Consider these best places to retire for renters in light of inflated home prices and rising mortgage rates.
Consider the best places to retire for renters if you hope to save money on retirement housing costs. Retirees’ top criteria typically include access to good hospitals, proximity to family and cost of living — including taxes and the cost of buying a home.
But these days, you may want to remove that last item from your checklist. With average single-family home prices up nearly 24% since 2020 and home mortgage rates hovering above 6.5%, renting may be a better choice for many retirees who want to relocate.
Criteria for the best places to retire for renters
Kiplinger’s has long recommended renting in a potential retirement destination before buying a house, and that advice is even more compelling now. We’ve selected eight cities that offer appealing options for renters, including quality hospitals and physicians, plenty of green space, and retiree-friendly amenities, such as free classes at local colleges and universities.
Because one factor high on retirees’ list of where to relocate is proximity to family, we chose locations spread across the U.S. That means not all the cities on our list are in snow-free climates or income-tax-friendly states.