Good LCOL area for semi or coast retirement?

[alex753]

Where would you live if you had a pension that covers a mortgage payment on house or condo that covers $225K at 3%?

[ixtap]

Cost is not the only consideration when choosing a place to live. I am quite happy in the same city you are in and could make it on said pension, but I already own the boat I would live on.

[alex753]

Cost is not the only consideration when choosing a place to live. I am quite happy in the same city you are in and could make it on said pension, but I already own the boat I would live on.

I love SoCal but don't see much of an easy early/coast retirement here. 

[ca-rn]

Where would you live if you had a pension that covers a mortgage payment on house or condo that covers $225K at 3%?

OP, do you only care about mortgage payment?  What about property tax, state and local tax, weather, access to amenities/healthcare/culture, prefer rural/urban etc?

You live in San Diego, a great location, with progressive taxes, international cuisine options etc.  Do you already own a home? 

I live in Los Angeles, with a paid off home (soon!), it can be pretty low cost for living expenses.  Cheap utilities (no major heating/cooling costs), groceries (not taxed), stable property taxes, access to wide range of international food/culture, great weather etc.

[alex753]

Where would you live if you had a pension that covers a mortgage payment on house or condo that covers $225K at 3%?

OP, do you only care about mortgage payment?  What about property tax, state and local tax, weather, access to amenities/healthcare/culture, prefer rural/urban etc?

You live in San Diego, a great location, with progressive taxes, international cuisine options etc.  Do you already own a home? 

I live in Los Angeles, with a paid off home (soon!), it can be pretty low cost for living expenses.  Cheap utilities (no major heating/cooling costs), groceries (not taxed), stable property taxes, access to wide range of international food/culture, great weather etc.

No I don't own a home anymore.  My mortgage would be my biggest future expense and can be covered by my pension. $950 at 50 up to $1870 if taken at 60.

I care about all those things but it seems most feasible to try somewhere other than San Diego.  I originally moved back here for the weather but It just doesn't seem plausible to early coast FIRE  here.  Maybe but I'm looking for other options too.

[Padonak]

South of the border

[L8_apex]

As just mentioned, I'd be looking overseas.  Why not check out locations on the Mediterranean, Adriatic, or Agean Seas?  Some of those countries will be less expensive than similar US options. 

[jim555]

Move to West Virginia, houses are $100K.

[meadow lark]

Seal Beach, CA. 
https://www.realtor.com/realestateandhomes-detail/1260-Knollwood-Rd-M4-39D_Seal-Beach_CA_90740_M94977-87752
Save like crazy for a couple more years, buy the condo in cash (requirement of this community) and spend the rest of your life where you are comfortable.

[mizzourah2006]

The real estate market went kind of crazy everywhere over the past year, but before the insane rise in the Northwest Arkansas area you could get a newer home in the 1.8-2.2k sq ft range for $225-$250k. It's probably still doable if you look hard enough. I really like the area. It's got a lot of transplants because of the corporate HQ of a few fortune 500s and just a few miles south you have the University of Arkansas, so while it's in "Arkansas" this area tends to be much less hardcore red than the rest of the state. I personally like it because of the outdoors activities. I'm big into mountain biking and hiking and they are building trails weekly here right now. I moved here about a decade ago for work and now we don't want to leave. If you like reasonable COL and lots of outdoors activities it's worth checking out. Fayetteville typically makes the top 10 in places to live in the US News reports each year. Tons of people seem to be relocating here over the past 2-3 years almost strictly because of the outdoors scene explosion.

This house isn't bad: https://www.zillow.com/homedetails/500-S-10th-St-Rogers-AR-72756/70629566_zpid/

[Arbitrage]

To get an effective answer, I do think you're going to have to come up with a few more criteria than just housing cost.  What do you value most?  What do you like to do?  Do you have family/friends you'd like to be close to?  Big/medium/small city, rural, suburb, mountains/lakes/ocean/forest/etc?  Is climate important, and if so, what kind of climate?  Are local politics important, and if so, what kind?

Without some of those answers, I'm sure people could come up with places in just about every state (as well as outside the USA) that they find charming, but could be completely awful for you.

[alex753]

South of the border

Possibility but not too interested currently.

