Top College Towns Where Retirees Thrive
Retirement isn’t keeping many older Americans from enjoying life in college towns.
Research shows that retirees are drawn to these communities for several key reasons: affordability, walkability, and various cultural and entertainment options. According to MarketWatch, college towns often present a mix of diverse populations and constantly changing demographics due to the influx of students and staff, ensuring there’s always someone new to meet. Additionally, retirees can find numerous part-time job opportunities, making it easier to supplement their income.
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Many college towns are not only lively but also boast beautiful weather and scenic surroundings that attract residents and visitors alike. To identify the best college towns for retirees, GOBankingRates analyzed various factors, including livability scores, the percentage of the population aged 65 and older, monthly living costs (which cover groceries, healthcare, utilities, transportation, and other miscellaneous expenses), and housing costs. Here are the 25 best college towns for retirees based on this analysis.
1. Huntington, West Virginia
- Livability score: 81
- Percentage of the population ages 65 and older: 17.2%
- Monthly expenditure costs: $1,951
- Average mortgage: $707
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2. Lexington, Kentucky
- Livability score: 86
- Percentage of the population ages 65 and older: 13.5%
- Monthly expenditure costs: $1,775
- Average mortgage: $1,783
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3. Stevens Point, Wisconsin
- Livability score: 85
- Percentage of the population ages 65 and older: 12.7%
- Monthly expenditure costs: $1,691
- Average mortgage: $1,491
Image: University of Wisconsin Madison
4. Ames, Iowa
- Livability score: 90
- Percentage of the population ages 65 and older: 10.5%
- Monthly expenditure costs: $1,863
- Average mortgage: $1,886
5. Lawrence, Kansas
- Livability score: 88
- Percentage of the population ages 65 and older: 11.6%
- Monthly expenditure costs: $1,882
- Average mortgage: $1,829
6. Normal, Illinois
- Livability score: 87
- Percentage of the population ages 65 and older: 11%
- Monthly expenditure costs: $1,816
- Average mortgage: $1,424
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7. Winona, Minnesota
- Livability score: 77
- Percentage of the population ages 65 and older: 16.9%
- Monthly expenditure costs: $1,618
- Average mortgage: $1,357
8. Lewisburg, Pennsylvania
- Livability score: 79
- Percentage of the population ages 65 and older: 17%
- Monthly expenditure costs: $1,926
- Average mortgage: $1,796
9. Norman, Oklahoma
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10. Greensboro, North Carolina – A Balanced Choice
- Livability score: 84
- Percentage of the population ages 65 and older: 12.7%
- Monthly expenditure costs: $1,876
- Average mortgage: $1,521
11. Evanston, Illinois – A Study in Diversity
- Livability score: 83
- Percentage of the population ages 65 and older: 16.4%
- Monthly expenditure costs: $1,931
- Average mortgage: $3,319
12. Richardson, Texas – The Growing Suburb
- Livability score: 85
- Percentage of the population ages 65 and older: 13.5%
- Monthly expenditure costs: $1,927
- Average mortgage: $2,767
13. Denton, Texas – The Charming Community
- Livability score: 86
- Percentage of the population ages 65 and older: 11.2%
- Monthly expenditure costs: $1,826
- Average mortgage: $2,210
14. Ann Arbor, Michigan – A Hub for Education
- Livability score: 88
- Percentage of the population ages 65 and older: 12%
- Monthly expenditure costs: $1,784
- Average mortgage: $3,200
15. Greenville, South Carolina – The Emerging Gem
- Livability score: 79
- Percentage of the population ages 65 and older: 14.4%
- Monthly expenditure costs: $1,740
- Average mortgage: $1,789
16. Champaign, Illinois – A College Town
- Livability score: 83
- Percentage of the population ages 65 and older: 10.6%
- Monthly expenditure costs: $1,808
- Average mortgage: $1,245
17. Iowa City, Iowa – A Literary Hub
- Livability score: 84
- Percentage of the population ages 65 and older: 11%
- Monthly expenditure costs: $1,758
- Average mortgage: $1,935
18. Chattanooga, Tennessee – Scenic and Affordable
- Livability score: 75
- Percentage of the population ages 65 and older: 16.8%
- Monthly expenditure costs: $1,766
- Average mortgage: $1,791
19. Syracuse, New York – A Historic City
- Livability score: 79
- Percentage of the population ages 65 and older: 12.6%
- Monthly expenditure costs: $1,966
- Average mortgage: $1,069
20. West Lafayette, Indiana – An Academic Community
- Livability score: 90
- Percentage of the population ages 65 and older: 6.7%
Top College Towns Ideal for Retirement: Affordable Living and Community Engagement
Discover Newark, Delaware
- Livability score: 83
- Percentage of the population ages 65 and older: 12.1%
- Monthly expenditure costs: $2,000
- Average mortgage: $2,071
Explore Eugene, Oregon
- Livability score: 78
- Percentage of the population ages 65 and older: 16.5%
- Monthly expenditure costs: $1,755
- Average mortgage: $2,907
Buffalo, New York Awaits
- Livability score: 78
- Percentage of the population ages 65 and older: 12.9%
- Monthly expenditure costs: $1,957
- Average mortgage: $1,333
Experience Tallahassee, Florida
- Livability score: 82
- Percentage of the population ages 65 and older: 10.8%
- Monthly expenditure costs: $1,863
- Average mortgage: $1,782
Find Your Place in Lubbock, Texas
- Livability score: 78
- Percentage of the population ages 65 and older: 12%
- Monthly expenditure costs: $1,809
- Average mortgage: $1,268
Methodology: GOBankingRates analyzed various college towns for their appeal to retirees. Information was collected from ListWithClever’s Best College Towns and the U.S. Census American Consumer Survey. The percentage of residents aged 65 and over was derived from these sources. Monthly costs were calculated based on the grocery, healthcare, utilities, transportation, and miscellaneous cost-of-living indexes from Sperlings BestPlaces, adjusted by the national average expenditure patterns from the Bureau of Labor Statistics Consumer Expenditure Survey. Livability data came from AreaVibes, and the Zillow Home Value Index provided average home values as of August 2023. The average mortgage calculation reflects the Federal Reserve Economic Research rates. The final scoring included weights for each criterion to determine the most suitable college towns for retirees. All data is current as of April 2, 2024.
Additional Insights from GOBankingRates
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25 College Towns That Are Perfect for Retirees
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