One Of America's Most Affordable Places To Retire Is A Quaint Pennsylvania Town
Forget Florida if you're looking for the most affordable place to retire. Pennsylvania might not have the beaches and the palm trees that many dream of for their Golden Years, but it is home to the charming town of Sharpsburg, one of the most affordable places for retirees to call home.
Retiring in a small town became an obvious trend a few years ago when GoBankingRates studied where Americans wanted to retire and found that more than a quarter, 26% to be exact, preferred retiring to a small town rather than a big city. After all, small towns offer a quieter way of life with a slower pace. Less traffic, less noise, and what is often considered a friendlier atmosphere. Not only that, lower crime rates and a lower cost of living are quite appealing, and for many it is worth the tradeoff of the conveniences of a big city.
Located in western Pennsylvania, Sharpsburg, has all the typical small-town appeal that man retirees are searching for. With a population of 3,357, Sharpsburg is a borough of Pittsburgh. With the big city just a short drive away, all of the conveniences of a big city are within reach for retirees who don't want to live in the city proper but still need things like available healthcare.
Sharpsburg checks all the boxes for livability
GoBakingRates recently looked at a number of small towns across America to find how they fare for retirees and found that Sharpsburg scored highly in terms of affordability, among other factors. Of the five Pennsylvania towns analyzed, only one (Coraopolis) had a lower monthly expenditure ($1,832 compared to Sharpsburg's $1,845), but Sharpsburg fared better than Coraopolis and it's other Pennsylvania counterparts in terms of monthly rent cost with a monthly average of $995 in Sharpsburg and $1,353 in Coraopolis. With the average social security payment coming in at $1,862 for 2024, the cost of living in Sharpsburg makes it almost irresistible.
Compared to small towns in states like Florida, which consistently ranks as one of the best states to retire, Sharpsburg is far more affordable. West Miami, for example, may have the warm weather and sunshine, but it also has a monthly expenditure of $2,065 and the average cost of rent is nearly $3,000.
In terms of crime, Sharpsburg also fares well, which is quite encouraging when you consider that safer cities are not always affordable cities. City-Data, an online resource that collects all available data about a city, reported that Sharpsburg is not only experiencing a downward trend in its crime rate, but for the calendar year of 2022 the crime rate was 3.9 % smaller than the U.S. average with a score of 63.6, significantly lower than nearby Pittsburgh, which received a score of 257.7.
What to know before you retire to Pennsylvania
Pennsylvania may sound like a dream come true for retirees, but like all good things, you have to do your research before you decide if moving there is the right step for your retirement journey. Pennsylvania may have no taxes on retirement income, but it does have an inheritance tax. These taxes are paid by the living relatives of the decedent, even if they live in another state, and the tax rate depends on the nature of the relationship (linear relatives like children and grandchildren will pay a 4.5% tax while siblings will pay 12%, while all others will pay the maximum of 15%). Pennsylvania is one of only six states that levy an inheritance tax, but despite this, it does not have estate taxes, which definitely helps for retirees considering living in this state.
Pennsylvania does have one other drawback that retirees may not appreciate — the weather. Although it certainly doesn't get as cold as other states like Minnesota, where cities like Minneapolis have an average temperature in January of 15.3 degrees. Nearby Pittsburgh, by comparison, sees a January average of 28.1. Although this is significantly higher, it is still a far cry from Miami where the January average is 68.6 degrees Fahrenheit.
Weather aside, the many pros about living in Sharpsburg far outweigh the cons for retirees. From the town's affordability, low crime rate, and convenient location minutes from a big city, paired with Pennsylvania's attractive tax laws for retirees make it an appealing permanent home for retirees.