Two cities in Washington state ranked among the "50 Cheapest Places to Retire Across America," according to a recent study by GOBankingRates, a personal finance publication.
Spokane in Eastern Washington is the third-cheapest city for retirees in the United States, according to the study. Tacoma in Western Washington ranks as the 33rd most affordable city for retirement.
GOBankingRates stated that the rankings were based on an analysis of the 100 largest cities in the U.S. where seniors comprised at least 10% of the population. The study factored in the yearly retirement income needed to cover living costs such as housing, health care, food, transportation and energy.
"Most people retire on a limited budget, which means seeking new places to live where you can stretch your money further," according to the report.
Here's more on the rankings and why these Washington locations ranked among the most affordable places in the U.S. to retire.
Is Spokane a good place to retire?
Monthly expenses in Spokane averaged at $1,711, and its population of people 65 and older was 16.4%, according to the study.
The city was also assigned a "livability" score of 81, one of the highest in the study, partly based on data shared by AreaVibes.
AreaVibes gives Spokane high marks for its cost of living, "shorter than average" commutes, and access to health care and hospitals, nursing homes, and doctors' offices.
"The arts and culture scene in Spokane is dynamic and diverse, with numerous theaters, music venues, and art galleries," according to AreaVibes. "The Fox Theater and the Northwest Museum of Arts and Culture are just a few of the cultural landmarks that showcase the city's commitment to the arts. Living in Spokane provides ample opportunities to engage with art, music, and history, making it an exciting place to call home."
The median price of a home in Spokane County, which includes Spokane, was $437,300 in the fourth quarter of 2024, according to a report from the Washington Center for Real Estate Research at the University of Washington.
Is Tacoma a good place to retire?
The study calculated Tacoma's average monthly expenses at $1,819. Its population of people 65 and older stands at 14.6%.
With a livability score of 78, AreaVibes noted that Tacoma's proximity to Seattle and Olympia contributes to its place as a "cultural and economic hub" in the region.
"Prestigious institutions like the University of Washington Tacoma contribute to the city's academic and cultural vibrancy, fostering a thriving intellectual community," according to AreaVibes. "The arts and culture scene in Tacoma is dynamic and diverse, with numerous theaters, music venues, and art galleries."
Tacoma is the county seat of Pierce County, where the median price of a home was $571,800 in the fourth quarter of 2024, according to theWashington Center for Real Estate Research report.
What are the top 50 cheapest places to retire across America?
Contributing: Carly Sauvageau and Ginnie Sandoval, USA TODAY Network.