorado Springs may be your cup of tea, since it’s known for its stunning natural beauty and outdoor recreation opportunities.
“While the cost of living in Colorado Springs is slightly above the national average, retirees can still afford a comfortable lifestyle with a $1 million budget. The city also has a strong sense of community and offers a wide range of cultural activities,” Capozzolo said.
Asheville, North Carolina
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Median monthly mortgage cost: $1,743
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Median monthly rent: $1,250
Asheville is a small mountain town in western North Carolina known for its vibrant arts scene and natural beauty. The cost of living in this charming city is slightly above the national average, but with careful budgeting, Capozzolo believes retirees can make their $1 million last.
People aged 65 and older make up almost 20% of Asheville’s population, which isn’t surprising, since various online publications have named the city one of the best places to retire in the U.S., helping it earn its reputation as a dream destination for retirees.
San Antonio
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Median monthly mortgage cost: $1,743
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Median monthly rent: $1,250
San Antonio is a bustling city with a rich history and diverse culture. Capozzolo believes that retirees with a $1 million budget could easily enjoy a comfortable lifestyle in this affordable city.
“San Antonio has a low cost of living and plenty of senior-friendly neighborhoods. The city is also known for its delicious Tex-Mex cuisine, vibrant arts scene and numerous festivals throughout the year, making it an exciting place to retire,” Capozzolo said.
And because Texas has no state income tax, retirees won’t have to worry about paying state taxes on their Social Security income, pension payments or 401(k) and IRA distributions. Plus, San Antonio has excellent healthcare facilities and a warm climate, making it one of the best places in the U.S. for retirees.
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Sarasota, Florida
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Median monthly mortgage cost: $1,664
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Median monthly rent: $1,417
“Sarasota offers year-round warmth, sandy beaches, affordable living and vibrant communities, making it an attractive spot for retirees looking to stretch their dollars,” Feick said.
Also, moving to the Sunshine State could save you a lot of money in taxes. Florida does not levy a state income tax, which means you won’t have to pay state taxes on your Social Security income, pension payments or 401(k) and IRA distributions during retirement.
Scottsdale, Arizona
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Median monthly mortgage cost: $2,434
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Median monthly rent: $1,768
“Scottsdale has a dry climate, relatively low cost of living and several golf courses. Plus, it’s widely known for its luxurious retirement lifestyle that’s within reach for a $1 million budget,” Feick said.
Another perk of moving to Scottsdale during your golden years is convenient access to high-quality and comprehensive healthcare facilities — including the Mayo Clinic, HonorHealth and Scottsdale Healthcare — that can handle all types of health issues.
Take the Time To Plan Your Dream Retirement
The best place to retire ultimately depends on your budget, preferences, priorities and lifestyle.
So, besides squirreling money away for retirement, don’t forget to think about where you want to spend your golden years. Consider factors such as taxes, weather, healthcare availability, access to amenities and the overall community feel to make the most informed decision.
Median monthly mortgage costs and rent information were sourced from the U.S. Census Bureau.
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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: 7 Places I’d Retire If I Had $1,000,000