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Is the Northern wind calling your name?
It’s Minnesota, the largest state of the great lakes that’s called. Maybe you’re enchanted by the sunlight-bleached leaves of the Quaking Aspen trees in the fall or the colossal mountains with the clear lakes reflecting their magnificence.
In our previous article, we listed the top retirement communities in Minnesota. But if you’re someone who prefers the quiet life and enjoys being surrounded by different kinds of people, consider settling in a town. In this article, we explore 8 of the most budget friendly towns in Minnesota for retirees to zoom into as their retirement destination.
The Land of 10,000 Lakes offers an escape like any other
The infamous Mississippi River from Mark Twain’s classics runs through the state. This river is named for its sky tinted water drawing in locals and tourists alike. Minnesota has an abundance of green, mysterious forests for hikers to explore and fishing lovers have numerous lakes to visit all year round. You can spend your time outdoors doing cross-country skiing on the snow-capped mountains, and other kinds of sports like water-skiing.
This state is renowned for its strong economy and high-quality life for residents. There are stunning historical attractions like the Cathedral of Saint Paul and St. Pail Historic Cave Tour for an adventure through the past. Amuse yourself with a variety of entertainment from amusement parks to narrated scenic trolley tours to visiting a giant spoon with a cherry stuck in the middle of a pond in the Minneapolis Sculpture Garden.
Why is Minnesota a good place to retire in 2024?
Along with tourist attractions, breathtaking nature scenes and a rich history in arts and culture, here’s why Minnesota can be a good place to settle down in:
- Best healthcare available: Minnesota is the number 1 state in America for healthcare. With retirement comes potential health complications and if you retire here, top facilities like Mayo Clinic Hospital can keep your medical concerns at bay.
- Budget-friendly cost of living: While Minnesota is not one of the cheapest states, the cost of living per month for retirees is around 90% of the national average, ranging from $2,500 – $3,500.
- Housing costs: Along with cost of living, the cost of housing in Minnesota is around $354,900 which is lower than the national median home price $4298,281. This makes Minnesota one of the budget-friendly states to consider for retirement.
- Strong sense of community: The people here are friendly. In Minnesota, you can live out your dreams of being supported by close-knit and social communities.
- Grocery costs: Grocery costs varies between $250 to $400 per month. The national average for cost of groceries is $418.
Are there any affordable housing options for seniors?
As mentioned previously, the cost of living is 10% less than the national average with affordable housing being at an average of $354,900. However, here are affordable housing options for older adults on low-incomes:
- Government Programs: There are government programs like Section 8 Housing Choice Voucher Programs, Social Security Housing and Public Housing for low-income families.
- Non-Profit Organizations: There are many non-profit organizations working in Minnesota to provide budget-friendly housing to seniors.
- Minnesota Housing Partnership: This is an online resource that can assist you in finding housing options without breaking the bank.
Taxes for Seniors in Minnesota
On another note, Minnesota taxes are not friendly for seniors. Depending on income, the tax rate varies from 5.35% to 9.85%. Also, social security benefits with pensions and 401(K) withdrawals get taxed putting a dent on their income. However, if you can balance this disadvantage with a good financial plan and consulting an expert.
Best towns in Minnesota for retirement
The beauty of living in a town is the peace and tranquility coupled with a friendly community and affordable cost of living. Here are 8 towns that can fulfill your retirement dreams:
1. Hibbing
What you should know:
- Population: 15,000
- Median Home Price: $150,000
- Monthly Cost of Living: $1,500 – $2,000
- Closest Major City: Duluth
- Closest Major Hospital: Essentia Health – St. Mary’s Medical Center
Things to do and see:
Visit Hull Rust Mine, hiking, outdoor sports, Bob Dylan’s house, Sportsmen’s Restuarant & Taverna and so on.
