This West Virginia Metropolis Gem Was Simply Named a Finest Place to Retire within the U.S. South

In case you’ve by no means been to West Virginia, you could be questioning if it truly is “nearly heaven” because the well-known music lyrics say. Many retirees would say so, particularly with regards to the capital metropolis, Charleston. 

Charleston has a inhabitants of 48,864. Due to its mountain dwelling vibe, large metropolis facilities, and general affordability, the state has chosen Charleston as a “Designated Retirement Group.” In truth, not solely does it have one of many lowest median housing prices within the South, however soon-to-be retirees will probably be delighted to be taught that the state introduced this 12 months that it’s phasing out taxes on Social Safety advantages by 2026.

From its vibrant arts and tradition choices to its outside magnificence, robust well being care, and remarkably low housing prices, it’s a hidden gem amongst up-and-coming retirement locations within the South. 

Under-Common Value of Residing

Since housing prices are normally the most important expenditure for many family budgets, let’s begin there. Our analysis discovered that Charleston had a $857 median month-to-month housing price, which is 26% decrease than the median throughout the South. In truth, solely two different cities in our report on the finest locations to retire within the South had decrease housing prices. 

In case you’re planning to buy a house in retirement, Charleston is value a glance, with a median dwelling sale worth of $196,633 in comparison with $412,300 nationally. Charleston residents have a median annual revenue of $58,902, which is about 29.96% of the realm’s median dwelling sale worth. Compared, the nationwide income-to-home worth ratio is eighteen.1%, based mostly on a nationwide median revenue of $74,580. This implies your revenue goes a lot additional in Charleston than it does nationally.

In case you desire to lease, there are inexpensive choices in Charleston as properly, particularly when you think about residents’ median month-to-month revenue of $4,909. With a median lease of $870 monthly, meaning it requires about 17.72% of revenue to pay lease (based mostly on the nationwide median lease of $1,405 as of October 2024, and $6,215 nationwide median month-to-month family revenue). This places Charleston renters in a greater place in comparison with nationwide figures.

Why This Is Key to an Inexpensive Retirement

If you stay on a retirement revenue, you already know it has to final in your lifetime and be obtainable ought to the necessity for superior well being care come up. Though you might get slight bumps in Social Safety funds when the price of dwelling rises, different sources of retirement revenue, like your pension, will probably stay mounted.

Subsequently, a location’s price of dwelling will be the distinction in whether or not you’ll have a financially snug or financially strained retirement.

Low State Property Taxes

West Virginia ranks forty third within the nation for state and native property tax assortment per capita. For Kanawha County (the place Charleston is positioned), based mostly on a median dwelling sale worth of $196,633, annual property taxes are $1,396 or about $116 monthly. This provides Charleston owners one of many lowest property tax burdens within the South.

Why This Is Key to an Inexpensive Retirement

For a retiree, even for those who’ve paid off your property mortgage, a excessive tax burden could make a big dent in your finances. Ask anybody dwelling in a excessive property tax state like New Jersey or D.C., they usually can attest that it provides to their month-to-month obligation. 

Selecting an space with lower-than-average property taxes, like West Virginia, may give you extra disposable revenue in your different wants and desires.

Under-Common Revenue Tax

One of many extra thrilling bulletins to come back out for these contemplating a transfer to West Virginia is that the state is phasing out revenue taxes on Social Safety advantages. Laws handed by the West Virginia Home of Delegates will minimize the taxes over a three-year interval: a 35% deduction for 2024; 65% for 2025; and by 2026, no taxes on Social Safety in any respect.

West Virginia has 5 completely different revenue tax brackets starting from 2.36% to five.12% for different forms of revenue. In case you make under $10,000, the speed is 2.36%; from $10,000 to $25,000, you’ll pay 3.15%; from $25,000 to $40,000, it’s 3.54%; from $40,000 to $60,000, it goes as much as 4.72%; and something above $60,000, it’s 5.12%.

Why This Is Key to an Inexpensive Retirement

To place it merely, the extra of your revenue you get to maintain, the higher off you might be. That’s why retirees—particularly pension earners—typically search out states that both don’t cost revenue tax in any respect (like Florida) or ones wherein the speed is low. 

West Virginia is just not essentially one of the best on this class, but it surely’s undoubtedly one of many higher choices. And, as soon as it totally phases out taxes on Social Safety in 2026, it can additional place itself as a senior-friendly place to stay.

Different Shocking Perks of Charleston, West Virginia For Retirees

Charleston is not only a stand-out retirement metropolis for its general affordability. It’s additionally extremely engaging for its livability, crisp mountain air, and funky downtown vibe. It’s additionally a superb choice for retirees who get pleasure from all 4 seasons and worth fall foliage over white sand seashores. 

Energetic seniors will benefit from the plethora of leisure and cultural alternatives Charleston gives. Go to artwork galleries, absorb a ballet, attend a neighborhood competition, or browse quaint village retailers. When the good outdoor are calling, you’ll be able to head to Kanawha State Forest for biking and mountain trails.

When it comes to well being care, residents of Charleston are in succesful palms with CAMC Memorial Hospital. The ability boasts one of many highest quantity coronary heart applications in the USA, complete most cancers care, and robotic surgical procedures.

Backside Line

In case you’re searching for a retirement location within the South, Charleston, West Virginia gives a trifecta of affordability, downtown tradition, and pure magnificence. Assuming you’re extra of a “mountain mama” (or papa) than a seashore lover, the scenic metropolis may make for an excellent place to stay out your retirement years.

Its low housing prices and soon-to-be waiver on Social Safety revenue taxes additionally make it financially engaging for retirees on a set revenue. 

Methodology

The locations chosen for the 2024 South’s Finest Locations to Retire record have been chosen from all Census Designated Locations in southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia). Median family revenue and month-to-month housing price estimates have been collected from the 2022 American Group Survey (5-year) for every place within the South. Locations for which estimates included massive margins of error have been faraway from the preliminary record. 

The ultimate record of locations was chosen by evaluating: 

1. Housing affordability relative to the South (how every place’s month-to-month housing prices evaluate with a weighted common for states within the South);
2. Median revenue in every place (as a proxy for taxes collected, which can be associated to neighborhood assets; and
3. Particular person reporting on proximity to parks or coastlines, current modifications locally, and former reporting by Southern Residing highlighting one of the best locations to retire.