Yahoo Finance 15 Best Places to Retire in Minnesota
This article takes a look at the 15 best places to retire in Minnesota. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Best Places to Retire in Minnesota.
Making Do in Minnesota
Renting in Minnesota is becoming a problem - and senior citizens are pursuing action to get this solved. In March, senior citizens in Minnesota who are residing in subsidized housing and making ends meet on a fixed income approached local lawmakers. Speaking to the Housing Finance and Policy Committee, senior citizens spoke about how Minnesota’s rental increments are making it impossible for them to continue affording housing.
“We're paying 70 percent or more of our income for housing alone. That doesn't leave us much money for food, for phone, for electricity. We have medical bills. We're asking the government to fix a program that's very broke.”
-Jan Bragelman, Minnesota resident living in senior housing who faced a 12.5% rent hike
To get their demands heard, Minnesota seniors are rallying behind HF3350, a bill which limits rental increments in subsidized housing which has received a low-income house tax credit. However, several entities - including lawmakers and developers alike - have voiced their disdain for the bill. This includes the St. Paul Chamber of Commerce, Sherman Associates, Ecumen, and Dominium which is known as one of the most prominent LIHTC property developers.
In response to the bill proposition, Dominium released the following statement.
“Rent increases on senior affordable housing is already limited by the federal government. Additional rent controls don’t work as intended, as Minnesotans have recently seen in St. Paul. The economics of affordable housing are extremely challenging, not only for renters, but for providers, too, with rising costs for insurance, utilities, security and more. Rent control would have the net effect of diminishing the availability and quality of affordable housing for seniors. That’s why we have joined other housing providers, labor unions and concerned citizens in opposing this legislation. A better solution is targeted rental assistance for low-income seniors, which matches support with need.”
-Dominium Apartments, LIHTC Property Developer
On the governmental side, lawmakers such as Democrat Ann Rest, Republican Jim Nash, and Republican Eric Lucero are among those who oppose the bill.
Despite this, Minnesota’s rental landscape is much more favorable than the United States as a whole. Zillow Group, Inc (NASDAQ:Z) lists median rent in Minnesota to be $1,500 - not only is this a $53 decrease from 2023, but it is also 29% lower than the national median. Understandably so, even $1,500 is a large ask for many senior citizens. Fortunately, companies such as Zillow Group, Inc (NASDAQ:Z) lists rentals for under $1,000. Another alternative is a retirement home with the likes of Brookdale Senior Living Inc. (NYSE:BKD) operating in the state. However, retirement homes such as Brookdale Senior Living Inc. (NYSE:BKD) carry their own costs which may not be feasible for all types of retirees.
So, does this mean that the answer to the question ‘Is Minnesota a good place to retire’ is in the negative? Well, while Minnesota may not be among the Best States for Retirement in the US in 2024, it can still provide a pleasant and fulfilling retirement experience - given that the work is put in when it comes to retirement planning. This state still taxes Social Security in 2024, but seniors having a taxable income up to $78,000, or $100,000 for a couple, are exempt from paying state taxes on their benefits. Scouting areas to find good rental options - both in terms of livability and affordability - making sure that necessary amenities are on hand, and finding the right people to gel with in your community are some of the measures that can be taken to make sure that you land on the right retirement path in this state.
To facilitate present and potential retirees in navigating the move to Minnesota state, we have compiled a list of the 15 best places to retire in Minnesota.
Methodology
To compile this list of the 15 best places to retire in Minnesota, we consulted several sources including retiree forums as well as our lists of 15 Best Places in Minnesota For A Couple To Live On Only Social Security, 51 Best Cities to Retire on $3,500 a Month, Niche, NewHomeSource, Movoto, WorldAtlas, and Unbiased. Once a list of places was compiled, we ranked them across multiple factors, namely, cost of living, livability scores, and median house price. For this article, livability scores were taken from Area Vibes, median house prices were taken from Redfin Corporation (NASDAQ:RDFN), and the cost of living index was our own. To ensure that the recommended places were of a suitable living standard, we removed places with a livability score of below 60. A cumulative score was then assigned - livability scores were given a double weightage - with the 15 highest-scoring places making our list of the 15 best places to retire in Minnesota. For places that gained an equal score, their cost of living index was used as a tie-breaker. The resulting list is presented in ascending order.
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Here are the 15 best places to retire in Minnesota:
15. Willmar
Insider Monkey Score: 64
Livability: 72
Cost of Living Index: 79.7
Median House Price: $207,450
Starting off our list of the best places to retire in Minnesota is the Kandiyohi County city of Willmar. The city is best known for its range of attractions, including the Schwanke Car, Tractor And Truck Museum, the Glacial Lakes Trail, and the Foxhole Brewhouse. Retirees in particular will find the city to be an advantageous mix of budgeted yet fulfilling living as Willmar boasts a cost of living that is 20.3% lower than the national average.
