This article takes a look at the 15 best places in Ohio for a couple to live on only social security. If you wish to skip our detailed analysis of Ohio’s migration dynamics, you may go to 5 Best Places in Ohio for a Couple to Live on Only Social Security.
Ohio’s 2023 Migration Dynamics: Demographic Shifts, Home Buying Trends, and Retirement Appeal
The Buckeye State of Ohio has had an action-packed 2023. According to the moveBuddha 2022-2023 Ohio Migration Report, the state came in at number 6 for the highest outflows from the state, in continuation from its thirteenth rank back in 2022. Demographic trends reveal a significant movement of people, painting a vivid picture of the evolving dynamics within the state. Population stood at 11,785,935 in 2023, a meager 0.22% increase from the year 2022.
Redfin Corporation (NASDAQ:RDFN), a technology real-estate company, further notes in its Migration and Relocation trends that from Sep 2023 to November 2023, 14% of home buyers in the state searched to move out of the state, while 86% searched to stay within the metropolitan area. Moreover, the places that have attracted the most home buyers from outside Ohio have been New York, Denver, and St. Louis. In particular, the most popular destination to buy a home in the state is Cape Coral, followed by South Bend and Milwaukee.
According to Dayton Daily News, those who have moved to the Buckeye state have done so to be close to family. The largest influx of its new residents, however, has been from Florida, overtaking Kentucky as the state’s top source of state-to-state migration.
“We’re seeing that lifestyle changes — including the increased ability to work from home — and wanting to be closer to family are key factors in why Americans are moving today.”
– Eily Cummings, vice president of corporate communications at United Van Lines.
Another reason, while less commonly quoted, for people moving to Ohio is retirement. According to the Missouri Economic Research and Information Center, the cost of living in this state is 7.8% lower than the national average. The attractively affordable cost of living in this state positions it as an optimal choice for seniors aiming to retire comfortably on fixed incomes. The state of Ohio doesn’t tax social security income either, and all retirement income is received tax-free at the state level.
Seniors who choose to move to Ohio also benefit from its affordable housing. According to Redfin Corporation (NASDAQ:RDFN), the median price of a home in Ohio is $228,700. Even though home prices have increased by 7.5% year-over-year in November, they are still very affordable as compared to other metro areas in the country. Moreover, several incentives and programs are popping up that can allow people to buy a home in their desired locations. For instance, the Ohio Home buyer Plus Savings program allows residents 18 or older to open special tax-advantaged savings accounts.
Such accounts offer above-market interest rates, allowing borrowers to not pay taxes on their contributions. Instead, the money will be utilized to pay for down payments or even the closing costs on an Ohio home. Through such programs, it becomes possible for home buyers to eventually buy a home for themselves. For those who are already retired and have their social security as their only source of income, many places within Ohio can help them lead a comfortable lifestyle without breaking the bank.
On that note, let’s check out the best places in Ohio for a couple to live on only social security.
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Methodology
To compile the list of best places in Ohio for a couple to live on only social security, we have used several sources such as Movoto, Smart Asset, US News Real Estate, and Kiplinger. We also explored several forums such as Reddit and Quora to assess which places in Ohio are the best for older couples to live on social security. Next, we selected the places that have a cost of living index that is 95 or below (5% or lower than the national average). We scored them on their cost of living index, median home price, and the average monthly rent of a 2-bedroom apartment. Scores were summed and places were ranked in ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places in Ohio for a couple to live on only social security:
15. Westerville
Insider Monkey Score: 9
Cost of Living Index: 91.4
Median Home Price: $390,000
Average Monthly Rent: $1,799
Situated Northeast of the state capital of Columbus, Westerville is one of the best places in Ohio for a couple to live on only social security. City residents often express the abundance of activities and numerous exploration opportunities available, attesting to the lively and vibrant lifestyle the city offers. There are lots of open spaces and wooded areas as well, offering seniors plenty to do in the outdoors and lead an active lifestyle. The amenities are great. There are small shops and big stores alike. Retirees get to live a high quality of life, and that too, at an affordable cost.
14. Blue Ash
Insider Monkey Score: 11
Cost of Living Index: 88.3
Median Home Price: $397,000
Average Monthly Rent: $1,791
Located within Hamilton County, Blue Ash is another one of the best places to retire in Ohio on social security. This city offers a unique blend of small-town charm, big-city access, and modern amenities. Seniors get to enjoy numerous free concerts and festivals, splendid restaurants, a state-of-the-art recreation center, and even a Summit Park. The city also performs well in aspects such as walkability, neighborhood diversity, and healthcare.