2. Marshall
What you should know:
- Population: 14,000
- Median Home Price: $200,000
- Monthly Cost of Living: $1,600 – $2,200
- Closest Major City: Minneapolis-St. Paul
- Closest Major Hospital: Avera Marshall Health
Things to do and see:
Marshall Golf Club, Wooden Nickel Burgers and Brew, AJ’s Family Arcade inc., Cameden State Park, Lyon County Museum etc.
3. Fergus Falls
What you should know:
- Population: 13,000
- Median Home Price: $200,000
- Monthly Cost of Living: $1,600 – $2,200
- Closest Major City: Fargo, ND
- Closest Major Hospital: Lake Region Healthcare
Things to do and see:
Northern Aire Bowling Lanes, Fergus Falls Center for Arts, antique shops etc. Have an outdoor adventure at Swan Lake Resort & Campground. Birdwatching, fishing and boating.
4. Albert Lea
What you should know:
- Population: 18,000
- Median Home Price: $180,000
- Monthly Cost of Living: $1,600 – $2,200
- Closest Major City: Rochester
- Closest Major Hospital: Mayo Clinic Health System – Austin
Things to do and see:
Check out movies at Mall Cinema 7 Theatre. Visit Frank Hall Park, Wedgewood Cove Golf Course & Restaurant, Albert Aquatic Center etc.
5. Austin
What you should know:
- Population: 26,000
- Median Home Price: $200,000
- Monthly Cost of Living: $1,700 – $2,300
- Closest Major City: Rochester
- Closest Major Hospital: Mayo Clinic Health System – Austin
Things to do and see:
Community festivals, biking, Spam Museum, Jay C Hormel nature Center, Torge’s Live Sports Pub & Grill.
6. Mankato
What you should know:
- Population: 42,000
- Median Home Price: $220,000
- Monthly Cost of Living: $1,700 – $2,300
- Closest Major City: Minneapolis-St. Paul
- Closest Major Hospital: Mayo Clinic Health System – Mankato
- Things to do and see:
Sibley Park, Riverfront park sightseeing, Pappageorge Restaurant & Bar
7. Fairmont
What you should know:
- Population: 18,000
- Median Home Price: $1800,000
- Monthly Cost of Living: $1,800 – $2,500
- Closest Major City: Rochester
- Closest Major Hospital: Mayo Clinic Health System – Austin
Things to do and see:
Fairmont Opera House, Gomsrud Park, Fairmont Aquatic Park, Red Rock Center for the Arts, Bean Town Grill.
8. Brooklyn Park
What you should know:
- Population: 80,000
- Median Home Price: $350,000
- Monthly Cost of Living: $2,000 – $3,000
- Closest Major City: Minneapolis-St. Paul
- Closest Major Hospital: North Memorial Health Hospital
- Things to do and see:
Mississippi Gateway Regional Park, Edinburgh Golf Course, Urban Air Trampoline and Adventure Park.
Final thoughts
Minnesota offers the best medical care for the country which is a top factor for consideration for life after retirement. Based on your preference, these towns offer a variety in sports, outdoor adventure, arts and culture, From Hibbing’s Iron Range to Brooklyn Park’s city-esque charm, seniors can find budget-friendly, warm and welcoming towns in Minnesota for retirement.
FAQs
Where is the best place to retire in Minnesota?
This depends on your preference. If you prioritize healthcare and budget-friendly housing Fergus Falls is best however, if you champion low cost of living, safety and community, Hibbing may be the better choice.
Is Minnesota good for seniors?
Yes, Minnesota is senior-friendly with the best and accessible healthcare facilities to offer. There is Mayo Clinic and other high-ranking hospitals, along with outdoor activities, amenities and community events for an exciting retirement life.
Is Minnesota a cheap place to live?
Minnesota has affordable towns such as Hibbing, Albert Lea with living costs and housing prices well below the national average.
Is it expensive to retire in Minnesota?
This may depend on the location in Minnesota along with your financial capacity. In terms of taxes, this state may make you weary for retirement, but this can be balanced by the low housing costs in towns like Little Falls and Bemidji while having a good quality of life.
