When it comes time to retire, have you ever thought about settling down in Texas? A few great reasons to do so include a low cost of living, no state income tax, and beautiful scenery.
Texas is often referred to as the most popular state for retirees, which is why there are so many great retirement communities in the area. You will find that there is plenty of space, warm weather, exciting cities, charming small towns, and many active adult communities. There are also nine hospitals in Texas that have very strong national rankings, and 42 smaller hospitals that also have strong performance rankings statewide. Texas is a great retirement option because the fastest growing segment is the 65 plus age group.
Another benefit of retiring in Texas is that there is no state income tax and a state sales tax of 6.25%. In 2011, Texas was ranked as having the fifth lowest total tax burden of all 50 states by the Tax Foundation. The Texas Legislature also reduced certain property taxes. If you’re a homeowner, you will get an additional $10,000 off the assessed value of your home, in addition to the regular $15,000 homestead exemption, which is exempt from school taxes.
Even with all the beautiful and historic surroundings, housing in Texas is still quite affordable. According to 2013 statistics at www.zillow.com, the median listing price for a home in Texas was around $189,000. However, there are more expensive areas such as Austin, Dallas, and Houston. Despite this, most home prices are low, which gives seniors the opportunity to either save more, or spend a little more on a larger home. When you look at the cost of living on a nationwide scale, it is ranked at 100. The cost of living in Texas is ranked at 88.7. When you take this into consideration, along with low taxes and housing prices, Texas looks like a very affordable option.
With its low cost of living, low taxes, mild weather, and a unique geography that offers a little something for everyone, Texas is a great place to consider retirement.