13. Hudson
Insider Monkey Score: 13
Cost of Living Index: 80.8
Median Home Price: $470,000
Average Monthly Rent: $2,162
Hudson, a city in Northern Summit County, is another option worth exploring for those who are reliant on social security alone. The cost of living in this city is 19.2% lower than the national average, making it possible for seniors to stretch their retirement income further. The vibrant downtown in the heart of the city is brimming with shops and restaurants of all kinds. Moreover, the city is revered for its historic neighborhoods, high-end shopping and dining, and overall high quality of life.
12. Columbus
Insider Monkey Score: 15
Cost of Living Index: 91.4
Median Home Price: $280,000
Average Monthly Rent: $1,227
Another city that has made it to our list of best places in Ohio for a couple to live on only social security is Columbus. According to Kiplinger, the walkable city is great for seniors who wish to retire in good health. The city boasts a great arts and culture scene, numerous outdoor activities, and excellent healthcare options. Seniors also get to explore many museums, theaters, and music venues here. It also plays host to numerous festivals and events throughout the year. Prominent examples include the Columbus Food Track Festival and the Columbus Arts Festival.
11. Solon
Insider Monkey Score: 15
Cost of Living Index: 83
Median Home Price: $394,500
Average Monthly Rent: $1,770
Brimming with picturesque neighborhoods and impeccably maintained streets, Solon stands out as an ideal choice for retirement. The city boasts a state-of-the-art community center, a lively cultural scene, and top-notch schools, offering an unparalleled combination of amenities and ambiance. Several sources have deemed it as one of the best small towns to retire in Ohio. The uniquely designed town is a safe and peaceful place to call home. There are numerous hospitals and medical centers spread throughout the region as well.
10. Cincinnati
Insider Monkey Score: 18
Cost of Living Index: 88.3
Median Home Price: $264,900
Average Monthly Rent: $1,261
Lying along the Ohio River, Cincinnati is another option worth exploring for retired couples looking to live on social security only. Home to beautiful parks, diverse neighborhoods, excellent medical facilities, and a family-friendly atmosphere, seniors enjoy a high quality of life in this city. It is also known for its unique Midwestern charm, offering residents the best brews, delicious cuisine, and world-class attractions as well. There are plenty of “retirement-friendly” activities to enjoy as well. Seniors also get to explore the many museums, parks, and botanical gardens here.
9. Cleveland Heights
Insider Monkey Score: 25
Cost of Living Index: 83
Median Home Price: $186,000
Average Monthly Rent: $1,170
Several sources claim that Cleveland Heights is an excellent place to retire in Ohio owing to its high-quality healthcare, great transportation system, rich arts and culture, and lively downtown life. Seniors can relax and enjoy the city’s multiple freshwater beaches on Lake Erie, relish the diverse culinary landscape, and take in the fresh air at the many picturesque parks and recreational spaces that the city offers.
8. South Euclid
Insider Monkey Score: 27
Cost of Living Index: 83
Median Home Price: $169,900
Average Monthly Rent: $1,155
Besides being affordable, South Euclid is known to be a tranquil haven offering the best of amenities for seniors to live a comfortable lifestyle. The city is located in proximity to Cleveland, offering access to additional amenities, healthcare facilities, and cultural events. There are numerous parks, recreational areas, and community activities to enjoy as well.
7. Cuyahoga Falls
Insider Monkey Score: 30
Cost of Living Index: 80.8
Median Home Price: $200,000
Average Monthly Rent: $1,082
Situated in Summit County, Cuyahoga Falls offers retirees a fulfilling retirement experience with its natural beauty, affordability, and friendly atmosphere. Its location along the Cuyahoga River offers it a scenic backdrop as well as recreational opportunities for outdoor enthusiasts. There are numerous parks and hiking trails, and access to the Cuyahoga Valley National Park further offers retirees ample opportunities to enjoy life and live an active retirement.
6. Athens
Insider Monkey Score: 31
Cost of Living Index: 76.5
Median Home Price: $282,000
Average Monthly Rent: $1,003
This city in southeastern Ohio, called Athens, is embraced by rolling hills and abundant natural beauty. The nearby state parks and trails offer opportunities for leisure, whereas the city itself is an epitome of music and culture. Seniors appreciate the vibrant cultural offerings of the city, embracing live music, local festivals, and an abundance of art galleries. Finally, the diverse dining options, eclectic shops, and opportunities for lifelong learning make it one of the best places in Ohio for a couple to live on only social security.
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Disclosure: none. 15 Best Places in Ohio for a Couple to Live on Only Social Security is originally published on Insider Monkey.