Although retirees are decades from their college graduation, many are opting to live in college towns. According to MarketWatch, older Americans have been flocking to college towns for several reasons, including affordability, walkability and cultural, educational and entertainment opportunities.
In addition, college towns often have diverse populations, and with students and university staff moving in and out, there are always new people to meet. There’s also often a plethora of part-time job opportunities for retirees who may want some extra income to pad their savings.
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Many college towns are beautiful as well. Offering great weather, and scenic routes that brought the University there in the first place.
To find the best college towns for retirees, GOBankingRates examined several factors, including livability scores, the percentage of the population ages 65 and older, monthly living costs (groceries, healthcare, utilities, transportation and other miscellaneous expenses) and housing costs.
Based on this analysis, these are the 25 best college towns for retirees.
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
Pictured: 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
- Livability score: 84
- Percentage of the population ages 65 and older: 12.7%
- Monthly expenditure costs: $1,876
- Average mortgage: $1,521
10. Greensboro, North Carolina
- Livability score: 82
- Percentage of the population ages 65 and older: 13.3%
- Monthly expenditure costs: $1,702
- Average mortgage: $1,571
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11. Evanston, Illinois
- 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
- 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
- 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
- Livability score: 88
- Percentage of the population ages 65 and older: 12%
- Monthly expenditure costs: $1,784
- Average mortgage: $3,200
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15. Greenville, South Carolina
- 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
- 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
- Livability score: 84
- Percentage of the population ages 65 and older: 11%
- Monthly expenditure costs: $1,758
- Average mortgage: $1,935
18. Chattanooga, Tennessee
- Livability score: 75
- Percentage of the population ages 65 and older: 16.8%
- Monthly expenditure costs: $1,766
- Average mortgage: $1,791
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19. Syracuse, New York
- 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
- Livability score: 90
- Percentage of the population ages 65 and older: 6.7%
- Monthly expenditure costs: $1,699
- Average mortgage: $2,055
21. Newark, Delaware
- Livability score: 83
- Percentage of the population ages 65 and older: 12.1%
- Monthly expenditure costs: $2,000
- Average mortgage: $2,071
22. Eugene, Oregon
- Livability score: 78
- Percentage of the population ages 65 and older: 16.5%
- Monthly expenditure costs: $1,755
- Average mortgage: $2,907
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23. Buffalo, New York
- Livability score: 78
- Percentage of the population ages 65 and older: 12.9%
- Monthly expenditure costs: $1,957
- Average mortgage: $1,333
24. Tallahassee, Florida
- Livability score: 82
- Percentage of the population ages 65 and older: 10.8%
- Monthly expenditure costs: $1,863
- Average mortgage: $1,782
25. Lubbock, Texas
- Livability score: 78
- Percentage of the population ages 65 and older: 12%
- Monthly expenditure costs: $1,809
- Average mortgage: $1,268
Methodology: To find college towns that are perfect for retirees, GOBankingRates analyzed numerous college towns in the United States sourced from ListWithClever’s Best College Towns. With a list of college towns, GOBankingRates found the [1] total population and [2] population ages 65 and over sourced from the U.S. Census American Consumer Survey. Using those factors, the percentage of the population aged 65 and over was calculated. For each city on the list, the cost of living was calculated based on [3] grocery cost-of-living index, [4] healthcare cost-of-living index, [5] utilities cost-of-living index, [6] transportation cost-of-living index and [7] miscellaneous cost-of-living index, all sourced from Sperlings BestPlaces. The cost-of-living indexes were multiplied by the national average expenditure costs for people ages 65 and over, sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, to find the cost of living across all the expenditure categories for each city. The livability index was sourced from AreaVibes, scored and weighted at 1.25. Using the Zillow Home Value Index, the average home value in August 2023 was sourced, and using the Federal Reserve Economic Research’s national average 30-year fixed-rate mortgage, the average mortgage cost was calculated. The average mortgage combined with the monthly expenditure cost gives the total monthly cost for each city. The percentage of the population ages 65 and over was scored and weighted at 1.00, the total monthly cost was scored and weighted at 1.50, and the livablity index was scored and weighted at 1.25. All the scores were combined and sorted to show the college towns that are perfect for retirees. All data is up to date as of April 2, 2024.
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This article originally appeared on GOBankingRates.com: 25 College Towns That Are Perfect for Retirees
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