[alex753]

As just mentioned, I'd be looking overseas.  Why not check out locations on the Mediterranean, Adriatic, or Agean Seas?  Some of those countries will be less expensive than similar US options.

Overseas has crossed my mind but staying COUNS is more appealing to me.  Thanks.

[alex753]

Move to West Virginia, houses are $100K.

Thanks for recommending this option.  I'll keep it in mind.

[alex753]

Seal Beach, CA. 
https://www.realtor.com/realestateandhomes-detail/1260-Knollwood-Rd-M4-39D_Seal-Beach_CA_90740_M94977-87752
Save like crazy for a couple more years, buy the condo in cash (requirement of this community) and spend the rest of your life where you are comfortable.

I've looked at those a few times but really no too interested in 55+ communities. 

[alex753]

The real estate market went kind of crazy everywhere over the past year, but before the insane rise in the Northwest Arkansas area you could get a newer home in the 1.8-2.2k sq ft range for $225-$250k. It's probably still doable if you look hard enough. I really like the area. It's got a lot of transplants because of the corporate HQ of a few fortune 500s and just a few miles south you have the University of Arkansas, so while it's in "Arkansas" this area tends to be much less hardcore red than the rest of the state. I personally like it because of the outdoors activities. I'm big into mountain biking and hiking and they are building trails weekly here right now. I moved here about a decade ago for work and now we don't want to leave. If you like reasonable COL and lots of outdoors activities it's worth checking out. Fayetteville typically makes the top 10 in places to live in the US News reports each year. Tons of people seem to be relocating here over the past 2-3 years almost strictly because of the outdoors scene explosion.

This house isn't bad: https://www.zillow.com/homedetails/500-S-10th-St-Rogers-AR-72756/70629566_zpid/

Thanks for the detailed reply and even link.  That's pretty much what I'd be looking for.  If I used my VA loan (no funding fee, no down payment) my emergency fund would last me 5 to 6 years+ with that mortgage  payment.  And as mentioned before I can cover it with a pension for the rest of my life in a few years. My retirement assets are at 570K, SS $1700 month at 62 with no further income until then.

The issue is relocating and getting W2 income locally to buy.  I'll keep that area in mind I like how you described it.  How are the summers?

[JoJo]

Seal Beach, CA. 
https://www.realtor.com/realestateandhomes-detail/1260-Knollwood-Rd-M4-39D_Seal-Beach_CA_90740_M94977-87752
Save like crazy for a couple more years, buy the condo in cash (requirement of this community) and spend the rest of your life where you are comfortable.

I'd love to find a place like this that isn't in California.  Most of my $ is in deferred accounts.

[mizzourah2006]

The real estate market went kind of crazy everywhere over the past year, but before the insane rise in the Northwest Arkansas area you could get a newer home in the 1.8-2.2k sq ft range for $225-$250k. It's probably still doable if you look hard enough. I really like the area. It's got a lot of transplants because of the corporate HQ of a few fortune 500s and just a few miles south you have the University of Arkansas, so while it's in "Arkansas" this area tends to be much less hardcore red than the rest of the state. I personally like it because of the outdoors activities. I'm big into mountain biking and hiking and they are building trails weekly here right now. I moved here about a decade ago for work and now we don't want to leave. If you like reasonable COL and lots of outdoors activities it's worth checking out. Fayetteville typically makes the top 10 in places to live in the US News reports each year. Tons of people seem to be relocating here over the past 2-3 years almost strictly because of the outdoors scene explosion.

This house isn't bad: https://www.zillow.com/homedetails/500-S-10th-St-Rogers-AR-72756/70629566_zpid/

Thanks for the detailed reply and even link.  That's pretty much what I'd be looking for.  If I used my VA loan (no funding fee, no down payment) my emergency fund would last me 5 to 6 years+ with that mortgage  payment.  And as mentioned before I can cover it with a pension for the rest of my life in a few years. My retirement assets are at 570K, SS $1700 month at 62 with no further income until then.

The issue is relocating and getting W2 income locally to buy.  I'll keep that area in mind I like how you described it.  How are the summers?

Definitely not San Diego ish. Hot and humid like most of this area of the country unfortunately.

