A lot of people are entering into the age of retirement and along with that comes worry sometimes. You have a 401k, some savings and maybe a home already. You expect some government social security but at the same time your worried if your money will outlive you. The last thing you want is to be too old to work and broke. It's because of this that more and more people are leaving expensive states, finding land in cheaper states and building out the home they always wanted to.
There are some very specific strategies to consider when doing this. While the article will cover a few of these things like where to buy affordable land, also cost of building. There is so much more to consider when it comes to supporting your needs in our older years. It's best to research some of these once you narrow down a good area.
- Healthcare Options in the Area
- Building costs in that Area
- Cost of food and supplies
- The community you will be in
When considering affordable land options for retirees looking to build a home, several factors come into play, including cost of living, available amenities, climate, and overall quality of life. While specific land prices can fluctuate over time, the following top 5 states have traditionally been known for their relatively affordable land prices and attractive features for retirees:
1. Arkansas:
- Land Prices: Arkansas has some of the most affordable land prices in the United States, particularly in rural areas.
- Cost of Living: The overall cost of living in Arkansas is lower compared to the national average.
- Climate: Arkansas has a temperate climate with mild winters, making it an attractive option for retirees who prefer milder weather.
- Natural Beauty: The state offers beautiful landscapes, including forests, mountains, and lakes, providing retirees with plenty of outdoor recreational opportunities.
2. Tennessee:
- Land Prices: Tennessee offers reasonably priced land, especially in rural areas away from major cities.
- Tax-Friendly: Tennessee does not have a state income tax, which can be beneficial for retirees on fixed incomes.
- Scenic Beauty: The state is renowned for its picturesque landscapes, including the Great Smoky Mountains and numerous lakes.
- Healthcare: Tennessee has several quality healthcare facilities and is home to the renowned Vanderbilt University Medical Center in Nashville.
3. Missouri:
- Land Prices: Missouri offers affordable land prices, particularly in rural areas.
- Low Cost of Living: The overall cost of living in Missouri is below the national average, making it an attractive option for retirees.
- Four Seasons: Missouri experiences all four seasons, which can be appealing to retirees who enjoy a variety of weather conditions.
- Outdoor Recreation: The state boasts a plethora of lakes, rivers, and state parks, providing ample opportunities for outdoor activities.
4. Mississippi:
- Land Prices: Mississippi has relatively low land prices, particularly in rural areas.
- Affordable Housing: The cost of housing, including building a home, tends to be lower in Mississippi compared to many other states.
- Mild Climate: Retirees can enjoy a mild climate with hot summers and mild winters in Mississippi.
- Southern Hospitality: The state is known for its warm and welcoming culture, providing retirees with a friendly environment.
5. Alabama:
- Land Prices: Alabama offers affordable land options, particularly in rural areas away from major cities.
- Tax Benefits: Alabama does not tax Social Security benefits and provides additional exemptions for retirees.
- Beaches and Gulf Coast: Alabama is home to beautiful Gulf Coast beaches, providing retirees with scenic coastal living options.
- Cultural and Historical Sites: The state offers a rich history and vibrant culture, with various museums, art galleries, and historic landmarks.
Cost of Building:
While the building market is ever changing based on labor, cost of lumber and more. There are some specific states where building costs are lower. Given the cost of a house is going to be your biggest spend. It may make more sense to focus on saving while building vs buying cheaper land. A few other factors will play into this, like how remote your land is. If you pick a spot that is way out in the country side, getting a building crew out there will have transportation costs and supply shipping costs. It would be smart to get a full blue print of your home and quotes for the general area you would pick land in. Should you sell your home and move before doing this you may find your costs to be higher than expected. Here are the top states with the lowest cost of building.
The affordability of building a home can vary within states due to factors such as land prices, construction costs, and local regulations. However, the following states are generally considered to have lower costs associated with building a home:
1. West Virginia:
- West Virginia typically has lower land prices compared to many other states, especially in rural areas.
- Construction costs and labor expenses tend to be lower than the national average.
- The state offers a lower cost of living overall, which can help make building a home more affordable.
2. Mississippi:
- Mississippi has relatively low land prices, particularly in rural areas.
- Construction costs are generally lower compared to many other states.
- The state's low cost of living can contribute to more affordable homebuilding expenses.
3. Oklahoma:
- Oklahoma offers reasonably priced land, particularly outside major urban areas.
- Construction costs tend to be lower compared to national averages.
- The state's low cost of living can make building a home more affordable for retirees.
4. Arkansas:
- Arkansas has affordable land prices, especially in rural regions.
- Construction costs are generally lower compared to the national average.
- The overall cost of living in Arkansas is below the national average, contributing to affordability.
5. Kentucky:
- Kentucky offers relatively low land prices, particularly in rural and suburban areas.
- Construction costs are often lower compared to many other states.
- The state's lower cost of living can make building a home more affordable.
Remember that these rankings are generalizations, and specific costs can vary within each state. Additionally, factors such as building permits, labor costs, and material prices can influence the overall affordability of building a home.
