Retirement in Fort Worth: 4 Reasons It Costs You Less Than $50,000 a Year

Everything may be bigger in Texas, but this doesn’t have to include your cost of living , especially in your retirement. If you are seeking to move to warm weather when you finally get to stop working, it may come as a relief to your wallet that there are still affordable options in the Lone Star State.

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GOBankingRates recently did a study to find the best places where you can retire for less than $50,000 a year. It might surprise you to find big cities listed such as the Dallas-Fort Worth area, but here are some key features of Fort Worth costs for retirees for everything from monthly mortgage payments to annual expenditure estimates:

• Total population: 924,663
• Population of people aged 65 and up: 93,747
• Average home value: $309,142
• Average monthly mortgage payments: $1,854.80
• Average monthly costs of expenditures: $1,885.85
• Average monthly costs after Social Security: $1,876.13
• Total estimated annual cost of expenditures: $22,630.18
• Total estimated annual cost of expenditures after Social Security: $22,513.50

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Why You Can Retire In Fort Worth for Less Than $50,000 a Year

As the notion of retirement and tax rates evolves, the quest for affordable, comfortable living becomes paramount. Fort Worth, Texas, often flies under the radar compared to its bigger Texan counterparts such as San Antonio or Houston — but it offers a unique blend of culture, amenities and affordability that comes with living in Texas.

Though no resident has to pay income taxes statewide, this comes in handy for retirees when trying to navigate the nuances of their fixed income. Here are five reasons why you should consider retiring in Fort Worth, Texas.

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Affordable Housing Market and Mortage Payments

One of the primary expenses in retirement you need to factor into your budget is housing costs. As of 2024, the average value of homes in Fort Worth is over $300,000, and the average monthly mortgage payment is around $1,855. Considering the volatility of the housing market, these numbers might fit more comfortably into the retirement budget you’re building.

If you aren’t interested in buying but are looking for a warmer climate to occasionally escape to, it’s good to know that rental prices are also competitive. Seniors can find comfortable apartments or retirement communities that cater to various budget levels without breaking the bank.

Lower Cost of Living

The overall cost of living in Fort Worth is below the national average, especially if you are expecting to collect Social Security upon retirement.

Though these benefits don’t seem to make as much of a dent in your overall cost of living as they used to, every little bit helps. For example, the estimated average annual cost of expenditures is $22,630, but once you factor in what Social Security will cover, it only drops the total to about $22,514.

Everyday expenses like groceries, utilities and transportation are notably more affordable. This lower cost of living allows retirees to stretch their savings further. Whether you’re dining out, shopping for necessities or simply paying your utility bills, your dollars go further in Fort Worth.

Tax-Friendly Environment

Texas is renowned for being a tax-friendly state, particularly for retirees. There is no state income tax, which means your retirement income, whether from Social Security, pensions or other retirement savings or investments, is not subject to state taxation.

Additionally, property taxes can be mitigated with exemptions available to seniors, further reducing the financial burden.

Abundant Free and Low-Cost Activities

Retirement is a time to enjoy life, and Fort Worth offers plenty of opportunities to do just that without spending a fortune. The city is rich in cultural, recreational and outdoor activities, many of which are low to no cost and offer easy access.

From the beautiful Fort Worth Botanic Garden to the Kimbell Art Museum, Trinity Trails and more, be sure to check out where retirees can score free or reduced-price admission. Retirees can immerse themselves in the vibrant local culture without breaking the bank.

Final Take To GO: Affordable Retirement in Texas

The bottom line is that Fort Worth combines a lower cost of living, affordable housing costs, tax advantages, reasonable healthcare costs and a plethora of free and low-cost activities to create an ideal retirement destination. If you prefer your retirement outlook and climate to be sunny, Fort Worth might be the right fit for your finances.

It offers a compelling blend of affordability and quality of life, making it entirely feasible to live comfortably on less than $50,000 a year. You can enjoy the best of both worlds by having the vibrant and culturally rich lifestyle perks of living in a big city without having to worry about the hefty price tag.

Methodology: For this study, GOBankingRates analyzed major US cities to find the places where you can afford to retire on less than $50,000 a year. First GOBankingRates found the most populated US Cities as sourced from the US Census American Community Survey. For each city, a number of factors were found including the total population, the population aged 65 and over both sourced from the US Census American Community Survey, the average home value from April 2024 as sourced from Zillow Home Value Index, the average Social Security Benefits as sourced from the Social Security Administration, the cost of living indexes as sourced from Sperlings BestPlaces, and the livability index as sourced from AreaVibes. All cities with a livability of 75 or below were removed from this study as they represent cities with a low quality of life. The average national expenditure costs for residents aged 65 and over were sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for residents aged 65 and over and used to calculate the average expenditure cost for each city. The average home value was used, and by assuming a 10% downpayment and using the national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage costs can be calculated. The mortgage and expenditures can be used to find the total cost of living for each city. Assuming a retired resident received Social Security Benefits, the total cost of living after Social Security benefits was calculated. The cities with an annual cost of living above $50,000 were removed for this study. The top 100 cities by population with all correlating data were kept with the rest removed and the remaining cities were sorted by their total cost of living. All data was collected on and is up to date as of May 17th, 2024.

This article originally appeared on GOBankingRates.com : Retirement in Fort Worth: 4 Reasons It Costs You Less Than $50,000 a Year