#West #Virginia #City #Gem #Named #Place #Retire #U.S #South
If you’ve never been to West Virginia, you’re probably wondering if it’s really “almost heaven” as the famous song says. Many retirees would say that, especially when it comes to the capital city of Charleston.
Charleston has a population of 48,864. With its mountain living vibe, great city amenities and overall affordability, the state chose Charleston as a “designated retirement community.” In fact, not only does it have one of the lowest median housing costs in the South, soon-to-be retirees will be happy to know that the state announced this year that it will phase out taxes on Social Security benefits by 2026.
From its vibrant arts and cultural offerings to its outdoor beauty, strong healthcare and remarkably low housing costs, it’s a hidden gem among up-and-coming areas. Retirement destinations in the south.
Key takeaways
- Charleston, West Virginia has one of the lowest median monthly housing costs in the South, making it an attractive option for retirees on a fixed income.
- Home sales prices, median rent, and property taxes are also lower than in most states.
- West Virginia is phasing out Social Security income tax; By 2026, seniors will not have to pay anything.
The cost of living is below average
Since housing costs are usually the largest expense of most household budgets, let’s start here. Our research found that the average monthly housing cost in Charleston is $857, which is 26% lower than the average across the South. In fact, only two other cities in our roundup of best places to retire in the South had lower housing costs.
If you’re planning to buy a home for retirement, Charleston is worth a look, with a median home sale price of $196,633 compared to $412,300 nationally. The median annual income for Charleston residents is $58,902, which represents about 29.96% of the median home sale price in the area. By comparison, the national income to home value ratio is 18.1%, based on the national median income of $74,580. This means your income is much higher in Charleston than it is nationally.
If you prefer to rent, there are affordable options in Charleston as well, especially when you take into account residents’ median monthly income of $4,909. With an average rent of $870 per month, that means it takes about 17.72% of income to pay the rent (based on the national average rent of $1,405 as of October 2024, and the national median monthly household income of $6,215 American). This puts Charleston renters in a better position compared to national numbers.
Note
One of the main attractions of Charleston is its low housing costs.
Why this is the key to an affordable retirement
When you live on retirement income, you know that it should last throughout your life and be available should the need for advanced health care arise. Although you may get small increases in Social Security payments when the cost of living rises, other sources of retirement income, such as your pension, will likely remain flat.
Therefore, the cost of living in location can make the difference in whether you have a financially comfortable or financially stressed retirement.
Low state property taxes
West Virginia ranks 43rd in the nation in state and local property tax collections per capita. For Kanawha County (where Charleston is located), based on the median home sale price of $196,633, annual property taxes are $1,396 or about $116 per month. This gives Charleston homeowners one of the lowest property tax burdens in the South.
Why this is the key to an affordable retirement
For a retiree, even if you have paid off your home mortgage, a high tax burden can significantly impact your budget. Ask anyone who lives in a state with high property taxes like New Jersey or D.C., and they can attest that this adds to their monthly liability.
Choosing an area with below-average property taxes, such as West Virginia, can give you more income that can be spent on meeting your other needs and desires.
Income tax is below average
One of the most exciting announcements to be made for those considering a move to West Virginia is that the state is phasing out income taxes on Social Security benefits. Legislation passed by the West Virginia House of Delegates would cut taxes over three years: a 35% cut for 2024; 65% for 2025; By 2026, there will be no Social Security taxes at all.
West Virginia has five different income tax brackets ranging from 2.36% to 5.12% for other types of income. If your income is less than $10,000, the rate is 2.36%; From $10,000 to $25,000, you’ll pay 3.15%; From $25,000 to $40,000, 3.54%; From $40,000 to $60,000, it reaches 4.72%; Anything over $60,000 is 5.12%.
Note
Even at the highest rate (if you earn more than $60,000 a year), you’ll still pay less than some other states charge the lowest earners. For example, the starting rate in Minnesota is 5.35%.
Why this is the key to an affordable retirement
Simply put, the more income you can keep, the better off you’ll be. That’s why retirees — especially pensioners — often look for states that don’t have an income tax at all (such as Florida) or that have a low rate.
West Virginia isn’t necessarily the best in this category, but it’s certainly one of the better options. Once Social Security taxes are fully phased out in 2026, it will cement its position as a suitable place for seniors to live.
Other amazing perks in Charleston, West Virginia for retirees
Charleston isn’t just a retirement city that stands out for its overall affordability. It’s also very attractive due to its livability, fresh mountain air, and cool downtown atmosphere. It’s also a good choice for retirees who enjoy all four seasons and appreciate fall foliage on white-sand beaches.
Active seniors will enjoy the wealth of recreational and cultural opportunities that Charleston has to offer. Visit art galleries, catch a ballet, attend a local festival, or browse the quaint village shops. When you’re outdoors, head to the Kanawha State Forest for biking and mountain trails.
When it comes to healthcare, Charleston residents are in good hands with CAMC Memorial Hospital. The facility includes one of the highest volume cardiac programs in the United States, comprehensive cancer care, and robotic surgeries.
Bottom line
If you’re looking for a retirement location in the South, Charleston, West Virginia, offers the triple combination of affordability, downtown culture, and natural beauty. Assuming you’re more of a “mountain mom” (or daddy) than a beach lover, the scenic city could be a great place to live out your retirement years.
Low housing costs and the soon-to-be waived Social Security income taxes also make it financially attractive to retirees on fixed incomes.
methodology
Places selected for 2024 Best Places to Retire in the South The list was selected from all census-designated places in the Southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia). Median household income and monthly housing cost estimates were collected from the 2022 American Community Survey (5-year period) for each place in the South. Places whose estimates included large margins of error were removed from the initial list.
The final list of venues was selected through an evaluation of:
- Housing affordability compared to the South (how monthly housing costs for each place compare to the weighted average of states in the South);
- Average income everywhere (as a proxy for taxes collected, which may be related to community resources; and
- Individual reports on proximity to parks or coastlines, recent changes in the community, and past reports from Southern Living highlighting the best places to retire.
#West #Virginia #City #Gem #Named #Place #Retire #U.S #South