[Loren Ver]

Houses in that price range kinda describe most of fly over country, as in, the midwest.  I'm near mid Indiana,  It has seasons.  It generally doesn't catch fire.  It doesn't generally have hurricanes or earthquakes (we have had both, but yeah, mostly know about it because the news mentioned it).  We sometimes have tornadoes, but they are pretty rare and short lived.

It does get a little hot, and a little cold.  There is snow and ice, but they don't stick around too long  and usually aren't measured in feet.  There is heat and humidity. but they don't stick around too long either.

The people are midwestern friendly, and you can get to anywhere from here. 

[Cranky]

I agree that you really have to decide what your priorities are.

NE Ohio has a really low COL, including housing. The winters are very grey, and it’s increasingly a red area, but if you can work around that you can build as good a life there as anyplace else.

[chasesfish]

Tennessee between Nashville and Chattanooga...

[Dee18]

Louisville, Kentucky is a nice place to live with great public parks and I think it qualifies as LCOL.

[clarkfan1979]

I lived on Kauai 2015 to 2019. I bought a house in 2018 when the median housing price was around 800K. I bought a foreclosure for 603K and put 50K worth of renovations into it. My PITI was $2675/month and we rented our separate basement unit for $1600/month. We were left paying $1075/month ourselves. We spent most of our time going to the beach and hiking. Our spending was incredibly low even though it was technically a very HCOL area.

Yes, housing is typically the most expensive line item in a monthly budget. However, there are exceptions and other considerations.

[chasesfish]

I lived on Kauai 2015 to 2019. I bought a house in 2018 when the median housing price was around 800K. I bought a foreclosure for 603K and put 50K worth of renovations into it. My PITI was $2675/month and we rented our separate basement unit for $1600/month. We were left paying $1075/month ourselves. We spent most of our time going to the beach and hiking. Our spending was incredibly low even though it was technically a very HCOL area.

Yes, housing is typically the most expensive line item in a monthly budget. However, there are exceptions and other considerations.

Nice!

You can barely find that on the Island of Hawaii now

[Calvin]

I moved back to Rochester, NY a few years ago. Probably on few people's radar, but it's a good "mustachian" area to live in IMO.

The liveability here is great. Pretty LCOL, bought my house a few years ago for 140k in a nice city neighborhood.

Lots of festivals, events, outdoors activities, decent art/culture, easy to bike around, great public market, low traffic. Also, no hurricanes, wildfires or long-term water shortage issues.

Although Adirondacks are 4hr away, I do miss being closer to the mountains when I lived in CO and NH, but overall I like the day-to-day liveability here much more.

The winter can be long, cold and dreary though ;-)

[YttriumNitrate]

As Arbitrage noted, it's hard to make a recommendation without more details on what you are looking for. That being said, if I was looking for a LCOL area, I would be looking at university towns in the cheaper parts of the country such as Tallahassee, Auburn, etc.

[dandarc]

As Arbitrage noted, it's hard to make a recommendation without more details on what you are looking for. That being said, if I was looking for a LCOL area, I would be looking at university towns in the cheaper parts of the country such as Tallahassee, Auburn, etc.

100% this - there are so many places you can buy decent housing at that cost or below. Like 95% of the country probably meets that criteria. College towns do make good places to live relatively cheap - I'll vouch for Tallahassee on that front.

[GodlessCommie]

I'm also looking at college towns - lots of amenities, things to do, decent selection in stores, reasonable housing prices if you buy (but not if you rent). Usually walkable/bikeable. Good market for Airbnb-ing a basement or a spare room, especially where football teams are big. The only problem is that they are often isolated, with limited flights and long drives pretty much to anywhere. Those that are not isolated are not very cheap. Also, for coasting or riding out downturns, there are always jobs.

[By the River]

As Arbitrage noted, it's hard to make a recommendation without more details on what you are looking for. That being said, if I was looking for a LCOL area, I would be looking at university towns in the cheaper parts of the country such as Tallahassee, Auburn, etc.

100% this - there are so many places you can buy decent housing at that cost or below. Like 95% of the country probably meets that criteria. College towns do make good places to live relatively cheap - I'll vouch for Tallahassee on that front.

I'll vouch for Auburn.  According to realtor.com: houses about $150/sq foot, 90 minutes to Atlanta airport where you can catch a direct flight to practically anywhere.   4 hours from the gulf coast beaches and 3 hours from the southern end of the AT trail.    Less populated than Tallahassee.

