Amidst rising interest rates and inflation, Americans are facing challenges in saving for retirement. As a result, the affordability factor becomes crucial when choosing a place to spend your golden years. In recent news, Ohio has gained attention for being one of the most retirement-friendly states in the country. Several cities in Ohio, including Akron, Youngstown, and Toledo, have been recognized in various reports for their affordable cost of living.
If you’re looking for a bustling city with a wide range of amenities for your post-retirement years, Cleveland should definitely be on your radar. Cleveland, Ohio, has recently been ranked eighth on GoBankingRates.com’s list of cities that are affordable for retirees with a monthly budget of less than $2,500. As the second most populous city in Ohio and the largest city on Lake Erie, this ranking highlights Cleveland’s appeal as a retirement destination.
According to a recent analysis by GoBankingRates, the estimated monthly expenses for groceries, entertainment, and transportation are projected to be less than $1,700. The exact amount is $1,690. In order to retire comfortably in Cleveland, it is recommended to have a budget of at least $2,312 per month. This figure takes into account various expenses, including $622 in monthly mortgage costs. Cleveland has been identified as the largest city on the company’s list. According to them, living in Cleveland would provide retirees with a wide range of options for activities.
According to census data, the city, located at the mouth of the Cuyahoga River, has a population of approximately 372,000 residents, with 14.6 percent of them being aged 65 or over. Cleveland benefits from the moderating influence of Lake Erie, resulting in a more temperate climate compared to other parts of the state. As a result, residents experience milder winters and cooler summers.
The city is fortunate to have numerous parks and hiking trails that allow residents to take advantage of the pleasant weather and stay physically active. Cleveland’s Metroparks system covers an impressive 25,000 acres, providing a wide range of amenities for outdoor enthusiasts. With an extensive network of 325 miles of trails, visitors can enjoy activities such as hiking and biking.
Also Read: This Arizona City is Folding New Tech into Its Recycling Program
The park system also offers opportunities for golfing, fishing, and swimming, ensuring there is something for everyone to enjoy. Sports enthusiasts have the opportunity to witness the city’s three major league teams (the Cavaliers, the Browns, and the Guardians) in action at top-notch sports arenas.
Music and art enthusiasts have the opportunity to explore the renowned Rock & Roll Hall of Fame and Cleveland’s Art Museum, which are considered to be among the top cultural attractions in the country. In Cleveland, residents can enjoy complimentary access to the renowned Rock & Roll Hall of Fame, while the city’s art museum offers free general admission. Additionally, Playhouse Square in Cleveland boasts the distinction of being the second largest theater district in the United States, surpassed only by New York City.
Recent data from the Council for Community and Economic Research highlights housing as the primary driver behind Cleveland’s lower cost of living. In terms of cost, utilities and groceries are slightly higher than the national average, but housing stands out as the most affordable category.
A growing number of empty nesters are opting to sell their family homes and relocate to areas near downtown and surrounding cities like Tremont, Ohio City, and Gordan Square. Many are also choosing to settle along the lakefront, according to recent observations.
The communities of Cleveland Heights, Shaker Heights, and Lakewood are known for their proximity to the vibrant cultural scene. According to McCormick, Chagrin Falls, Bay Village, and Hudson are smaller, charming communities that provide a range of housing options. These towns boast vibrant downtown areas with a plethora of amenities such as restaurants, shops, outdoor festivals, farmers markets, and concerts.
Leave a Reply