According to U.S. News and World Report, the City of Kokomo is the eleventh most affordable place in the U.S. to buy a retirement home.
With concerns about Social Security and living on fixed incomes, retirees are looking to cut costs as much as possible, and downsizing to a less-expensive home is how many will do it. U.S. News analyzed Census Bureau data to find the 50 most affordable places where homeowners over 65 pay the least amount of monthly housing costs, with and without a mortgage.
Kokomo’s housing costs are a median of $856 per month for people age 65 and older with a mortgage and $322 for seniors with paid-off homes. Kokomo boasts Indiana’s largest, free-to-ride bus system and an expanding network of pedestrian and walking paths that connect the city’s residential neighborhoods to its historic downtown.
For baby boomers who are working longer or seeking part time employment after leaving their primary careers, Kokomo’s active economy will continue to provide them with employment opportunities.
Kokomo was joined by seven other Indiana cities on the list. No state placed more cities on the ranking than Indiana.