Retirement Planning, Elder Law, and Senior Finance Great Places for Renters to Retire 8/16/2023 | By Kiplinger Editors With housing prices steep and mortgage rates high, renting rather than buying may be the money-wise option for retirees looking to relocate. Of course, just as the price of a single-family home varies dramatically across the country, so does the cost of renting. Kiplinger’s has identified eight top places for renters to retire. RentCafe, an apartment listing service, cataloged the square footage you can get for $1,500 a month. Not surprisingly, Manhattan was at the bottom of the list: $1,500 will pay for just 243 square feet — basically a walk-in closet. But head to the Midwest or the South and $1,500 will get you more than three times as much space: more than 1,460 square feet in Wichita, for example, or 1,238 in Fayetteville, North Carolina. Kiplinger’s Personal Finance magazine, using data from Zumper and Zillow as well as its own research, identified eight cities that are attractive and affordable for retirees who want to rent. Criteria included cost of living, 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 United States. That means not all the cities on our list are in snow-free climates or income-tax-friendly states. 8 top places for renters to retire: Tallahassee, Florida Population: 201,731 Typical monthly mortgage payment: $1,354 Typical monthly rent: $1,385 Number of hospitals within 25 miles: 3 What retirees love: St. Marks National Wildlife Refuge Birmingham, Alabama Population: 197,575 Typical monthly mortgage payment: $504 Typical monthly rent: $1,194 Number of hospitals within 25 miles: 13 What retirees love: Pepper Place Farmers Market Raleigh, North Carolina Population: 469,124 Typical monthly mortgage payment: $2,132 Typical monthly rent: $1,656 Number of hospitals within 25 miles: 11 What retirees love: Film screenings at the Gregg Museum of Art & Design Pittsfield, Massachusetts Population: 43,641 Typical monthly mortgage payment: $1,338 Typical monthly rent: $1,433 Number of hospitals within 25 miles: 2 What retirees love: Summer concerts at Tanglewood Columbus, Ohio Population: 905,748 Typical monthly mortgage payment: $1,196 Typical monthly rent: $1,423 Number of hospitals within 25 miles: 9 What retirees love: Franklin Conservatory and Botanical Gardens Ann Arbor, Michigan Population: 123,851 Typical monthly mortgage payment: $2,356 Typical monthly rent: $2,197 Number of hospitals within 25 miles: 6 What retirees love: Ann Arbor Art Fair Spokane, Washington Population: 230,160 Typical monthly mortgage payment: $1,907 Typical monthly rent: $1,450 Number of hospitals within 25 miles: 9 What retirees love: The 40-mile Centennial Trail San Antonio, Texas Population: 1.45 million Typical monthly mortgage payment: $1,333 Typical monthly rent: $1,463 Number of hospitals within 25 miles: 17 What retirees love: Performances at the 94-year-old Majestic Theater For more on this and similar money topics, visit Kiplinger.com. ©2023 The Kiplinger Washington Editors, Inc. Distributed by Tribune Content Agency, LLC. Read similar articles about renting as a retiree on Seniors Guide: The Benefits of Renting for Retirees Read More Kiplinger Editors