14. Fairmont
Insider Monkey Score: 67
Livability: 68
Cost of Living Index: 76.2
Median House Price: $127,450
Our second pick boasts a cost of living that is 23.8% lower than the national average. However, retirees need not fear as Fairmont’s low cost of living does not equate to a lack of amenities or attractions. The city has a Mayo Clinic facility to tend to residents’ healthcare needs, as well as a library, post office, shopping mall, and a range of restaurants and bars.
13. St. Anthony
Insider Monkey Score: 69
Livability: 82
Cost of Living Index: 103.1
Median House Price: $277,500
This dual-county city is one of the best places to retire in Minnesota for retirees. The city of St. Anthony - alternatively called Saint Anthony Village - is located in the counties of Ramsey and Hennepin and holds a population of just over 10,000 as per the last United States Census. Residents can find lots to do in the city, including visiting the Silverwood Park Nature Preserve, shopping at the Silver Lake Village Shopping Center, and grabbing a bite at Steele & Hops on 39th Avenue.
12. Albert Lea
Insider Monkey Score: 69
Livability: 71
Cost of Living Index: 77.1
Median House Price: $142,000
Located in Freeborn County, Albert Lea is among the cheapest places to retire in Minnesota. The city’s cost of living is a whole 22.9% lower than the national average, allowing retirees living on Social Security checks - or those with a desire to save on the necessities and spend on the luxuries - to live an easier life. The city is famously called ‘The Land Between the Lakes’ as Albert Lea is located with Albert Lea Lake to one side and Fountain Lake to the other.
11. Hibbing
Insider Monkey Score: 70
Livability: 77
Cost of Living Index: 85.4
Median House Price: $149,000
A city built on the foundations of the mining industry, Hibbing used to be known as the ‘Iron Capital of the World.’ Located in Saint Louis County in Minnesota’s Northeast region, Hibbing serves as a beautiful retirement destination. Residents can visit the Mesaba Country Club, the Al Nyberg baseball field, and the SoHo Arts Gallery. The city also boasts several highly-rated eateries, including Palmers Tavern and Sportsmen’s Restaurant & Taverna.
10. Austin
Insider Monkey Score: 71
Livability: 79
Cost of Living Index: 80.7
Median House Price: $295,000
One thing is for sure, Minnesota offers plenty of options when it comes to spending an affordable retirement, and the city of Austin is yet another addition to the list. One of the best places to retire in Minnesota on a budget, Austin is located in Mower County and holds a cost of living that is 19.3% lower than the national average. Austin senior citizens can live an active retirement by participating in a range of outdoor activities such as cycling and visiting the city’s many parks.
9. Red Wing
Insider Monkey Score: 72
Livability: 79
Cost of Living Index: 90.2
Median House Price: $204,500
A riverside city, Red Wing is our next pick for a Minnesota retirement. Set on the Mississippi River, the city of Red Wing offers residents a retreat into nature. Retirees can visit the Barn Bluff landmark which is a natural feature and part of the Cannon Valley trails while staying within the city. Of course, residents also have a variety of indoor activities to choose from including the Sheldon Theatre and the Red Wing Brewery.
8. Rochester
Insider Monkey Score: 75
Livability: 92
Cost of Living Index: 99.4
Median House Price: $355,000
Located in Minnesota’s Southern region, the city of Rochester sits in Olmsted County. The hometown of the Mayo Clinic - a widespread healthcare organization in the US - the city sees on its outskirts the estate of the organization’s co-founder, Dr. Charles Mayo by the name of Mayowood. Healthcare isn’t the only focus of the city, residents can also visit the Quarry Hill Nature Center, the Bowlocity Entertainment Center bowling alley, and the Kinney Creek Brewery.
7. Worthington
Insider Monkey Score: 75
Livability: 76
Cost of Living Index: 76.2
Median House Price: $185,000
The city of Worthington takes the next spot on our list and it is one of the best areas to live in Minnesota. Not only does it have a cost of living that is 23.8% lower than the national average - the lowest on our list - but it is also a safe place with good healthcare facilities. Residents can find lots to busy themselves with, including parks, a museum, and a golf club.
6. Sartell
Insider Monkey Score: 79
Livability: 83
Cost of Living Index: 94.3
Median House Price: $280,000
Another dual-county city, Sartell is located in the counties of Stearns and Benton. A St. Cloud suburb, Sartell is one of the most populous cities in central Minnesota with a population of just under 19,400 at the time of the last United States Census. To access healthcare facilities, residents can travel to the nearby CentraCare hospital whereas other amenities such as grocery stores, a post office, and a laundromat can all be found within Sartell itself.
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Disclosure: none. 15 Best Places to Retire in Minnesota is originally published on Insider Monkey.