[dandarc]

As Arbitrage noted, it's hard to make a recommendation without more details on what you are looking for. That being said, if I was looking for a LCOL area, I would be looking at university towns in the cheaper parts of the country such as Tallahassee, Auburn, etc.

100% this - there are so many places you can buy decent housing at that cost or below. Like 95% of the country probably meets that criteria. College towns do make good places to live relatively cheap - I'll vouch for Tallahassee on that front.

I'll vouch for Auburn.  According to realtor.com: houses about $150/sq foot, 90 minutes to Atlanta airport where you can catch a direct flight to practically anywhere.   4 hours from the gulf coast beaches and 3 hours from the southern end of the AT trail.    Less populated than Tallahassee.

No State Income tax in Florida. And on beaches - there's a lot of them. Tallahassee being only 1.5 to 2 hours from my personal favorite - St. George Island, and only about 45 minutes to an hour to Alligator Point, which is a bit more rustic than St. George, but also a lot less busy typically. Airport would be nice to be closer to a major one for sure - ours kind of sucks. But the drive to bigger airports is not a deal breaker by any stretch - 2.5 hours to Jacksonville, 4-5 to any of Atlanta, Orlando, Tampa.

[GodlessCommie]

Since we are comparing college towns, what are your suggestions for ones where it snows in the winter? Ann Arbor or Ithaca don't look that cheap...

[dandarc]

Since we are comparing college towns, what are your suggestions for ones where it snows in the winter? Ann Arbor or Ithaca don't look that cheap...

If you're willing to go condo, you actually can hit OP's price-point on a studio or 1-bedroom right downtown in Ann Arbor. But Lansing has, unless things have changed since I lived there, more of a supply of cheap housing. Kalamazoo's not a bad choice at all if we're going with college towns in Michigan. Definitely snows there, definitely cheap.

If you really want snow - Houghton.

[roomtempmayo]

Since we are comparing college towns, what are your suggestions for ones where it snows in the winter? Ann Arbor or Ithaca don't look that cheap...

Not-super-expensive, nice, snowy college towns:

Decorah, IA
Duluth, MN
Stevens Point, WI
Appleton, WI
Grand Rapids, MI
Hamilton, NY
Williamstown, MA
Bennington, VT
Middlebury, VT
Waterville, ME
Brunswick, ME

I'm sure we can collectively brainstorm lots more, but that's a start.
 

[GodlessCommie]

Thank you, @dandarc and @caleb! Grand Rapids checks a lot of boxes for us (at least on paper and Street View), we are planning a visit. But it helps to have more potential targets.

[alex753]

@mizzourah2006 @Arbitrage @Loren Ver @Cranky @chasesfish  @clarkfan1979 @Calvin @YttriumNitrate @dandarc @GodlessCommie  @caleb @Dee18 @By the River

Thanks for the replies all!

The main goal is finding an area where $740K net worth with about $145K liquid might allow me to semi-coast retire. 

In 3 years I can take a company pension for $980 month rest of life (or sliding scale up to $1850 at 60 in 13 years).
I have a VA loan available (no down payment, no funding fee, no PMI) so I'd like to use that to buy a property I could stay in for the rest of my life. 
I have VA healthcare. 
I have zero debt and responsibility.
I am intrigued about airbnb possibilities because that could be all I need for coast FIRE income.

Preferably the southwest but I'm open to all areas. Suburb or quiet part of city...  I'll be totally happy with a health oriented lifestyle of working out and hiking, fly-fishing for trout.  At home I like watching movies and listening to my hi-fi system, reading books.

The catch is I'd highly prefer not to move and need to get a job in my lifelong career, aviation maintenance because it sucks doing that work in hot/humid/super cold climates!

[Fomerly known as something]

Since we are comparing college towns, what are your suggestions for ones where it snows in the winter? Ann Arbor or Ithaca don't look that cheap...

But Marquette is very affordable.  And the area around East Lansing is good (and only 90 minutes tops to DTW)

[Just Joe]

Look up the word micropolitan if you aren't familiar with it. There are lists of those cities. Combine with a university. ;)

[alex753]

Look up the word micropolitan if you aren't familiar with it. There are lists of those cities. Combine with a university. ;)

Will do, thanks. :-)