Are you dreaming of buying a home near the Pacific Ocean during retirement? Or maybe you want to spend your golden years exploring the majestic beauty of Colorado or taking in all of the fantastic amenities in Arizona or Nevada.
As you consider retiring in the west, there are some cities where the cost of living and housing is on the way up.
Don't throw away your money in retirement trying to retire in one of these western cities (unless, of course, you can afford to do so).
San Francisco, California
The charm of San Francisco has long made it one of the best places to retire, but it’s one of the most expensive cities in the U.S.
The cost of living here is now 94% higher than the national average according to the wage-comparison website PayScale.
The median home price in San Francisco is $1,359,715, and the median rent is $4,154 per month as of January 2023. You’ll also pay over $4.50 for a loaf of bread and over $6 for a gallon of gas.
Long Beach, California
Long Beach is another community that offers a stellar retirement life for many people. This coastal port city in Southern California has fantastic amenities, including the waterfront and easy access to cruises that travel around the world.
It will cost you to live here, though, to the tune of 54% more than the national average. The median home price is $958,932, and the median rent is $2,929 a month. Transportation, groceries, and utilities are also typically higher than the national average.
Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.
Though many view Seattle as a modern, millennial-focused city, it may be good for retirees too. It has an incredible environment with parks, a thriving cultural scene, and good weather most of the year. It’s also near the ocean.
However, the cost of living in Seattle is 53% higher than what you would pay in the rest of the country, with housing costs nearly 109% more than the national average.
The median home price is $834,235, and the median rent is $2,548. Gas is expensive at $5.88 a gallon, and food costs are also higher than in most of the country.
San Diego, California
The modern vibe and fantastic weather near the coastline make San Diego an exceptional place to retire for many people looking for a higher quality of life. The beaches, parks, and even the golf are solid here.
This western city has become far more expensive in recent years, however, with the cost of living 47% higher than the national average.
Buying a home in San Diego could mean spending more, with the median home price at $878,058 and median rent at $2,682.
Gas may be a bit less expensive here than in San Francisco at $5.75 a gallon, but you’ll pay more for health insurance and utilities than in most other cities in the U.S.
If you can boost your retirement savings, making the decision to move to San Diego can be well worth the experience.
Portland may not be a city that jumps out as one of the best places to retire, but it’s a beautiful location, thanks to Mount Hood and the numerous natural attractions here. It also has a modern lifestyle with easy proximity to various amenities, including the ocean.
The cost of living in Portland is about 27% higher than the national average, however, with the median home around $662,129 and rent at about $2,023 a month.
You’ll pay less in utility costs due to the area’s green focus, but transportation and groceries tend to cost more than in other U.S. cities.
Denver’s proximity to ski resorts, the Rocky Mountains, and an incredible arts scene makes it an excellent choice for many people looking to retire and enjoy an active lifestyle.
The Mile High City is not as expensive as the West Coast, but the median home price is $550,978 and the median rent is $1,683.
Overall, the cost of living in Denver is about 14% higher than in the rest of the U.S., thanks to higher transportation and housing costs.
Salt Lake City, Utah
The good weather and charming parks make Salt Lake City a great place to call home during retirement. It’s quiet and a bit more remote, but still only a short distance from numerous larger cities.
If you plan to retire here, expect to spend about 8% more than the national average. The median home price is $474,884, and the median rent is $1,451. Groceries and transportation costs are high here too.
You may not have thought to retire to Boise, but it offers some fantastic trails for hiking and numerous museums. A good quality of life with lots of gardens, golf, and shopping could make for a good retirement.
The cost of living is 7% higher than the national average here, with a median home price of $484,047 and a median rent of $1,479. You’ll also pay more for transportation here, about 14% more than the national average.
Las Vegas, Nevada
Las Vegas is an entertainment center and just a short drive to major cities throughout the West. From the incredible shows to the food scene and even the golf and casinos, there’s plenty to keep you busy here.
Surprisingly, the cost of living in Las Vegas is just about 4% higher than the national average, and while that doesn’t sound too bad, it is increasing. Today, the median home price here is $435,842, and the median rent is $1,331 a month.
Spokane is another popular city in the West with lots to offer those retiring, including a strong arts culture, numerous museums, exceptional history, and various parks, including Riverfront Park and Spokane Falls.
Expect the cost of living in this eastern Washington city to be about 4% higher than the national average, with the median home price around $413,532 and a median rent of $1,263.
Gas costs are higher too, with a gallon of gas at around $4.49, but utilities tend to be more affordable.
Do you dream of retiring early? Take this quiz to see if it's possible.
If you’re planning to retire to any of these cities, consider your options carefully, as they may be getting too expensive for many retirees.
If you supplement your Social Security income, you could move to a suburb near one of these cities to save some money.
Keep in mind, though, that as inflation grows, the cost of living in each of these areas is also likely to increase.
Smart Asset Benefits
- Get matched with fiduciary financial advisors
- Advisors are vetted and certified fiduciaries
- Take the mystery out of retirement planning
- Their matching tool is free