The low cost of retiring in Texas and Arkansas

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By: NathanielCopeland
on 11th Aug,2012

Inflation and tepid economic growth has contributed to the devaluation of the dollar and prices are no longer pocket friendly.
The low cost of retiring in Texas and Arkansas

Retirement and the subsequent cost of living through those years seems to be a very daunting affair for those nearing the age of 60 or even for those who are planning to retire earlier. Inflation and tepid economic growth has contributed to the devaluation of the dollar and prices are no longer pocket friendly. A simple statistical overview shows that the $1 in 2005 had the same purchasing power as $1.18 in 2012.

Given this alarming rate of inflation and cost fluctuations, it is imperative that you find yourself a place to live in where costs are comparatively lower and the general standards of living is relatively higher. The US Department of Labor and the Census Bureau annually compile a list of cities which have the lowest Cost of Living Index. This list can be definitive guide for you to find a new city to settle in where your savings and your retirement funds will face a lower rate of depletion.

Harlingen, Texas

Texas has a history of low living costs when you factor in major necessities like housing, utilities and your basic medical care costs. The South Texas city of Harlingen has the lowest national average when it comes to the cost of living. Healthcare, groceries and general cost of transportation is well below the national average although the general median household income is $134,748. Unemployment is also rampant showing double digit statistics. The best part about Harlingen is the low housing cost standing at an average of $229,558.

Conway, Arkansas

Located a little over 30 miles from the capital city of Little Rock, Conway boasts of an average living cost that is significantly below that of the other cities in Arkansas. The average housing price is $230,199 which is at least $50,000 less than that of Little Rock. Health care costs are significantly lower in Conway which is at least 15 percent below the US national average. The cost of living index stands at 86.2 and given the location between Lake Conway and the Arkansas river, it's a good city to live in.

Temple, Texas

65 miles north of the state capital of Austin, this little town boasts of an average housing price of $206,602 which is at least $75,000 below the national US average. Groceries are 18 percent below the US median price. The median household income is pretty decent with $47,240 at the mark. One of the best reasons for moving to Temple, Texas is the low health care cost which is attributed to the fact that the city has the largest number of physicians per capita as compared to all other cities in the whole of the US.

Fayetteville, Arkansas

The city of Fayetteville is located in the north-western corner of Arkansas and shares the border with Oklahoma on one side and Missouri on the other. One of the cheapest cities to live in, Fayetteville boasts of a strong local economy which is bolstered by the many employment opportunities available thanks to the University of Arkansas and the Wal-Mart headquarters located nearby in Bentonville. Although the median income of the city is $37,113, the unemployment figures are well below the national average. The cost of housing is also a low $228,200.

McAllen, Texas

Living in the border town of McAllen does have its fait share of advantages. The median household income is a high $39,547 with the nominal average housing cost of $178,000, the lowest on this list. The location is pretty good as well with McAllen being a 3 hours drive away from Mexico and a six hour drive from the capital city of Huston. The city has the fastest growing population among US states and the cost of groceries is significantly lower than the national average making it an attraction for retirees.

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